Needham & Company LLC Reaffirms “Buy” Rating for Teledyne Technologies Incorporated (TDY)

Needham & Company LLC reiterated their buy rating on shares of Teledyne Technologies Incorporated (NYSE:TDY) in a research note published on Wednesday morning. Needham & Company LLC currently has a $157.00 target price on the scientific and technical instruments company’s stock, up from their prior target price of $148.00.

A number of other equities analysts also recently commented on TDY. Zacks Investment Research upgraded shares of Teledyne Technologies from a hold rating to a buy rating and set a $139.00 target price on the stock in a research note on Saturday, April 15th. Jefferies Group LLC restated a hold rating and issued a $140.00 target price on shares of Teledyne Technologies in a research note on Friday, May 5th.

Shares of Teledyne Technologies (NYSE TDY) traded down 0.14% on Wednesday, hitting $144.77. The stock had a trading volume of 130,675 shares. The company has a 50 day moving average price of $135.53 and a 200-day moving average price of $131.02. The stock has a market cap of $5.12 billion, a PE ratio of 26.69 and a beta of 0.98. Teledyne Technologies has a 12 month low of $101.90 and a 12 month high of $148.62.

Teledyne Technologies (NYSE:TDY) last issued its earnings results on Thursday, August 3rd. The scientific and technical instruments company reported $1.74 EPS for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.49. The business had revenue of $671.10 million for the quarter, compared to the consensus estimate of $636.18 million. Teledyne Technologies had a net margin of 8.44% and a return on equity of 13.80%. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.32 EPS. On average, equities research analysts anticipate that Teledyne Technologies will post $5.69 earnings per share for the current year.

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In other news, SVP Jason Vanwees sold 6,000 shares of the company’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 value of $882,420.00. Following the completion of the sale, the senior vice president now owns 35,159 shares of the company’s stock, valued at approximately $5,170,834.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 25,207 shares of company stock valued at $3,459,722 in the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Several large investors have recently made changes to their positions in TDY. Liberty Mutual Group Asset Management Inc. boosted its stake in shares of Teledyne Technologies by 5.9% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 15,977 shares of the scientific and technical instruments company’s stock valued at $2,020,000 after buying an additional 889 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of 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 valued at $337,816,000 after buying an additional 151,201 shares during the last quarter. Ironwood Investment Management LLC boosted its stake in shares of Teledyne Technologies by 1.2% in the first quarter. Ironwood Investment Management LLC now owns 2,693 shares of the scientific and technical instruments company’s stock valued at $341,000 after buying an additional 32 shares during the last quarter. Ameriprise Financial Inc. boosted its stake 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 last quarter. Finally, 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. 83.67% of the stock is owned by hedge funds and other institutional investors.

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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