Teledyne Technologies (NYSE:TDY) Share Price Breaks Below Two Hundred Day Moving Average – Here’s What Happened

Teledyne Technologies Incorporated (NYSE:TDY)’s share price passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $634.41 and traded as low as $616.71. Teledyne Technologies shares last traded at $631.9830, with a volume of 433,708 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently commented on TDY shares. Zacks Research downgraded shares of Teledyne Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Stifel Nicolaus raised their price objective on shares of Teledyne Technologies from $775.00 to $795.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Barclays lifted their price objective on shares of Teledyne Technologies from $640.00 to $646.00 and gave the company an “equal weight” rating in a research note on Monday, October 26th. Needham & Company LLC upped their price objective on Teledyne Technologies from $760.00 to $775.00 and gave the company a “buy” rating in a research note on Friday, October 23rd. Finally, Morgan Stanley boosted their target price on Teledyne Technologies from $715.00 to $725.00 and gave the company an “equal weight” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Teledyne Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $731.83.

Teledyne Technologies Price Performance

The stock has a fifty day moving average of $618.57 and a two-hundred day moving average of $634.72. The stock has a market cap of $28.45 billion, a price-to-earnings ratio of 26.29, a price-to-earnings-growth ratio of 2.43 and a beta of 0.89. The company has a quick ratio of 1.51, a current ratio of 2.31 and a debt-to-equity ratio of 0.18.

Teledyne Technologies (NYSE:TDY) last issued its earnings results on Wednesday, October 21st. The scientific and technical instruments company reported $6.72 EPS for the quarter, topping the consensus estimate of $6.17 by $0.55. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. Teledyne Technologies had a net margin of 15.75% and a return on equity of 10.89%. The business’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $5.57 EPS. On average, equities research analysts anticipate that Teledyne Technologies Incorporated will post 25.58 earnings per share for the current year.

Insiders Place Their Bets

In other Teledyne Technologies news, Director Simon Lorne sold 6,449 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $680.34, for a total transaction of $4,387,512.66. Following the completion of the transaction, the director directly owned 55,783 shares in the company, valued at approximately $37,951,406.22. This trade represents a 10.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.36% of the company’s stock.

Institutional Investors Weigh In On Teledyne Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of TDY. Aberdeen Group plc increased its position in Teledyne Technologies by 84.9% in the third quarter. Aberdeen Group plc now owns 89,581 shares of the scientific and technical instruments company’s stock worth $54,359,000 after buying an additional 41,122 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. lifted its stake in Teledyne Technologies by 58.7% in the third quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 273 shares of the scientific and technical instruments company’s stock valued at $166,000 after buying an additional 101 shares during the last quarter. Maryland State Retirement & Pension System boosted its holdings in shares of Teledyne Technologies by 17.6% during the third quarter. Maryland State Retirement & Pension System now owns 2,922 shares of the scientific and technical instruments company’s stock valued at $1,773,000 after acquiring an additional 437 shares during the period. Jacobi Capital Management LLC acquired a new position in shares of Teledyne Technologies during the third quarter valued at $95,000. Finally, Jefferies Financial Group Inc. grew its position in shares of Teledyne Technologies by 38.5% during the third quarter. Jefferies Financial Group Inc. now owns 4,484 shares of the scientific and technical instruments company’s stock worth $2,721,000 after acquiring an additional 1,247 shares during the last quarter. 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.