Zacks Investment Research lowered shares of Teledyne Technologies (NYSE:TDY) from a strong-buy rating to a hold rating in a research report released on Friday, January 5th.
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. “
Other equities research analysts have also issued reports about the stock. Jefferies Group increased their target price on shares of Teledyne Technologies from $150.00 to $170.00 and gave the stock a hold rating in a report on Friday, November 3rd. Needham & Company LLC increased their price objective on shares of Teledyne Technologies from $157.00 to $190.00 and gave the company a buy rating in a research report on Friday, November 3rd. Finally, ValuEngine raised shares of Teledyne Technologies from a hold rating to a buy rating in a research report on Friday, September 8th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Teledyne Technologies has a consensus rating of Hold and an average target price of $180.33.
Shares of Teledyne Technologies (TDY) traded up $1.64 during mid-day trading on Friday, hitting $198.89. 109,382 shares of the stock traded hands, compared to its average volume of 127,450. The firm has a market cap of $6,989.85, a price-to-earnings ratio of 33.82, a P/E/G ratio of 3.70 and a beta of 1.03. Teledyne Technologies has a 52-week low of $119.69 and a 52-week high of $199.04. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.16 and a current ratio of 1.98.
Teledyne Technologies (NYSE:TDY) last released its earnings results on Thursday, November 2nd. The scientific and technical instruments company reported $1.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.62 by $0.34. The company had revenue of $662.20 million for the quarter, compared to analyst estimates of $656.20 million. Teledyne Technologies had a net margin of 8.67% and a return on equity of 14.18%. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.46 EPS. analysts forecast that Teledyne Technologies will post 6.7 EPS for the current fiscal year.
In related news, VP Cynthia Y. Belak sold 1,700 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $185.44, for a total value of $315,248.00. Following the transaction, the vice president now directly owns 6,903 shares of the company’s stock, valued at approximately $1,280,092.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Simon M. Lorne sold 4,958 shares of the stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $181.64, for a total transaction of $900,571.12. Following the completion of the transaction, the director now directly owns 30,297 shares in the company, valued at $5,503,147.08. The disclosure for this sale can be found here. Insiders sold a total of 25,364 shares of company stock worth $4,643,847 over the last ninety days. Insiders own 3.30% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Janus Henderson Group PLC acquired a new stake in Teledyne Technologies during the 2nd quarter worth $280,989,000. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Teledyne Technologies by 2.5% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,070,860 shares of the scientific and technical instruments company’s stock worth $170,460,000 after acquiring an additional 25,677 shares during the period. Earnest Partners LLC lifted its stake in shares of Teledyne Technologies by 1.3% in the 2nd quarter. Earnest Partners LLC now owns 630,042 shares of the scientific and technical instruments company’s stock worth $80,425,000 after acquiring an additional 8,144 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Teledyne Technologies by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 507,621 shares of the scientific and technical instruments company’s stock worth $80,804,000 after acquiring an additional 6,682 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Teledyne Technologies by 3.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 429,459 shares of the scientific and technical instruments company’s stock worth $68,362,000 after acquiring an additional 14,299 shares during the period. Hedge funds and other institutional investors own 84.12% of the company’s stock.
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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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