Teledyne Technologies Incorporated (TDY) Raised to “Buy” at Zacks Investment Research
Teledyne Technologies Incorporated (NYSE:TDY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $166.00 price target on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.83% from the stock’s previous close.
According to Zacks, “Teledyne Technologies Inc. is a leading provider of sophisticated electronic and communication products, systems engineering solutions and information technology services, and aerospace engines and components. The company customers include aerospace prime contractors, general aviation companies, government agencies and major communications and other commercial companies. “
A number of other research firms have also issued reports on TDY. Jefferies Group LLC reaffirmed a “hold” rating and set a $140.00 target price on shares of Teledyne Technologies in a report on Friday, May 5th. BidaskClub raised Teledyne Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Finally, Needham & Company LLC raised Teledyne Technologies from a “hold” rating to a “buy” rating and set a $148.00 target price on the stock in a report on Wednesday, July 5th.
Teledyne Technologies (NYSE TDY) traded up 0.23% during midday trading on Tuesday, hitting $147.47. 40,327 shares of the company traded hands. The stock has a 50 day moving average of $131.96 and a 200 day moving average of $129.86. Teledyne Technologies has a 12-month low of $101.90 and a 12-month high of $147.62. The stock has a market cap of $5.20 billion, a P/E ratio of 28.97 and a beta of 0.98.
Teledyne Technologies (NYSE:TDY) last released its earnings results on Thursday, August 3rd. The scientific and technical instruments company reported $1.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.49. The firm had revenue of $671.10 million for the quarter, compared to analyst estimates of $636.18 million. Teledyne Technologies had a return on equity of 13.80% and a net margin of 8.44%. Teledyne Technologies’s revenue was up 24.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.32 earnings per share. Equities research analysts predict that Teledyne Technologies will post $5.56 EPS for the current fiscal year.
In other news, VP Thomas H. Reslewic bought 5,000 shares of the stock in a transaction that occurred on Thursday, June 29th. The shares were purchased at an average cost of $124.50 per share, with a total value of $622,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jason Vanwees sold 6,000 shares of Teledyne Technologies stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $147.07, for a total value of $882,420.00. Following the transaction, the senior vice president now directly owns 35,159 shares in the company, valued at $5,170,834.13. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,207 shares of company stock worth $2,874,922. 3.30% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Teledyne Technologies by 17,074.2% in the first quarter. BlackRock Inc. now owns 3,937,353 shares of the scientific and technical instruments company’s stock worth $497,917,000 after buying an additional 3,914,427 shares during the period. Vanguard Group Inc. raised its position in Teledyne Technologies by 6.0% in the first quarter. Vanguard Group Inc. now owns 2,671,329 shares of the scientific and technical instruments company’s stock worth $337,816,000 after buying an additional 151,201 shares during the period. State Street Corp raised its position in Teledyne Technologies by 4.9% in the first quarter. State Street Corp now owns 1,260,869 shares of the scientific and technical instruments company’s stock worth $159,450,000 after buying an additional 58,466 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its position in Teledyne Technologies by 3.3% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,029,047 shares of the scientific and technical instruments company’s stock worth $130,133,000 after buying an additional 33,322 shares during the period. Finally, Clearbridge Investments LLC raised its position in Teledyne Technologies by 46.9% in the first quarter. Clearbridge Investments LLC now owns 469,287 shares of the scientific and technical instruments company’s stock worth $59,346,000 after buying an additional 149,844 shares during the period. Institutional investors and hedge funds own 83.67% of the company’s stock.
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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