Teledyne Technologies (NYSE:TDY) Announces Quarterly Earnings Results

Teledyne Technologies (NYSE:TDY - Get Free Report) released its earnings results on Wednesday. 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, Zacks reports. 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 period in the prior year, the firm posted $5.44 earnings per share. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year.

Teledyne Technologies Trading Up 6.5 %

Shares of Teledyne Technologies stock traded up $31.22 during trading on Wednesday, hitting $511.63. The stock had a trading volume of 668,716 shares, compared to its average volume of 251,031. Teledyne Technologies has a 1 year low of $355.41 and a 1 year high of $515.99. The stock has a 50 day simple moving average of $471.57 and a 200 day simple moving average of $445.02. The company has a quick ratio of 1.35, a current ratio of 2.00 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $23.84 billion, a PE ratio of 25.87, a P/E/G ratio of 2.96 and a beta of 1.01.

Analyst Upgrades and Downgrades

TDY has been the subject of several research reports. Bank of America raised Teledyne Technologies from a "neutral" rating to a "buy" rating and raised their target price for the company from $450.00 to $550.00 in a research note on Friday, November 8th. UBS Group started 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 for the company. Needham & Company LLC boosted their target price on shares of Teledyne Technologies from $528.00 to $550.00 and gave the stock 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 report on Wednesday, October 2nd. Finally, TD Cowen upped their price target on Teledyne Technologies from $450.00 to $500.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $531.00.

Insider Activity at Teledyne Technologies

In other Teledyne Technologies news, Vice Chairman Jason Vanwees sold 1,500 shares of the firm's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $488.71, for a total transaction 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 trade represents a 34.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Robert Mehrabian sold 3,925 shares of Teledyne Technologies stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $490.50, for a total value of $1,925,212.50. Following the transaction, the chairman now directly owns 171,802 shares in the company, 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 90 days, insiders sold 53,525 shares of company stock worth $26,080,464. 1.88% of the stock is owned by corporate insiders.

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.