8 Best Scientific Instruments Stocks to Buy

5. Teledyne Technologies Incorporated (NYSE:TDY)

Number of Hedge Fund Holders: 39

Teledyne Technologies Incorporated (NYSE:TDY) offers innovative technological solutions that propel growth in global industrial markets. The company’s Instrumentation segment focuses on delivering monitoring and control instruments utilized in marine, environmental, industrial, and various other applications.

Teledyne Technologies Incorporated (NYSE:TDY) faced a shift in market expectations following a downgrade by BofA Securities. The firm lowered Teledyne’s rating from Buy to Neutral and reduced the price target from $490 to $400. This adjustment came after Teledyne’s results diverged from the anticipated “beat-and-raise” scenario, instead delivering a “miss-and-cut” outcome that surprised investors. A significant factor in this revision was a slowdown in Teledyne’s Digital Imaging unit, the company’s largest revenue contributor, which accounts for approximately 50% of total revenue.

The decline in the company’s Digital Imaging unit, known for its short lead-time purchase process, prompted Teledyne Technologies Incorporated (NYSE:TDY) to revise its earnings per share outlook for 2024, with the company now projecting EPS in the range of $19.25 to $19.45, down from the previously forecasted range of $20.35 to $20.65.

As of the end of the first quarter of this year, a survey by Insider Monkey of 919 hedge funds revealed that 39 had invested in Teledyne Technologies Incorporated (NYSE:TDY). The largest stakeholder among them is Select Equity Group, led by Robert Joseph Caruso, with holdings valued at $527 million.