Teledyne Technologies (NYSE:TDY) Rating Lowered to Neutral at Bank of America

Teledyne Technologies (NYSE:TDY) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, MarketBeat.com reports. They currently have a $400.00 price target on the scientific and technical instruments company’s stock, down from their previous price target of $490.00. Bank of America‘s target price would suggest a potential upside of 6.77% from the stock’s previous close.

Other research analysts have also issued research reports about the company. StockNews.com lowered Teledyne Technologies from a “buy” rating to a “hold” rating in a report on Thursday. TD Cowen lowered their price target on shares of Teledyne Technologies from $475.00 to $450.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Needham & Company LLC cut their price objective on shares of Teledyne Technologies from $510.00 to $455.00 and set a “buy” rating for the company in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Teledyne Technologies has a consensus rating of “Moderate Buy” and an average price target of $474.86.

Teledyne Technologies Stock Down 0.6 %

TDY stock opened at $374.64 on Friday. The firm’s fifty day moving average is $416.42 and its 200 day moving average is $414.42. The firm has a market cap of $17.75 billion, a PE ratio of 20.26, a P/E/G ratio of 2.56 and a beta of 1.02. Teledyne Technologies has a one year low of $355.41 and a one year high of $448.19. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.17 and a current ratio of 1.81.

Teledyne Technologies (NYSE:TDY) last announced its earnings results on Wednesday, April 24th. The scientific and technical instruments company reported $4.55 earnings per share for the quarter, missing the consensus estimate of $4.63 by ($0.08). The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.39 billion. Teledyne Technologies had a return on equity of 10.54% and a net margin of 15.81%. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $4.53 earnings per share. On average, research analysts forecast that Teledyne Technologies will post 20.61 EPS for the current year.

Insider Activity at Teledyne Technologies

In other news, Director Michael T. Smith sold 511 shares of Teledyne Technologies stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $431.00, for a total value of $220,241.00. Following the transaction, the director now directly owns 56,492 shares of the company’s stock, valued at approximately $24,348,052. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Teledyne Technologies news, Director Simon M. Lorne sold 2,200 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $426.70, for a total transaction of $938,740.00. Following the transaction, the director now owns 67,288 shares in the company, valued at approximately $28,711,789.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael T. Smith sold 511 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $431.00, for a total value of $220,241.00. Following the completion of the transaction, the director now owns 56,492 shares of the company’s stock, valued at approximately $24,348,052. The disclosure for this sale can be found here. Insiders sold a total of 6,711 shares of company stock valued at $2,890,621 in the last three months. 2.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Teledyne Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Aristotle Capital Management LLC acquired a new position in Teledyne Technologies during the third quarter worth about $698,325,000. Norges Bank acquired a new position in shares of Teledyne Technologies during the 4th quarter worth approximately $243,111,000. Kayne Anderson Rudnick Investment Management LLC lifted its stake in Teledyne Technologies by 26.3% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 929,995 shares of the scientific and technical instruments company’s stock valued at $379,977,000 after buying an additional 193,544 shares in the last quarter. Maren Capital LLC acquired a new stake in Teledyne Technologies during the 4th quarter valued at $82,700,000. Finally, JPMorgan Chase & Co. increased its position in Teledyne Technologies by 19.7% during the third quarter. JPMorgan Chase & Co. now owns 922,621 shares of the scientific and technical instruments company’s stock worth $376,965,000 after buying an additional 151,659 shares in the last quarter. 91.58% of the stock is owned by institutional investors and hedge funds.

Teledyne Technologies Company Profile

Teledyne Technologies Incorporated, together with its subsidiaries, provides enabling technologies for industrial growth markets in the United States and internationally. Its Digital Imaging segment provides visible spectrum sensors and digital cameras; and infrared, ultraviolet, visible, and X-ray spectra; as well as micro electromechanical systems and semiconductors, including analog-to-digital and digital-to-analog converters.