Teledyne Technologies (NYSE:TDY) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Teledyne Technologies (NYSE:TDY) from a neutral rating to a buy rating in a report published on Friday morning, Marketbeat Ratings reports. Bank of America currently has $550.00 price target on the scientific and technical instruments company’s stock, up from their prior price target of $450.00.

TDY has been the subject of a number of other research reports. Vertical Research began coverage on Teledyne Technologies in a report on Tuesday, July 23rd. They set a “buy” rating and a $470.00 target price for the company. TD Cowen boosted their price target on Teledyne Technologies from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Needham & Company LLC lifted their price objective on Teledyne Technologies from $482.00 to $528.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, StockNews.com raised Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Teledyne Technologies presently has a consensus rating of “Buy” and a consensus target price of $512.00.

Teledyne Technologies Stock Up 2.4 %

Shares of TDY traded up $11.58 during mid-day trading on Friday, hitting $489.24. 343,550 shares of the company’s stock were exchanged, compared to its average volume of 240,688. The company has a market cap of $22.80 billion, a PE ratio of 24.73, a P/E/G ratio of 3.37 and a beta of 1.01. Teledyne Technologies has a 52 week low of $355.41 and a 52 week high of $492.00. The company has a 50-day simple moving average of $444.79 and a 200 day simple moving average of $415.00. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.00 and a quick ratio of 1.35.

Teledyne Technologies (NYSE:TDY) last released its earnings results on Wednesday, October 23rd. The scientific and technical instruments company reported $5.10 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.13. Teledyne Technologies had a net margin of 16.88% and a return on equity of 10.02%. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the business earned $5.05 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. On average, research analysts forecast that Teledyne Technologies will post 19.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Intech Investment Management LLC boosted its stake in Teledyne Technologies by 70.4% in the 3rd quarter. Intech Investment Management LLC now owns 11,019 shares of the scientific and technical instruments company’s stock worth $4,823,000 after purchasing an additional 4,552 shares during the period. Grandfield & Dodd LLC boosted its position in shares of Teledyne Technologies by 2.5% during the 3rd quarter. Grandfield & Dodd LLC now owns 35,191 shares of the scientific and technical instruments company’s stock valued at $15,402,000 after acquiring an additional 852 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Teledyne Technologies during the 3rd quarter valued at about $279,000. PNC Financial Services Group Inc. raised its holdings in shares of Teledyne Technologies by 0.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 107,515 shares of the scientific and technical instruments company’s stock valued at $47,055,000 after buying an additional 611 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new position in shares of Teledyne Technologies during the 3rd quarter valued at about $435,000. Hedge funds and other institutional investors 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.