Teledyne Technologies Incorporated (NYSE:TDY) Announces Quarterly Earnings Results

Teledyne Technologies Incorporated (NYSE:TDY) issued its quarterly earnings data on Thursday. The scientific and technical instruments company reported $1.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.49, Bloomberg Earnings reports. Teledyne Technologies had a net margin of 8.44% and a return on equity of 13.80%. The business had revenue of $671.10 million during the quarter, compared to analyst estimates of $636.18 million. During the same period last year, the business posted $1.32 earnings per share. Teledyne Technologies’s quarterly revenue was up 24.3% compared to the same quarter last year. Teledyne Technologies updated its Q3 guidance to $1.60-1.65 EPS.

Teledyne Technologies (NYSE:TDY) traded up 0.54% during trading on Friday, hitting $148.30. 197,528 shares of the stock traded hands. The firm has a 50-day moving average price of $131.96 and a 200 day moving average price of $129.86. Teledyne Technologies has a 12 month low of $101.90 and a 12 month high of $148.62. The firm has a market cap of $5.23 billion, a PE ratio of 29.13 and a beta of 0.98.

In other Teledyne Technologies news, VP Thomas H. Reslewic purchased 5,000 shares of the stock in a transaction dated Thursday, June 29th. The stock was purchased at an average price of $124.50 per share, with a total value of $622,500.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael T. Smith sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $134.72, for a total transaction of $404,160.00. Following the completion of the sale, the director now directly owns 33,806 shares of the company’s stock, valued at approximately $4,554,344.32. The disclosure for this sale can be found here. Insiders sold a total of 15,207 shares of company stock worth $1,992,502 over the last 90 days. Insiders own 3.30% of the company’s stock.

Large investors have recently made changes to their positions in the company. Teachers Advisors LLC boosted its stake in shares of Teledyne Technologies by 6.0% in the fourth quarter. Teachers Advisors LLC now owns 56,268 shares of the scientific and technical instruments company’s stock valued at $6,921,000 after buying an additional 3,205 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Teledyne Technologies by 3.5% in the first quarter. Louisiana State Employees Retirement System now owns 8,900 shares of the scientific and technical instruments company’s stock valued at $1,125,000 after buying an additional 300 shares during the last quarter. Oakbrook Investments LLC acquired a new stake in shares of Teledyne Technologies during the first quarter valued at $322,000. Retirement Systems of Alabama boosted its stake 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 last quarter. Finally, Acadian Asset Management LLC boosted its stake in shares of Teledyne Technologies by 123,290.0% in the first quarter. Acadian Asset Management LLC now owns 12,339 shares of the scientific and technical instruments company’s stock valued at $1,561,000 after buying an additional 12,329 shares during the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Several analysts have commented on TDY shares. Zacks Investment Research upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating and set a $139.00 price objective for the company in a report on Saturday, April 15th. BidaskClub upgraded shares of Teledyne Technologies from a “sell” rating to a “hold” rating in a report on Saturday, July 1st. Needham & Company LLC upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating and set a $148.00 price objective for the company in a report on Wednesday, July 5th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $140.00 price objective on shares of Teledyne Technologies in a report on Friday, July 7th.

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.