Zacks Investment Research Lowers Teledyne Technologies Incorporated (TDY) to Hold
Teledyne Technologies Incorporated (NYSE:TDY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Teledyne Technologies Inc. is a leading provider of sophisticated electronic and communication products, systems engineering solutions and information technology services, and aerospace engines and components. The company customers include aerospace prime contractors, general aviation companies, government agencies and major communications and other commercial companies. “
Several other equities analysts have also commented on TDY. Jefferies Group LLC reissued a “hold” rating and set a $140.00 price target on shares of Teledyne Technologies in a research report on Tuesday, June 6th. BidaskClub lowered Teledyne Technologies from a “hold” rating to a “sell” rating in a research report on Friday, June 9th.
Shares of Teledyne Technologies (NYSE:TDY) traded down 0.57% during mid-day trading on Wednesday, reaching $129.92. 72,049 shares of the company’s stock were exchanged. The stock has a 50 day moving average price of $131.84 and a 200 day moving average price of $128.00. Teledyne Technologies has a 52 week low of $92.52 and a 52 week high of $137.00. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 25.52 and a beta of 0.96.
Teledyne Technologies (NYSE:TDY) last released its quarterly earnings data on Thursday, May 4th. The scientific and technical instruments company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.51. The business had revenue of $566.10 million for the quarter, compared to analyst estimates of $539.40 million. Teledyne Technologies had a return on equity of 13.28% and a net margin of 8.31%. The company’s revenue was up 6.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 EPS. Equities research analysts predict that Teledyne Technologies will post $5.27 EPS for the current year.
In related news, Director Simon M. Lorne sold 3,617 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $129.29, for a total transaction of $467,641.93. Following the transaction, the director now directly owns 30,190 shares of the company’s stock, valued at approximately $3,903,265.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Robert Mehrabian purchased 10,000 shares of Teledyne Technologies stock in a transaction that occurred on Thursday, June 8th. The shares were bought at an average cost of $129.41 per share, for a total transaction of $1,294,100.00. The disclosure for this purchase can be found here. Insiders have sold a total of 15,207 shares of company stock worth $1,992,502 over the last three months. 3.30% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. bought a new position in Teledyne Technologies during the fourth quarter valued at approximately $142,000. Neuburgh Advisers LLC raised its position in Teledyne Technologies by 17.7% in the first quarter. Neuburgh Advisers LLC now owns 1,168 shares of the scientific and technical instruments company’s stock valued at $148,000 after buying an additional 176 shares during the period. Glen Harbor Capital Management LLC raised its position in Teledyne Technologies by 17.7% in the first quarter. Glen Harbor Capital Management LLC now owns 1,606 shares of the scientific and technical instruments company’s stock valued at $203,000 after buying an additional 242 shares during the period. Elkfork Partners LLC bought a new position in Teledyne Technologies during the fourth quarter valued at approximately $213,000. Finally, HighTower Advisors LLC bought a new position in Teledyne Technologies during the first quarter valued at approximately $219,000. 83.94% of the stock is currently owned by hedge funds and other institutional investors.
Teledyne Technologies Company Profile
Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets. The Company’s segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment.
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