Michael T. Smith, a director at Teledyne Technologies Inc . (NYSE:TDY), recently sold a substantial portion of his holdings in the company. According to a recent filing, Smith sold 2,025 shares of common stock on December 12, 2024, at a price of $478.25 per share. This transaction amounted to a total value of $968,456. The sale comes as Teledyne, currently valued at $22.4 billion, trades near its 52-week high of $492. InvestingPro data shows the stock typically exhibits low price volatility, with analysts setting price targets ranging from $500 to $585.
Following this sale, Smith retains ownership of 54,935 shares directly. It is noted that these holdings include 468 restricted stock units, and he also disclaims beneficial ownership of 200 shares owned by his wife. According to InvestingPro, Teledyne maintains a "GOOD" overall financial health score, with 8 additional exclusive insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Teledyne Technologies Incorporated has been the focus of several analyst upgrades and acquisitions. UBS has resumed coverage on Teledyne, issuing a Buy rating and setting a price target of $585.00, citing the company's consistent growth through mergers and acquisitions. TD Cowen maintained a Buy rating on Teledyne, highlighting the company's record-high orders and high-margin opportunities in sensing and imaging. BofA Securities also upgraded Teledyne's stock rating to Buy and increased the price target to $550, due to an optimistic outlook on the company's future performance.
In terms of acquisitions, Teledyne has agreed to purchase select aerospace and defense electronics businesses from Excelitas Technologies Corp. for $710 million. This acquisition is expected to enhance Teledyne's portfolio with advanced optics used in various military applications and high-voltage semiconductor switches. The transaction is expected to be completed in early 2025.
Teledyne reported record sales in its Q3 2024 earnings call, driven by high demand in the defense, space, and energy sectors. The company anticipates modest sequential sales growth in Q4 2024 and has provided a cautious revenue estimate of $5.624 billion for the year amid global uncertainties. These recent developments reflect Teledyne's proactive approach to growth and expansion.
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