Teledyne Technologies (NYSE:TDY) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Teledyne Technologies (NYSE:TDY) in a report released on Wednesday,Benzinga reports. The brokerage currently has a $585.00 price target on the scientific and technical instruments company’s stock.

A number of other research analysts have also commented on TDY. TD Cowen increased their price objective on Teledyne Technologies from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. UBS Group assumed coverage on Teledyne Technologies in a report on Tuesday, December 10th. They issued a “buy” rating and a $585.00 price target on the stock. Finally, Bank of America raised 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 report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $538.00.

Teledyne Technologies Price Performance

Shares of TDY stock opened at $515.38 on Wednesday. Teledyne Technologies has a 12 month low of $355.41 and a 12 month high of $522.50. The company has a market capitalization of $24.02 billion, a P/E ratio of 29.91, a P/E/G ratio of 3.21 and a beta of 1.02. The stock has a 50 day moving average of $479.48 and a two-hundred day moving average of $453.81. The company has a current ratio of 2.33, a quick ratio of 1.61 and a debt-to-equity ratio of 0.28.

Teledyne Technologies (NYSE:TDY) last posted its earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 EPS for the quarter, topping the consensus estimate of $5.23 by $0.29. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter last year, the company earned $5.44 EPS. Teledyne Technologies’s revenue was up 5.4% on a year-over-year basis. As a group, equities analysts expect that Teledyne Technologies will post 21.51 EPS for the current year.

Insider Activity

In other news, VP Cynthia Y. Belak sold 5,745 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $508.34, for a total transaction of $2,920,413.30. Following the sale, the vice president now directly owns 4,962 shares in the company, valued at approximately $2,522,383.08. The trade was a 53.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Robert Mehrabian sold 3,925 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $490.50, for a total transaction of $1,925,212.50. Following the completion of the transaction, the chairman now owns 171,802 shares of the company’s stock, valued at approximately $84,268,881. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,683 shares of company stock worth $38,943,649. Insiders own 1.88% of the company’s stock.

Hedge Funds Weigh In On Teledyne Technologies

Several large investors have recently modified their holdings of TDY. Wolff Wiese Magana LLC acquired a new stake in Teledyne Technologies in the third quarter valued at $27,000. Brooklyn Investment Group bought a new stake in shares of Teledyne Technologies in the 3rd quarter valued at about $32,000. Wilmington Savings Fund Society FSB bought a new position in shares of Teledyne Technologies during the third quarter worth about $39,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Teledyne Technologies in the fourth quarter worth approximately $46,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Teledyne Technologies by 432.0% in the third quarter. Exchange Traded Concepts LLC now owns 133 shares of the scientific and technical instruments company’s stock valued at $58,000 after acquiring an additional 108 shares during the last quarter. Institutional investors own 91.58% of the company’s stock.

Teledyne Technologies Company Profile

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.