Bank of America Lowers Teledyne Technologies (NYSE:TDY) to Neutral

Teledyne Technologies (NYSE:TDY) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $400.00 target price on the scientific and technical instruments company’s stock, down from their previous target price of $490.00. Bank of America‘s price objective would indicate a potential upside of 6.08% from the company’s current price.

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

Teledyne Technologies Trading Up 4.0 %

NYSE TDY opened at $377.06 on Friday. The firm has a market cap of $17.87 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 2.48 and a beta of 1.02. Teledyne Technologies has a 1-year low of $355.41 and a 1-year high of $448.19. The stock has a 50-day moving average of $417.57 and a 200-day moving average of $414.64. The company has a current ratio of 1.81, a quick ratio of 1.17 and a debt-to-equity ratio of 0.28.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings data 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). Teledyne Technologies had a net margin of 15.81% and a return on equity of 10.54%. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter in the previous year, the firm posted $4.53 EPS. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Teledyne Technologies will post 19.35 EPS for the current year.

Insider Buying and Selling at Teledyne Technologies

In other news, Director Kenneth C. Dahlberg sold 4,000 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $432.91, for a total value of $1,731,640.00. Following the sale, the director now directly owns 18,735 shares of the company’s stock, valued at $8,110,568.85. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Kenneth C. Dahlberg sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $432.91, for a total value of $1,731,640.00. Following the transaction, the director now directly owns 18,735 shares of the company’s stock, valued at approximately $8,110,568.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Simon M. Lorne sold 2,200 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $426.70, for a total transaction of $938,740.00. Following the sale, the director now directly owns 67,288 shares in the company, valued at approximately $28,711,789.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,711 shares of company stock worth $2,890,621. 2.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Teledyne Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC lifted its holdings in Teledyne Technologies by 14.3% in the third quarter. CWM LLC now owns 550 shares of the scientific and technical instruments company’s stock valued at $225,000 after acquiring an additional 69 shares during the period. Exchange Traded Concepts LLC bought a new position in shares of Teledyne Technologies in the 3rd quarter worth approximately $52,000. Czech National Bank lifted its stake in shares of Teledyne Technologies by 47.7% in the 3rd quarter. Czech National Bank now owns 8,228 shares of the scientific and technical instruments company’s stock worth $3,362,000 after purchasing an additional 2,659 shares during the period. Pettee Investors Inc. boosted its holdings in shares of Teledyne Technologies by 257.1% in the third quarter. Pettee Investors Inc. now owns 2,396 shares of the scientific and technical instruments company’s stock worth $979,000 after buying an additional 1,725 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in Teledyne Technologies by 0.8% during the third quarter. Commonwealth Equity Services LLC now owns 14,349 shares of the scientific and technical instruments company’s stock valued at $5,863,000 after buying an additional 119 shares during the period. 91.58% of the stock is owned by institutional investors.

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.