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With a market cap of $20.5 billion, Teledyne Technologies Incorporated (TDY), headquartered in Thousand Oaks, California, is a leading provider of sophisticated instrumentation, digital imaging products, aerospace and defense electronics, and engineered systems.
Companies valued at $10 billion or more are classified as "large-cap" stocks, and Teledyne Technologies exemplifies this with its expansive global reach and steady growth across multiple industries. As a leader in advanced instrumentation, digital imaging, and aerospace and defense technologies, Teledyne plays a vital role in driving innovation and delivering high-performance solutions that support critical applications worldwide.
TDY shares are trading 3.6% below their 52-week high of $448.19, which they hit on Dec. 29, 2023. The stock has gained 11.8% over the past three months, outperforming the Vanguard Information Technology Index Fund ETF (VGT), which has declined marginally over the same time frame.
In the longer term, TDY is down 3.2% on a YTD basis. However, the shares have gained 3.1% over the past 52 weeks. In comparison, the VGT has gained 19.3% in 2024 and rallied 37.2% over the past year.
To confirm its recent bullish trend, TDY has been trading above its 50-day moving average in mid-July and the 200-day moving average since mid-August.
TDY shares surged 3.7% following its Q2 earnings release on Jul. 24. The company reported second-quarter sales of $1.37 billion, with a non-GAAP operating margin of 21.6%. Additionally, the company achieved non-GAAP diluted earnings per share of $4.58 for the quarter. TDY expects full-year earnings between $19.25 and $19.45.
Highlighting the contrast in performance, TDY’s competitor, Garmin Ltd. (GRMN), has outperformed both the stock and VGT. GRMN has gained 33% on a YTD basis.
Despite the stock's strong recent price performance, analysts are moderately bullish about TDY's prospects. The stock has a consensus rating of "Moderate Buy" from eight analysts in coverage. The mean price target is $477.25, suggesting a premium of 10.4% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
