Teledyne Technologies Inc. (TDY) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Teledyne Technologies Inc. (NYSE:TDY) from a hold rating to a buy rating in a report issued on Wednesday morning. Zacks Investment Research currently has $120.00 price objective on the stock.
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. “
TDY has been the subject of several other research reports. CL King cut Teledyne Technologies from a buy rating to a neutral rating and set a $107.00 price target for the company. in a research note on Wednesday, July 6th. Jefferies Group reaffirmed a hold rating on shares of Teledyne Technologies in a research report on Monday, July 11th.
Shares of Teledyne Technologies (NYSE:TDY) traded down 0.79% during trading on Wednesday, hitting $106.75. 11,738 shares of the stock were exchanged. The stock has a 50-day moving average of $107.32 and a 200 day moving average of $99.51. The stock has a market cap of $3.70 billion, a P/E ratio of 20.06 and a beta of 0.94. Teledyne Technologies has a 12-month low of $73.66 and a 12-month high of $110.61.
Teledyne Technologies (NYSE:TDY) last issued its earnings results on Thursday, August 4th. The company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.08. The company had revenue of $534.90 million for the quarter, compared to the consensus estimate of $546.57 million. Teledyne Technologies had a return on equity of 13.03% and a net margin of 8.46%. The firm’s quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.34 EPS. Equities analysts predict that Teledyne Technologies will post $5.16 earnings per share for the current fiscal year.
In other news, Chairman Robert Mehrabian sold 35,000 shares of the stock in a transaction on 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 sale, the chairman now owns 283,754 shares in the company, valued at $29,955,909.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roxanne S. Austin sold 4,000 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $105.55, for a total value of $422,200.00. Following the sale, the director now owns 10,639 shares in the company, valued at approximately $1,122,946.45. The disclosure for this sale can be found here. Insiders own 3.93% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Virginia Retirement System acquired a new stake in shares of Teledyne Technologies during the first quarter valued at approximately $1,304,000. Ngam Advisors L.P. boosted its stake in shares of Teledyne Technologies by 28.0% in the first quarter. Ngam Advisors L.P. now owns 39,983 shares of the company’s stock valued at $3,525,000 after buying an additional 8,758 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Teledyne Technologies by 3.7% in the first quarter. BlackRock Inc. now owns 13,820 shares of the company’s stock valued at $1,218,000 after buying an additional 498 shares during the last quarter. BlackRock Group LTD boosted its stake in shares of Teledyne Technologies by 23.6% in the first quarter. BlackRock Group LTD now owns 21,789 shares of the company’s stock valued at $1,921,000 after buying an additional 4,164 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new stake in shares of Teledyne Technologies during the first quarter valued at approximately $805,000. Institutional investors own 87.85% of the company’s stock.
About Teledyne Technologies
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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