Teledyne Technologies (NYSE:TDY) Hits New 12-Month High After Better-Than-Expected Earnings

Teledyne Technologies Incorporated (NYSE:TDY) shares hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $514.46 and last traded at $503.25, with a volume of 69251 shares trading hands. The stock had previously closed at $480.41.

The scientific and technical instruments company reported $5.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.23 by $0.29. Teledyne Technologies had a return on equity of 10.02% and a net margin of 16.88%. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1,451,400 billion. During the same quarter in the previous year, the company posted $5.44 EPS. The business’s revenue for the quarter was up 5.4% compared to the same quarter last year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Bank of America upgraded shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $450.00 to $550.00 in a research report on Friday, November 8th. UBS Group started coverage on Teledyne Technologies in a research note on Tuesday, December 10th. They set a “buy” rating and a $585.00 price target on the stock. StockNews.com upgraded Teledyne Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Needham & Company LLC upped their target price on shares of Teledyne Technologies from $528.00 to $550.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, TD Cowen lifted their price target on shares of Teledyne Technologies from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $531.00.

Insiders Place Their Bets

In other news, Director Michael T. Smith sold 2,025 shares of Teledyne Technologies stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $478.25, for a total transaction of $968,456.25. Following the transaction, the director now directly owns 54,935 shares of the company’s stock, valued at $26,272,663.75. This trade represents a 3.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Robert Mehrabian sold 46,075 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $487.33, for a total value of $22,453,729.75. Following the sale, the chairman now directly owns 171,802 shares in the company, valued at $83,724,268.66. The trade was a 21.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 53,525 shares of company stock worth $26,080,464. Insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TDY. Metis Global Partners LLC boosted its stake in Teledyne Technologies by 1.6% in the 3rd quarter. Metis Global Partners LLC now owns 1,514 shares of the scientific and technical instruments company’s stock worth $663,000 after purchasing an additional 24 shares during the period. Crumly & Associates Inc. boosted its position in shares of Teledyne Technologies by 3.8% during the third quarter. Crumly & Associates Inc. now owns 677 shares of the scientific and technical instruments company’s stock worth $296,000 after buying an additional 25 shares during the period. Raymond James Trust N.A. grew its holdings in shares of Teledyne Technologies by 4.8% during the third quarter. Raymond James Trust N.A. now owns 550 shares of the scientific and technical instruments company’s stock worth $241,000 after buying an additional 25 shares in the last quarter. Bleakley Financial Group LLC raised its position in Teledyne Technologies by 4.0% in the 3rd 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 last quarter. Finally, Summit Trail Advisors LLC lifted its stake in Teledyne Technologies by 3.9% in the 2nd quarter. Summit Trail Advisors LLC now owns 720 shares of the scientific and technical instruments company’s stock valued at $279,000 after acquiring an additional 27 shares in the last quarter. Institutional investors and hedge funds own 91.58% of the company’s stock.

Teledyne Technologies Trading Up 6.2 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.35 and a current ratio of 2.00. The stock has a market cap of $23.78 billion, a price-to-earnings ratio of 25.77, a P/E/G ratio of 2.96 and a beta of 1.01. The business has a 50-day simple moving average of $471.72 and a two-hundred day simple moving average of $444.32.

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.