Teledyne Technologies (NYSE:TDY) Hits New 12-Month High Following Analyst Upgrade

Shares of Teledyne Technologies Incorporated (NYSE:TDY) hit a new 52-week high during mid-day trading on Thursday after Morgan Stanley raised their price target on the stock from $535.00 to $580.00. Morgan Stanley currently has an equal weight rating on the stock. Teledyne Technologies traded as high as $557.80 and last traded at $555.68, with a volume of 304346 shares trading hands. The stock had previously closed at $540.06.

Several other equities analysts have also issued reports on TDY. Wall Street Zen raised shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a report on Friday, May 9th. Needham & Company LLC decreased their price target on shares of Teledyne Technologies from $585.00 to $550.00 and set a “buy” rating for the company in a report on Thursday, April 24th. TD Securities reissued a “buy” rating and issued a $550.00 price target on shares of Teledyne Technologies in a report on Thursday, April 24th. Finally, Stifel Nicolaus initiated coverage on shares of Teledyne Technologies in a research note on Tuesday, June 24th. They issued a “buy” rating and a $626.00 target price for the company. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $557.63.

Hedge Funds Weigh In On Teledyne Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. LPL Financial LLC lifted its position in Teledyne Technologies by 8.5% during the 4th quarter. LPL Financial LLC now owns 28,366 shares of the scientific and technical instruments company’s stock worth $13,166,000 after buying an additional 2,224 shares in the last quarter. OneDigital Investment Advisors LLC bought a new stake in Teledyne Technologies during the 1st quarter worth about $247,000. Asset Management One Co. Ltd. lifted its position in Teledyne Technologies by 4.7% during the 1st quarter. Asset Management One Co. Ltd. now owns 38,298 shares of the scientific and technical instruments company’s stock worth $19,061,000 after buying an additional 1,712 shares in the last quarter. SG Americas Securities LLC bought a new stake in Teledyne Technologies during the 1st quarter worth about $6,725,000. Finally, QRG Capital Management Inc. bought a new stake in Teledyne Technologies during the 1st quarter worth about $275,000. 91.58% of the stock is owned by institutional investors and hedge funds.

Teledyne Technologies Stock Up 3.5%

The firm’s 50-day simple moving average is $503.02 and its 200 day simple moving average is $490.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.44 and a current ratio of 2.19. The stock has a market capitalization of $26.19 billion, a P/E ratio of 31.94, a PEG ratio of 2.54 and a beta of 1.04.

Teledyne Technologies (NYSE:TDY) last issued its earnings results on Wednesday, April 23rd. The scientific and technical instruments company reported $4.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.92 by $0.03. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Teledyne Technologies had a net margin of 14.37% and a return on equity of 9.95%. Teledyne Technologies’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.55 EPS. As a group, research analysts expect that Teledyne Technologies Incorporated will post 21.55 EPS for the current year.

Teledyne Technologies Company Profile

Teledyne Technologies Incorporated, together with its subsidiaries, provides enabling technologies for industrial growth markets in the United States and internationally. Its Digital Imaging segment provides visible spectrum sensors and digital cameras; and infrared, ultraviolet, visible, and X-ray spectra; as well as micro electromechanical systems and semiconductors, including analog-to-digital and digital-to-analog converters.