Teledyne Technologies (NYSE:TDY) Sees Strong Trading Volume on Analyst Upgrade

Teledyne Technologies Incorporated (NYSE:TDY – Get Rating) saw strong trading volume on Thursday after Bank of America raised their price target on the stock from $533.00 to $565.00. 394,361 shares were traded during mid-day trading, an increase of 105% from the previous session’s volume of 192,600 shares.The stock last traded at $395.44 and had previously closed at $394.16.

Other research analysts have also recently issued research reports about the stock. Credit Suisse Group lowered their target price on shares of Teledyne Technologies from $503.00 to $499.00 in a report on Friday, April 28th. StockNews.com downgraded shares of Teledyne Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 12th. Finally, Needham & Company LLC lowered their target price on shares of Teledyne Technologies from $498.00 to $470.00 in a report on Thursday, April 27th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $505.50.

Insiders Place Their Bets

In other Teledyne Technologies news, VP Melanie Susan Cibik sold 2,000 shares of Teledyne Technologies stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $413.00, for a total transaction of $826,000.00. Following the completion of the transaction, the vice president now owns 27,305 shares in the company, valued at $11,276,965. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Melanie Susan Cibik sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $413.00, for a total value of $826,000.00. Following the completion of the transaction, the vice president now owns 27,305 shares of the company’s stock, valued at $11,276,965. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert Mehrabian sold 3,400 shares of the business’s stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $440.17, for a total transaction of $1,496,578.00. Following the completion of the transaction, the chief executive officer now directly owns 196,052 shares of the company’s stock, valued at approximately $86,296,208.84. The disclosure for this sale can be found here. 2.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Teledyne Technologies

Institutional investors have recently bought and sold shares of the stock. Accurate Wealth Management LLC purchased a new stake in Teledyne Technologies during the fourth quarter worth approximately $28,000. CVA Family Office LLC acquired a new stake in shares of Teledyne Technologies during the fourth quarter worth $30,000. TCI Wealth Advisors Inc. raised its holdings in shares of Teledyne Technologies by 236.4% during the first quarter. TCI Wealth Advisors Inc. now owns 74 shares of the scientific and technical instruments company’s stock worth $33,000 after purchasing an additional 52 shares during the period. Belpointe Asset Management LLC acquired a new stake in shares of Teledyne Technologies during the fourth quarter worth $36,000. Finally, Beacon Capital Management LLC bought a new position in shares of Teledyne Technologies during the first quarter worth about $41,000. 91.10% of the stock is currently owned by hedge funds and other institutional investors.

Teledyne Technologies Stock Up 0.2 %

The firm’s 50-day moving average price is $422.60 and its 200 day moving average price is $418.90. The firm has a market cap of $18.59 billion, a P/E ratio of 24.99, a price-to-earnings-growth ratio of 3.12 and a beta of 1.08. The company has a quick ratio of 1.30, a current ratio of 1.94 and a debt-to-equity ratio of 0.42.

Teledyne Technologies (NYSE:TDY – Get Rating) last released its quarterly earnings results on Wednesday, April 26th. The scientific and technical instruments company reported $4.53 EPS for the quarter, topping the consensus estimate of $4.43 by $0.10. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Teledyne Technologies had a net margin of 13.67% and a return on equity of 10.98%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.27 earnings per share. As a group, research analysts expect that Teledyne Technologies Incorporated will post 19.13 earnings per share for the current year.

About Teledyne Technologies

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Teledyne Technologies, Inc engages in the provision of electronic and communication products for wireless and satellite systems. It operates through the following business segments: Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. The Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial, and other applications, and electronic test and measurement equipment.