Teledyne Technologies (NYSE:TDY) Releases FY23 Earnings Guidance

Teledyne Technologies (NYSE:TDYGet Rating) updated its FY23 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $19.00-19.20 for the period, compared to the consensus estimate of $19.07. Teledyne Technologies also updated its Q1 guidance to $4.37-4.47 EPS.

Teledyne Technologies Stock Performance

Shares of Teledyne Technologies stock opened at $410.32 on Wednesday. The company’s 50 day moving average price is $408.31 and its two-hundred day moving average price is $388.53. The firm has a market capitalization 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. Teledyne Technologies has a fifty-two week low of $325.00 and a fifty-two week high of $493.97. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.78 and a quick ratio of 1.19.

Teledyne Technologies (NYSE:TDYGet Rating) last announced its quarterly earnings results on Wednesday, January 25th. The scientific and technical instruments company reported $4.94 EPS for the quarter, beating analysts’ consensus estimates of $4.54 by $0.40. Teledyne Technologies had a return on equity of 10.95% and a net margin of 13.37%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company earned $4.56 EPS. Teledyne Technologies’s revenue was up 3.1% compared to the same quarter last year. On average, equities analysts forecast that Teledyne Technologies will post 17.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Activity at Teledyne Technologies

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TDY. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Teledyne Technologies by 93.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 4,068 shares of the scientific and technical instruments company’s stock valued at $1,923,000 after purchasing an additional 1,965 shares in the last quarter. American Century Companies Inc. lifted its stake in Teledyne Technologies by 4.0% during the 1st quarter. American Century Companies Inc. now owns 1,911 shares of the scientific and technical instruments company’s stock valued at $903,000 after acquiring an additional 74 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Teledyne Technologies by 40.1% during the 1st quarter. Private Advisor Group LLC now owns 796 shares of the scientific and technical instruments company’s stock worth $376,000 after acquiring an additional 228 shares during the last quarter. Cibc World Market Inc. grew its stake in shares of Teledyne Technologies by 62.5% in the 1st quarter. Cibc World Market Inc. now owns 1,370 shares of the scientific and technical instruments company’s stock worth $648,000 after acquiring an additional 527 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Teledyne Technologies by 1,272.5% in the first quarter. Canada Pension Plan Investment Board now owns 1,400 shares of the scientific and technical instruments company’s stock valued at $662,000 after purchasing an additional 1,298 shares during the last quarter. 91.10% of the stock is owned by institutional investors.

Teledyne Technologies Company Profile

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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.

Further Reading

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