Teledyne Technologies Incorporated (NYSE:TDY) Short Interest Down 21.2% in October

Teledyne Technologies Incorporated (NYSE:TDY) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 313,100 shares, a decrease of 21.2% from the October 15th total of 397,100 shares. Based on an average trading volume of 211,600 shares, the days-to-cover ratio is currently 1.5 days. Approximately 0.7% of the shares of the stock are short sold.

Teledyne Technologies Stock Down 1.3 %

TDY stock traded down $6.41 during mid-day trading on Friday, hitting $470.15. 292,482 shares of the company were exchanged, compared to its average volume of 240,739. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.35 and a current ratio of 2.00. The firm’s 50 day simple moving average is $449.30 and its 200 day simple moving average is $417.90. The firm has a market cap of $21.91 billion, a P/E ratio of 23.77, a P/E/G ratio of 3.38 and a beta of 1.01. Teledyne Technologies has a 1-year low of $355.41 and a 1-year high of $492.00.

Teledyne Technologies (NYSE:TDY) last posted its quarterly earnings data on Wednesday, October 23rd. The scientific and technical instruments company reported $5.10 EPS 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 firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business posted $5.05 EPS. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, sell-side analysts predict that Teledyne Technologies will post 19.44 EPS for the current fiscal year.

Insider Transactions at Teledyne Technologies

In related news, Chairman Robert Mehrabian sold 46,075 shares of Teledyne Technologies stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $487.33, for a total transaction of $22,453,729.75. Following the sale, the chairman now directly owns 171,802 shares in the company, valued at $83,724,268.66. The trade was a 21.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.14% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Orion Portfolio Solutions LLC boosted its holdings in shares of Teledyne Technologies by 46.2% in the first quarter. Orion Portfolio Solutions LLC now owns 4,161 shares of the scientific and technical instruments company’s stock valued at $1,786,000 after acquiring an additional 1,315 shares during the period. Clearbridge Investments LLC grew its position in shares of Teledyne Technologies by 11.2% in the 1st quarter. Clearbridge Investments LLC now owns 267,036 shares of the scientific and technical instruments company’s stock worth $114,644,000 after acquiring an additional 26,793 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in Teledyne Technologies by 3.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 48,288 shares of the scientific and technical instruments company’s stock worth $21,602,000 after purchasing an additional 1,665 shares during the last quarter. Tidal Investments LLC lifted its stake in Teledyne Technologies by 131.5% during the first quarter. Tidal Investments LLC now owns 3,737 shares of the scientific and technical instruments company’s stock valued at $1,604,000 after purchasing an additional 2,123 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its stake in Teledyne Technologies by 11.7% in the 2nd quarter. Royal London Asset Management Ltd. now owns 20,498 shares of the scientific and technical instruments company’s stock valued at $7,953,000 after buying an additional 2,152 shares during the period. Institutional investors and hedge funds own 91.58% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Needham & Company LLC boosted their price objective on shares of Teledyne Technologies from $528.00 to $550.00 and gave the stock a “buy” rating in a research report on Monday. TD Cowen increased their price objective on Teledyne Technologies from $450.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Bank of America raised Teledyne Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $450.00 to $550.00 in a report on Friday, November 8th. StockNews.com upgraded Teledyne Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Vertical Research started coverage on Teledyne Technologies in a research report on Tuesday, July 23rd. They set a “buy” rating and a $470.00 price target for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $517.50.

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.