Teledyne Technologies (NYSE:TDY) Hits New 52-Week High – Time to Buy?

Shares of Teledyne Technologies Incorporated (NYSE:TDY) hit a new 52-week high during trading on Thursday . The company traded as high as $519.38 and last traded at $519.03, with a volume of 217566 shares trading hands. The stock had previously closed at $508.75.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. StockNews.com upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Needham & Company LLC lifted their target price on Teledyne Technologies from $528.00 to $550.00 and gave the stock a “buy” rating in a report on Monday, November 11th. TD Cowen lifted their price objective on Teledyne Technologies from $450.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, October 24th. UBS Group assumed coverage on Teledyne Technologies in a research note on Tuesday, December 10th. They set a “buy” rating and a $585.00 target price for the company. Finally, Bank of America raised shares of Teledyne Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $450.00 to $550.00 in a research note on Friday, November 8th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $531.00.

Teledyne Technologies Stock Up 2.0 %

The firm’s 50-day simple moving average is $476.25 and its 200 day simple moving average is $449.79. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.35 and a current ratio of 2.33. The stock has a market capitalization of $24.19 billion, a P/E ratio of 30.12, a PEG ratio of 3.24 and a beta of 1.01.

Teledyne Technologies (NYSE:TDY) last issued its quarterly earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 EPS for the quarter, beating the consensus estimate of $5.23 by $0.29. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.45 billion. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.44 earnings per share. As a group, research analysts expect that Teledyne Technologies Incorporated will post 21.3 EPS for the current year.

Insider Buying and Selling

In related news, EVP Melanie Susan Cibik sold 2,699 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $510.03, for a total value of $1,376,570.97. Following the transaction, the executive vice president now owns 27,235 shares in the company, valued at approximately $13,890,667.05. This represents a 9.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael T. Smith sold 2,100 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $510.50, for a total transaction of $1,072,050.00. Following the sale, the director now owns 52,835 shares of the company’s stock, valued at $26,972,267.50. This trade represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,915 shares of company stock worth $35,954,556. Company insiders own 2.14% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Sector Pension Investment Board grew its position in Teledyne Technologies by 80.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 1,810 shares of the scientific and technical instruments company’s stock worth $702,000 after acquiring an additional 805 shares during the last quarter. Squarepoint Ops LLC grew its holdings in shares of Teledyne Technologies by 605.2% during the second quarter. Squarepoint Ops LLC now owns 9,027 shares of the scientific and technical instruments company’s stock worth $3,502,000 after purchasing an additional 7,747 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Teledyne Technologies by 1.5% in the second quarter. AQR Capital Management LLC now owns 9,275 shares of the scientific and technical instruments company’s stock valued at $3,591,000 after buying an additional 141 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Teledyne Technologies by 1.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,742 shares of the scientific and technical instruments company’s stock valued at $11,151,000 after buying an additional 307 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Teledyne Technologies by 14.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,906 shares of the scientific and technical instruments company’s stock worth $739,000 after buying an additional 234 shares during the period. Institutional investors and hedge funds own 91.58% of the company’s stock.

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.