Teledyne Technologies Incorporated (TDY) Downgraded to Hold at Zacks Investment Research
Teledyne Technologies Incorporated (NYSE:TDY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Teledyne Technologies Incorporated provides instrumentation, digital imaging, aerospace and defense electronics in the United States, Canada and internationally. 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. Digital Imaging segment includes sensors, cameras and systems, within the visible, infrared, ultraviolet and X-ray spectra. Aerospace and Defense Electronics segment provides electronic components and subsystems and communications products, including defense electronics. Engineered Systems segment provides systems engineering and integration and technology development, as well as manufacturing solutions. The company markets and sells its products and services through sales forces, third-party distributors, and commissioned sales representatives. “
Several other equities analysts have also recently commented on TDY. Needham & Company LLC upgraded Teledyne Technologies from a “hold” rating to a “buy” rating and set a $148.00 price target for the company in a research note on Wednesday, July 5th. BidaskClub raised Teledyne Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, August 8th. ValuEngine upgraded Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. Finally, Jefferies Group LLC restated a “hold” rating and set a $140.00 price objective on shares of Teledyne Technologies in a research note on Tuesday, June 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Teledyne Technologies has an average rating of “Hold” and an average price target of $157.67.
Teledyne Technologies (TDY) traded down 0.76% during mid-day trading on Wednesday, hitting $161.80. The stock had a trading volume of 56,895 shares. The company has a 50-day moving average of $152.65 and a 200-day moving average of $137.00. The firm has a market cap of $5.72 billion, a PE ratio of 29.83 and a beta of 0.99. Teledyne Technologies has a 12-month low of $101.90 and a 12-month high of $163.86.
Teledyne Technologies (NYSE:TDY) last released its earnings results on Thursday, August 3rd. The scientific and technical instruments company reported $1.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.49. The company had revenue of $671.10 million during the quarter, compared to the consensus estimate of $636.18 million. Teledyne Technologies had a net margin of 8.44% and a return on equity of 13.80%. The company’s revenue was up 24.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.32 EPS. Analysts expect that Teledyne Technologies will post $5.69 earnings per share for the current year.
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In other Teledyne Technologies news, Director Roxanne S. Austin sold 4,000 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $148.30, for a total transaction of $593,200.00. Following the sale, the director now directly owns 11,458 shares of the company’s stock, valued at $1,699,221.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jason Vanwees sold 6,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $147.07, for a total transaction of $882,420.00. Following the completion of the transaction, the senior vice president now owns 35,159 shares in the company, valued at $5,170,834.13. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,000 shares of company stock valued at $2,060,420. 3.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. grew its position in shares of Teledyne Technologies by 25.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 20,443 shares of the scientific and technical instruments company’s stock valued at $2,585,000 after buying an additional 4,087 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Teledyne Technologies during the first quarter worth about $1,107,000. Parametric Portfolio Associates LLC raised its stake in Teledyne Technologies by 5.5% during the first quarter. Parametric Portfolio Associates LLC now owns 56,179 shares of the scientific and technical instruments company’s stock worth $7,104,000 after acquiring an additional 2,942 shares during the period. Envestnet Asset Management Inc. raised its stake in Teledyne Technologies by 2.5% during the first quarter. Envestnet Asset Management Inc. now owns 1,188 shares of the scientific and technical instruments company’s stock worth $149,000 after acquiring an additional 29 shares during the period. Finally, Prudential Financial Inc. raised its stake in Teledyne Technologies by 7.0% during the first quarter. Prudential Financial Inc. now owns 23,611 shares of the scientific and technical instruments company’s stock worth $2,986,000 after acquiring an additional 1,537 shares during the period. 82.85% of the stock is owned by institutional investors and hedge funds.
About Teledyne Technologies
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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