Teledyne Technologies (NYSE:TDY) Releases Earnings Results, Beats Estimates By $0.40 EPS

Teledyne Technologies (NYSE:TDY – Get Rating) announced its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $4.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.54 by $0.40, RTT News reports. Teledyne Technologies had a return on equity of 10.95% and a net margin of 13.37%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the company earned $4.56 earnings per share. Teledyne Technologies’s quarterly revenue was up 3.1% compared to the same quarter last year. Teledyne Technologies updated its Q1 guidance to $4.37-4.47 EPS and its FY23 guidance to $19.00-19.20 EPS.

Teledyne Technologies Price Performance

NYSE TDY opened at $410.32 on Wednesday. Teledyne Technologies has a 1 year low of $325.00 and a 1 year high of $493.97. The company has a fifty day simple moving average of $408.31 and a 200 day simple moving average of $388.53. The company has a current ratio of 1.78, a quick ratio of 1.19 and a debt-to-equity ratio of 0.47. The company has a market cap of $19.23 billion, a P/E ratio of 27.03, a P/E/G ratio of 2.98 and a beta of 1.08.

Insider Activity at Teledyne Technologies

In other Teledyne Technologies news, Director Schack Wesley W. Von sold 1,459 shares of the company’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $423.99, for a total transaction of $618,601.41. Following the completion of the sale, the director now directly owns 11,924 shares in the company, valued at $5,055,656.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Teledyne Technologies news, Director Schack Wesley W. Von sold 1,459 shares of Teledyne Technologies stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $423.99, for a total value of $618,601.41. Following the transaction, the director now directly owns 11,924 shares of the company’s stock, valued at approximately $5,055,656.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sue Main sold 9,000 shares of the stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $420.03, for a total value of $3,780,270.00. Following the completion of the sale, the chief financial officer now directly owns 39,349 shares of the company’s stock, valued at $16,527,760.47. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,505 shares of company stock worth $8,156,036. 2.60% of the stock is owned by insiders.

Institutional Trading of Teledyne Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Toroso Investments LLC raised its position in shares of Teledyne Technologies by 9.8% during the third quarter. Toroso Investments LLC now owns 870 shares of the scientific and technical instruments company’s stock valued at $294,000 after buying an additional 78 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of Teledyne Technologies during the third quarter valued at approximately $234,000. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Teledyne Technologies in the third quarter valued at $1,437,000. National Pension Service lifted its position in Teledyne Technologies by 1.4% in the third quarter. National Pension Service now owns 71,340 shares of the scientific and technical instruments company’s stock worth $24,554,000 after purchasing an additional 994 shares during the period. Finally, M&T Bank Corp boosted its stake in Teledyne Technologies by 4.4% during the third quarter. M&T Bank Corp now owns 12,877 shares of the scientific and technical instruments company’s stock worth $4,345,000 after buying an additional 543 shares in the last quarter. 91.10% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TDY. Morgan Stanley raised Teledyne Technologies from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $445.00 to $488.00 in a research note on Monday, December 12th. StockNews.com initiated coverage on shares of Teledyne Technologies in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Credit Suisse Group assumed coverage on Teledyne Technologies in a research report on Monday, December 12th. They issued an “outperform” rating and a $503.00 price target for the company. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Teledyne Technologies currently has an average rating of “Moderate Buy” and an average target price of $487.67.

About Teledyne Technologies

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Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets in the United States, Canada, the United Kingdom, Belgium, the Netherlands, and internationally. The company's Instrumentation segment offers monitoring and control instruments for marine, environmental, industrial, and other applications, as well as electronic test and measurement equipment; and power and communications connectivity devices for distributed instrumentation systems and sensor networks.