Teledyne Technologies (NYSE:TDY) Hits New 1-Year High on Better-Than-Expected Earnings

Shares of Teledyne Technologies Incorporated (NYSE:TDY) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $465.66 and last traded at $465.66, with a volume of 236 shares changing hands. The stock had previously closed at $443.49.

The scientific and technical instruments company reported $5.10 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.13. Teledyne Technologies had a net margin of 15.86% and a return on equity of 10.27%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the prior year, the firm earned $5.05 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year.

Analyst Ratings Changes

Several research firms have issued reports on TDY. Vertical Research started coverage on Teledyne Technologies in a report on Tuesday, July 23rd. They set a “buy” rating and a $470.00 price objective on the stock. Needham & Company LLC lifted their price target on shares of Teledyne Technologies from $482.00 to $528.00 and gave the stock a “buy” rating in a research note on Thursday. TD Cowen increased their price objective on shares of Teledyne Technologies from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday. Finally, StockNews.com raised shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $474.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TDY. Tortoise Investment Management LLC raised its stake in Teledyne Technologies by 48.0% during the 2nd quarter. Tortoise Investment Management LLC now owns 74 shares of the scientific and technical instruments company’s stock valued at $29,000 after acquiring an additional 24 shares in the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Teledyne Technologies by 4.0% in the third quarter. Bleakley Financial Group LLC now owns 681 shares of the scientific and technical instruments company’s stock valued at $298,000 after buying an additional 26 shares during the period. Summit Trail Advisors LLC boosted its stake in Teledyne Technologies by 3.9% during the second quarter. Summit Trail Advisors LLC now owns 720 shares of the scientific and technical instruments company’s stock valued at $279,000 after buying an additional 27 shares in the last quarter. Linscomb Wealth Inc. grew its holdings in Teledyne Technologies by 4.4% during the second quarter. Linscomb Wealth Inc. now owns 695 shares of the scientific and technical instruments company’s stock worth $270,000 after acquiring an additional 29 shares during the period. Finally, MJP Associates Inc. ADV raised its position in Teledyne Technologies by 5.6% in the second quarter. MJP Associates Inc. ADV now owns 604 shares of the scientific and technical instruments company’s stock worth $234,000 after acquiring an additional 32 shares in the last quarter. Institutional investors and hedge funds own 91.58% of the company’s stock.

Teledyne Technologies Stock Up 0.6 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.28 and a current ratio of 1.98. The stock’s fifty day simple moving average is $434.94 and its two-hundred day simple moving average is $410.18. The company has a market capitalization of $22.12 billion, a price-to-earnings ratio of 25.71, a P/E/G ratio of 3.11 and a beta of 1.01.

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.