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

Teledyne Technologies (NYSE:TDY – Get Rating) posted its earnings results on Wednesday. The scientific and technical instruments company reported $4.94 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 analysts’ expectations of $1.41 billion. During the same period in the previous year, the business earned $4.56 earnings per share. The firm’s revenue was up 3.1% on a year-over-year basis. Teledyne Technologies updated its Q1 guidance to $4.37-4.47 EPS and its FY23 guidance to $19.00-19.20 EPS.

Teledyne Technologies Trading Up 0.6 %

Shares of 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 firm has a market capitalization of $19.23 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 2.98 and a beta of 1.08. The firm’s 50-day moving average price is $408.31 and its 200-day moving average price is $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.

Wall Street Analysts Forecast Growth

TDY has been the subject of a number of recent research reports. StockNews.com initiated coverage on Teledyne Technologies in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Credit Suisse Group initiated coverage on Teledyne Technologies in a research note on Monday, December 12th. They issued an “outperform” rating and a $503.00 target price for the company. Finally, Morgan Stanley raised Teledyne Technologies from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $445.00 to $488.00 in a research note on Monday, December 12th. Two research 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, Teledyne Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $487.67.

Insiders Place Their Bets

In other news, Director Schack Wesley W. Von sold 1,459 shares of the firm’s 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 completion of the transaction, the director now owns 11,924 shares in the company, valued at approximately $5,055,656.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Cynthia Y. Belak sold 5,046 shares of the stock in a transaction dated Tuesday, November 8th. The shares were sold at an average price of $412.05, for a total value of $2,079,204.30. Following the completion of the transaction, the vice president now directly owns 4,457 shares in the company, valued at approximately $1,836,506.85. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Schack Wesley W. Von sold 1,459 shares of the business’s stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $423.99, for a total transaction of $618,601.41. Following the sale, the director now directly owns 11,924 shares in the company, valued at approximately $5,055,656.76. The disclosure for this sale can be found here. Insiders sold 19,505 shares of company stock worth $8,156,036 over the last three months. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Teledyne Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. increased its holdings in shares of Teledyne Technologies by 7.5% during the first quarter. Federated Hermes Inc. now owns 431 shares of the scientific and technical instruments company’s stock valued at $204,000 after acquiring an additional 30 shares in the last quarter. Wetherby Asset Management Inc. increased its holdings in shares of Teledyne Technologies by 8.4% during the first quarter. Wetherby Asset Management Inc. now owns 698 shares of the scientific and technical instruments company’s stock valued at $330,000 after acquiring an additional 54 shares in the last quarter. Brinker Capital Investments LLC increased its holdings in Teledyne Technologies by 1.9% in the 1st quarter. Brinker Capital Investments LLC now owns 3,129 shares of the scientific and technical instruments company’s stock worth $1,479,000 after buying an additional 57 shares in the last quarter. Laurel Wealth Advisors Inc. increased its holdings in Teledyne Technologies by 9.3% in the 1st quarter. Laurel Wealth Advisors Inc. now owns 823 shares of the scientific and technical instruments company’s stock worth $389,000 after buying an additional 70 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in Teledyne Technologies by 4.0% in the 1st quarter. American Century Companies Inc. now owns 1,911 shares of the scientific and technical instruments company’s stock worth $903,000 after buying an additional 74 shares in the last quarter. Institutional investors own 91.10% of the company’s stock.

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.