Teledyne Technologies Incorporated (NYSE:TDY) Sees Significant Decline in Short Interest
Teledyne Technologies Incorporated (NYSE:TDY) saw a large decrease in short interest in the month of June. As of June 30th, there was short interest totalling 329,347 shares, a decrease of 57.9% from the June 15th total of 782,881 shares. Currently, 1.0% of the company’s shares are short sold. Based on an average daily trading volume, of 563,174 shares, the short-interest ratio is presently 0.6 days.
TDY has been the topic of several recent research reports. Zacks Investment Research upgraded Teledyne Technologies from a “hold” rating to a “buy” rating and set a $139.00 price target on the stock in a report on Saturday, April 15th. Needham & Company LLC upgraded Teledyne Technologies from a “hold” rating to a “buy” rating and set a $148.00 price target on the stock in a report on Wednesday, July 5th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $140.00 target price on shares of Teledyne Technologies in a research note on Tuesday, June 6th.
In related news, VP Thomas H. Reslewic purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 29th. The shares were bought at an average price of $124.50 per share, for a total transaction of $622,500.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Robert Mehrabian purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were bought at an average price of $129.41 per share, for a total transaction of $1,294,100.00. The disclosure for this purchase can be found here. Insiders have sold a total of 15,207 shares of company stock worth $1,992,502 in the last 90 days. 3.30% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Thrivent Financial for Lutherans raised its position in shares of Teledyne Technologies by 11.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 6,010 shares of the scientific and technical instruments company’s stock valued at $739,000 after buying an additional 600 shares during the period. AQR Capital Management LLC raised its position in shares of Teledyne Technologies by 90.2% in the fourth quarter. AQR Capital Management LLC now owns 32,060 shares of the scientific and technical instruments company’s stock valued at $3,943,000 after buying an additional 15,203 shares during the period. Ameriprise Financial Inc. raised its position in shares of Teledyne Technologies by 4.0% in the first quarter. Ameriprise Financial Inc. now owns 135,005 shares of the scientific and technical instruments company’s stock valued at $17,074,000 after buying an additional 5,212 shares during the period. Retirement Systems of Alabama raised its position in shares of Teledyne Technologies by 0.8% in the first quarter. Retirement Systems of Alabama now owns 45,465 shares of the scientific and technical instruments company’s stock valued at $5,750,000 after buying an additional 343 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Teledyne Technologies by 3.1% in the first quarter. Arizona State Retirement System now owns 14,600 shares of the scientific and technical instruments company’s stock valued at $1,846,000 after buying an additional 439 shares during the period. 83.57% of the stock is currently owned by institutional investors and hedge funds.
Shares of Teledyne Technologies (NYSE TDY) opened at 136.50 on Thursday. The firm has a 50-day moving average price of $130.68 and a 200-day moving average price of $128.98. Teledyne Technologies has a 1-year low of $101.90 and a 1-year high of $137.00. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 26.81 and a beta of 0.97.
Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings results on Thursday, May 4th. The scientific and technical instruments company reported $1.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.51. Teledyne Technologies had a return on equity of 13.28% and a net margin of 8.31%. The business had revenue of $566.10 million for the quarter, compared to analyst estimates of $539.40 million. During the same quarter in the prior year, the company posted $1.10 EPS. The company’s quarterly revenue was up 6.7% on a year-over-year basis. Equities analysts forecast that Teledyne Technologies will post $5.27 EPS for the current year.
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About Teledyne Technologies
Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets. The Company’s segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment.
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