Teledyne Technologies (NYSE:TDY) Hits New 1-Year High After Better-Than-Expected Earnings

Shares of Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $570.56 and last traded at $546.54, with a volume of 1222680 shares changing hands. The stock had previously closed at $555.95.

The scientific and technical instruments company reported $5.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.05 by $0.15. The business had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.47 billion. Teledyne Technologies had a net margin of 14.54% and a return on equity of 9.96%. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.58 EPS.

Teledyne Technologies declared that its board has initiated a stock buyback plan on Wednesday, July 23rd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the scientific and technical instruments company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TDY. Needham & Company LLC dropped their target price on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Stifel Nicolaus began coverage on shares of Teledyne Technologies in a report on Tuesday, June 24th. They issued a "buy" rating and a $626.00 target price on the stock. Morgan Stanley raised their target price on shares of Teledyne Technologies from $535.00 to $580.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. TD Securities restated a "buy" rating and issued a $550.00 target price on shares of Teledyne Technologies in a report on Thursday, April 24th. Finally, UBS Group raised their target price on shares of Teledyne Technologies from $585.00 to $630.00 and gave the stock a "buy" rating in a report on Thursday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $576.57.

Institutional Investors Weigh In On Teledyne Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Teledyne Technologies by 1.9% in the first quarter. Vanguard Group Inc. now owns 5,718,295 shares of the scientific and technical instruments company's stock worth $2,846,053,000 after acquiring an additional 105,811 shares during the last quarter. Janus Henderson Group PLC increased its stake in Teledyne Technologies by 0.8% in the 4th quarter. Janus Henderson Group PLC now owns 1,723,082 shares of the scientific and technical instruments company's stock valued at $799,734,000 after buying an additional 13,607 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its stake in Teledyne Technologies by 10.9% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,459,422 shares of the scientific and technical instruments company's stock valued at $726,369,000 after buying an additional 143,062 shares during the period. JPMorgan Chase & Co. increased its stake in Teledyne Technologies by 7.1% in the 1st quarter. JPMorgan Chase & Co. now owns 1,102,795 shares of the scientific and technical instruments company's stock valued at $548,872,000 after buying an additional 73,009 shares during the period. Finally, Norges Bank acquired a new position in shares of Teledyne Technologies during the 4th quarter worth $306,042,000. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Stock Performance

The company has a current ratio of 1.66, a quick ratio of 1.44 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $26.05 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 2.59 and a beta of 1.04. The stock's 50 day moving average price is $510.59 and its two-hundred day moving average price is $494.43.

About Teledyne Technologies

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.