Teledyne Technologies Incorporated (TDY) Releases Earnings Results, Beats Expectations By $0.34 EPS
Teledyne Technologies Incorporated (NYSE:TDY) announced its quarterly earnings results on Thursday. The scientific and technical instruments company reported $1.96 EPS for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.34, Bloomberg Earnings reports. The company had revenue of $662.20 million for the quarter, compared to analysts’ expectations of $656.20 million. Teledyne Technologies had a net margin of 8.44% and a return on equity of 13.80%. Teledyne Technologies’s revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.46 EPS. Teledyne Technologies updated its Q4 guidance to $1.70-$1.75 EPS and its FY17 guidance to $6.66-$6.71 EPS.
In related news, VP Melanie Susan Cibik sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $146.20, for a total transaction of $584,800.00. Following the completion of the sale, the vice president now directly owns 26,280 shares in the company, valued at $3,842,136. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jason Vanwees sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $147.07, for a total transaction of $882,420.00. Following the sale, the senior vice president now owns 35,159 shares of the company’s stock, valued at $5,170,834.13. The disclosure for this sale can be found here. Insiders have sold 14,000 shares of company stock valued at $2,060,420 over the last 90 days. 3.30% of the stock is currently owned by company insiders.
TDY has been the topic of a number of recent research reports. Jefferies Group LLC restated a “hold” rating and set a $145.00 price target (up from $140.00) on shares of Teledyne Technologies in a research note on Friday, July 14th. Needham & Company LLC upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating and set a $148.00 price target on the stock in a research note on Wednesday, July 5th. ValuEngine upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. Zacks Investment Research cut shares of Teledyne Technologies from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Finally, BidaskClub upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday, August 8th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $157.67.
Teledyne Technologies Company Profile
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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