Teledyne Technologies (NYSE:TDY) Reaches New 1-Year High After Earnings Beat

Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report) shares reached a new 52-week high during mid-day trading 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. The stock had previously closed at $480.41.

The scientific and technical instruments company reported $5.52 EPS for the quarter, beating analysts' consensus estimates 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 for 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 earnings per share. The business's quarterly revenue was up 5.4% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TDY shares. Bank of America upgraded Teledyne Technologies from a "neutral" rating to a "buy" rating and upped their price target for the stock from $450.00 to $550.00 in a research note on Friday, November 8th. TD Cowen upped their price target on Teledyne Technologies from $450.00 to $500.00 and gave the stock a "buy" rating in a research note on Thursday, October 24th. 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 for the company. StockNews.com upgraded Teledyne Technologies from a "hold" rating to a "buy" rating in a research note on Wednesday, October 2nd. Finally, Needham & Company LLC upped their price target on Teledyne Technologies from $528.00 to $550.00 and gave the stock a "buy" rating in a research note on Monday, November 11th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, Teledyne Technologies presently has a consensus rating of "Buy" and an average price target of $531.00.

Insider Buying and Selling

In other Teledyne Technologies news, Director Michael T. Smith sold 2,025 shares of the company's stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $478.25, for a total value of $968,456.25. Following the completion of the transaction, the director now owns 54,935 shares of the company's stock, valued at $26,272,663.75. This represents a 3.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Jason Vanwees sold 1,500 shares of the business'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 completion of the sale, the insider now directly owns 2,900 shares in the company, valued at approximately $1,417,259. This represents a 34.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 53,525 shares of company stock valued at $26,080,464. Insiders own 1.88% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Metis Global Partners LLC raised its stake in Teledyne Technologies by 1.6% during the third quarter. Metis Global Partners LLC now owns 1,514 shares of the scientific and technical instruments company's stock worth $663,000 after acquiring an additional 24 shares in the last quarter. Crumly & Associates Inc. raised its stake in 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 acquiring an additional 25 shares in the last quarter. Raymond James Trust N.A. raised its stake in 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 acquiring an additional 25 shares in the last quarter. Bleakley Financial Group LLC raised its stake in Teledyne Technologies by 4.0% during the third quarter. Bleakley Financial Group LLC now owns 681 shares of the scientific and technical instruments company's stock worth $298,000 after acquiring an additional 26 shares in the last quarter. Finally, Summit Trail Advisors LLC raised 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 worth $279,000 after acquiring an additional 27 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Stock Up 6.5 %

The firm has a 50 day simple moving average of $471.57 and a 200-day simple moving average of $445.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.00 and a quick ratio of 1.35. The stock has a market capitalization of $23.84 billion, a price-to-earnings ratio of 25.87, a price-to-earnings-growth ratio of 2.96 and a beta of 1.01.

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.