Teledyne Technologies (NYSE:TDY) Hits New 12-Month High – What’s Next?

Teledyne Technologies Incorporated (NYSE:TDY) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $519.38 and last traded at $519.03, with a volume of 217566 shares changing hands. The stock had previously closed at $508.75.

Wall Street Analysts Forecast Growth

TDY has been the subject of a number of recent analyst reports. TD Cowen lifted their target price on shares of Teledyne Technologies from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Needham & Company LLC raised their price objective on Teledyne Technologies from $528.00 to $550.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Bank of America upgraded Teledyne Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $450.00 to $550.00 in a research report on Friday, November 8th. Finally, UBS Group started coverage on shares of Teledyne Technologies in a research note on Tuesday, December 10th. They set a “buy” rating and a $585.00 price objective for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $531.00.

Teledyne Technologies Price Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 2.33 and a quick ratio of 1.61. The stock has a fifty day simple moving average of $477.57 and a 200-day simple moving average of $451.08. The company has a market capitalization of $23.81 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 3.21 and a beta of 1.01.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.23 by $0.29. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.45 billion. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.44 earnings per share. On average, equities research analysts anticipate that Teledyne Technologies Incorporated will post 21.4 EPS for the current year.

Insider Activity

In related news, Director Michael T. Smith sold 2,100 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $510.50, for a total transaction of $1,072,050.00. Following the completion of the sale, the director now owns 52,835 shares of the company’s stock, valued at approximately $26,972,267.50. This represents a 3.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Robert Mehrabian sold 46,075 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $487.33, for a total transaction of $22,453,729.75. Following the completion of the transaction, the chairman now directly owns 171,802 shares in the company, valued at $83,724,268.66. This trade represents a 21.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,683 shares of company stock worth $38,943,649 over the last three months. 2.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Teledyne Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in TDY. Covea Finance boosted its holdings in Teledyne Technologies by 25.1% in the 4th quarter. Covea Finance now owns 21,400 shares of the scientific and technical instruments company’s stock valued at $9,932,000 after purchasing an additional 4,300 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Teledyne Technologies by 6.0% in the third quarter. JPMorgan Chase & Co. now owns 1,150,065 shares of the scientific and technical instruments company’s stock valued at $503,338,000 after acquiring an additional 64,617 shares during the last quarter. Verition Fund Management LLC grew its position in Teledyne Technologies by 240.5% in the third quarter. Verition Fund Management LLC now owns 36,524 shares of the scientific and technical instruments company’s stock worth $15,985,000 after acquiring an additional 25,796 shares during the period. West Oak Capital LLC grew its position in Teledyne Technologies by 4,721.8% in the fourth quarter. West Oak Capital LLC now owns 11,283 shares of the scientific and technical instruments company’s stock worth $5,237,000 after acquiring an additional 11,049 shares during the period. Finally, National Bank of Canada FI raised its position in Teledyne Technologies by 217.5% in the third quarter. National Bank of Canada FI now owns 53,819 shares of the scientific and technical instruments company’s stock valued at $23,554,000 after purchasing an additional 36,867 shares during the period. Institutional investors and hedge funds own 91.58% of the company’s stock.

About Teledyne Technologies

Teledyne Technologies Incorporated, together with its subsidiaries, provides enabling technologies for industrial growth markets in the United States and internationally. Its Digital Imaging segment provides visible spectrum sensors and digital cameras; and infrared, ultraviolet, visible, and X-ray spectra; as well as micro electromechanical systems and semiconductors, including analog-to-digital and digital-to-analog converters.