Teledyne Technologies (NYSE:TDY) Hits New 52-Week High After Earnings Beat

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

The scientific and technical instruments company reported $5.52 earnings per share for the quarter, topping analysts’ consensus estimates of $5.23 by $0.29. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1,451,400 billion. Teledyne Technologies had a net margin of 16.88% and a return on equity of 10.02%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $5.44 EPS.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Chairman Robert Mehrabian sold 3,925 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was 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 directly owns 171,802 shares in the company, valued at $84,268,881. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Jason Vanwees sold 1,500 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $488.71, for a total value of $733,065.00. Following the transaction, the insider now owns 2,900 shares of the company’s stock, valued at $1,417,259. The trade was a 34.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 53,525 shares of company stock valued at $26,080,464 over the last quarter. 1.88% of the stock is owned by company insiders.

Hedge Funds Weigh In On Teledyne Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. Covea Finance increased 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 worth $9,932,000 after buying an additional 4,300 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Teledyne Technologies by 6.0% during the 3rd 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 buying an additional 64,617 shares in the last quarter. Verition Fund Management LLC lifted its position in shares of Teledyne Technologies by 240.5% during the 3rd quarter. Verition Fund Management LLC now owns 36,524 shares of the scientific and technical instruments company’s stock valued at $15,985,000 after buying an additional 25,796 shares in the last quarter. West Oak Capital LLC lifted its position in shares of Teledyne Technologies by 4,721.8% during the 4th quarter. West Oak Capital LLC now owns 11,283 shares of the scientific and technical instruments company’s stock valued at $5,237,000 after buying an additional 11,049 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Teledyne Technologies by 217.5% in the 3rd quarter. National Bank of Canada FI now owns 53,819 shares of the scientific and technical instruments company’s stock worth $23,554,000 after purchasing an additional 36,867 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors.

Teledyne Technologies Trading Up 6.5 %

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 fifty day moving average of $471.57 and a 200 day moving average of $445.02. The company has a market capitalization of $23.84 billion, a PE ratio of 25.87, a PEG ratio of 2.96 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.