Teledyne Technologies Inc. (TDY) Downgraded by Zacks Investment Research
Teledyne Technologies Inc. (NYSE:TDY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
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. “
A number of other equities analysts have also recently issued reports on TDY. Jefferies Group upped their price objective on Teledyne Technologies from $90.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, August 5th. CL King cut Teledyne Technologies from a “buy” rating to a “neutral” rating and set a $107.00 price objective for the company. in a report on Wednesday, July 6th.
Shares of Teledyne Technologies (NYSE:TDY) opened at 107.60 on Thursday. Teledyne Technologies has a one year low of $73.66 and a one year high of $110.61. The company has a market capitalization of $3.73 billion, a P/E ratio of 20.22 and a beta of 0.94. The firm has a 50-day moving average price of $107.32 and a 200-day moving average price of $99.51.
Teledyne Technologies (NYSE:TDY) last posted its quarterly earnings data on Thursday, August 4th. The company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.08. Teledyne Technologies had a return on equity of 13.03% and a net margin of 8.46%. The firm earned $534.90 million during the quarter, compared to analysts’ expectations of $546.57 million. During the same period in the prior year, the business earned $1.34 EPS. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. Equities analysts forecast that Teledyne Technologies will post $5.16 earnings per share for the current year.
In related news, Chairman Robert Mehrabian sold 35,000 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $105.57, for a total transaction of $3,694,950.00. Following the completion of the sale, the chairman now directly owns 283,754 shares in the company, valued at approximately $29,955,909.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Sue Main sold 6,660 shares of the stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $106.52, for a total value of $709,423.20. Following the sale, the chief financial officer now owns 32,179 shares of the company’s stock, valued at $3,427,707.08. The disclosure for this sale can be found here. Corporate insiders own 3.93% of the company’s stock.
A number of large investors have recently modified their holdings of TDY. Janus Capital Management LLC boosted its stake in shares of Teledyne Technologies by 12.7% in the second quarter. Janus Capital Management LLC now owns 2,390,540 shares of the company’s stock valued at $236,783,000 after buying an additional 269,001 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Teledyne Technologies by 134.8% in the first quarter. Goldman Sachs Group Inc. now owns 355,517 shares of the company’s stock valued at $31,335,000 after buying an additional 204,089 shares during the period. Emerald Acquisition Ltd. acquired a new stake in Teledyne Technologies during the second quarter valued at $15,497,000. Virginia Retirement Systems ET AL acquired a new stake in Teledyne Technologies during the second quarter valued at $7,439,000. Finally, Dimensional Fund Advisors LP boosted its stake in Teledyne Technologies by 15.3% in the second quarter. Dimensional Fund Advisors LP now owns 523,784 shares of the company’s stock valued at $51,872,000 after buying an additional 69,455 shares during the period. Institutional investors own 87.85% of the company’s stock.
Teledyne Technologies Company Profile
Teledyne Technologies Incorporated provides enabling technologies for industrial markets. The Company caters to a range of markets, which include deepwater oil and gas exploration and production, oceanographic research, and air and water quality environmental monitoring. Its products include monitoring and control instrumentation for marine and environmental applications, harsh environment interconnects, and electronic test and measurement equipment.
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