Bank of America Issues Positive Forecast for Teledyne Technologies (NYSE:TDY) Stock Price

Teledyne Technologies (NYSE:TDY) had its price target upped by Bank of America from $550.00 to $600.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the scientific and technical instruments company’s stock.

TDY has been the topic of several other reports. UBS Group began coverage on shares of Teledyne Technologies in a research report on Tuesday, December 10th. They set a “buy” rating and a $585.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $585.00 target price on shares of Teledyne Technologies in a research note on Wednesday, February 5th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Teledyne Technologies currently has a consensus rating of “Buy” and an average price target of $548.00.

Teledyne Technologies Stock Up 1.2 %

TDY opened at $497.17 on Monday. Teledyne Technologies has a one year low of $355.41 and a one year high of $522.50. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.61 and a current ratio of 2.33. The stock has a market capitalization of $23.29 billion, a P/E ratio of 28.86, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. The business’s 50-day simple moving average is $494.04 and its 200-day simple moving average is $470.36.

Teledyne Technologies (NYSE:TDY) last issued its quarterly earnings data on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share for the quarter, beating analysts’ consensus estimates of $5.23 by $0.29. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.45 billion. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.44 earnings per share. Analysts anticipate that Teledyne Technologies will post 21.55 EPS for the current year.

Insiders Place Their Bets

In other Teledyne Technologies news, Vice Chairman Jason Vanwees sold 3,700 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $520.06, for a total value of $1,924,222.00. Following the completion of the sale, the insider now owns 51,324 shares of the company’s stock, valued at approximately $26,691,559.44. This trade represents a 6.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Robert Mehrabian sold 5,768 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $518.22, for a total transaction of $2,989,092.96. Following the transaction, the chairman now directly owns 144,553 shares in the company, valued at approximately $74,910,255.66. This trade represents a 3.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,571 shares of company stock worth $17,709,721. 2.14% of the stock is owned by insiders.

Institutional Trading of Teledyne Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Teledyne Technologies by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 5,612,484 shares of the scientific and technical instruments company’s stock worth $2,604,922,000 after purchasing an additional 46,479 shares during the last quarter. State Street Corp boosted its position in shares of Teledyne Technologies by 1.9% in the 3rd quarter. State Street Corp now owns 2,040,896 shares of the scientific and technical instruments company’s stock worth $893,219,000 after buying an additional 37,884 shares in the last quarter. Janus Henderson Group PLC grew its stake in Teledyne Technologies by 0.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,723,082 shares of the scientific and technical instruments company’s stock valued at $799,734,000 after acquiring an additional 13,607 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its holdings in Teledyne Technologies by 1.6% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,316,360 shares of the scientific and technical instruments company’s stock valued at $610,962,000 after acquiring an additional 20,165 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Teledyne Technologies by 2.4% during the third quarter. Geode Capital Management LLC now owns 1,192,019 shares of the scientific and technical instruments company’s stock worth $520,335,000 after acquiring an additional 28,224 shares during the last quarter. 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.