Teledyne Technologies (NYSE:TDY) Stock Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Teledyne Technologies shares crossed above their 200-day moving average, reaching $653.88 and last trading near $646.69, up 3.4%.
• The company exceeded quarterly expectations, reporting $6.72 in EPS versus the $6.17 consensus and $1.68 billion in revenue, up 9.4% year over year.
• Analysts maintain a Moderate Buy consensus with a $730.17 average price target, although ratings are mixed; institutional investors own 91.58% of the stock.

Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report) shares crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $630.69 and traded as high as $653.88. Teledyne Technologies shares last traded at $646.6920, with a volume of 443,318 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TDY shares. Zacks Research cut shares of Teledyne Technologies from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 25th. Barclays lifted their price objective on Teledyne Technologies from $640.00 to $646.00 and gave the company an "equal weight" rating in a research report on Monday. Stifel Nicolaus upped their target price on Teledyne Technologies from $775.00 to $795.00 and gave the stock a "buy" rating in a report on Thursday, October 22nd. Morgan Stanley increased their target price on Teledyne Technologies from $680.00 to $715.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 13th. Finally, Needham & Company LLC raised their target price on Teledyne Technologies from $760.00 to $775.00 and gave the company a "buy" rating in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Teledyne Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $730.17.

Teledyne Technologies Stock Up 3.4%

The stock's 50 day simple moving average is $617.70 and its two-hundred day simple moving average is $630.69. The firm has a market cap of $29.98 billion, a P/E ratio of 29.56, a P/E/G ratio of 2.30 and a beta of 0.89. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.31 and a quick ratio of 1.51.

Teledyne Technologies (NYSE:TDY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The scientific and technical instruments company reported $6.72 EPS for the quarter, topping analysts' consensus estimates of $6.17 by $0.55. Teledyne Technologies had a return on equity of 10.89% and a net margin of 15.75%. The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.65 billion. During the same period in the previous year, the firm posted $5.57 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts forecast that Teledyne Technologies Incorporated will post 25.59 earnings per share for the current year.

Insider Activity at Teledyne Technologies

In other news, Director Simon Lorne sold 6,449 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $680.34, for a total value of $4,387,512.66. Following the sale, the director directly owned 55,783 shares of the company's stock, valued at approximately $37,951,406.22. This represents a 10.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.36% of the company's stock.

Hedge Funds Weigh In On Teledyne Technologies

Several large investors have recently modified their holdings of TDY. Core Capital Management & Research inc. purchased a new position in Teledyne Technologies in the second quarter worth about $3,035,000. Maren Capital LLC lifted its stake in shares of Teledyne Technologies by 4.1% in the second quarter. Maren Capital LLC now owns 376,928 shares of the scientific and technical instruments company's stock worth $251,373,000 after buying an additional 14,806 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Teledyne Technologies by 1.9% in the first quarter. Royal Bank of Canada now owns 214,721 shares of the scientific and technical instruments company's stock worth $129,908,000 after buying an additional 4,062 shares in the last quarter. Nykredit A S bought a new position in shares of Teledyne Technologies in the second quarter worth approximately $12,911,000. Finally, BlackRock Inc. purchased a new stake in shares of Teledyne Technologies during the second quarter valued at approximately $2,751,121,000. Hedge funds and other institutional investors own 91.58% of the company's stock.

Teledyne Technologies Company Profile

Teledyne Technologies Incorporated NYSE: TDY is an industrial technology company that develops and manufactures sophisticated electronic, digital imaging, aerospace and defense products. Its offerings are used in commercial, industrial, scientific, government and defense applications where sensing, imaging, measurement and data processing are important.

The company's businesses include digital imaging sensors and cameras, scientific instruments, environmental and marine monitoring systems, aerospace and defense electronics, communications equipment, data-acquisition systems and engineered components.

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