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

Bank of America cut shares of Teledyne Technologies (NYSE:TDY) from a buy rating to a neutral rating in a research note released on Friday, MarketBeat.com reports. The brokerage currently has $400.00 price objective on the scientific and technical instruments company’s stock, down from their prior price objective of $490.00.

Several other brokerages also recently commented on TDY. Needham & Company LLC cut their target price on Teledyne Technologies from $510.00 to $455.00 and set a buy rating for the company in a research note on Thursday. TD Cowen dropped their price target on Teledyne Technologies from $475.00 to $450.00 and set a buy rating for the company in a research report on Thursday. Finally, StockNews.com downgraded Teledyne Technologies from a buy rating to a hold rating in a research 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’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $474.86.

Teledyne Technologies Trading Down 0.6 %

Shares of Teledyne Technologies stock opened at $374.64 on Friday. Teledyne Technologies has a 1 year low of $355.41 and a 1 year high of $448.19. The firm has a market cap of $17.75 billion, a PE ratio of 20.26, a P/E/G ratio of 2.58 and a beta of 1.02. The stock has a fifty day moving average price of $416.42 and a 200-day moving average price of $414.39. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.81 and a quick ratio of 1.17.

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 return on equity of 10.54% and a net margin of 15.81%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period last year, the business posted $4.53 EPS. The company’s revenue was down 2.4% compared to the same quarter last year. Equities research analysts anticipate that Teledyne Technologies will post 19.35 EPS for the current year.

Insider Activity at Teledyne Technologies

In related news, Director Kenneth C. Dahlberg sold 4,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $432.91, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Kenneth C. Dahlberg sold 4,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $432.91, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 value of $938,740.00. Following the transaction, the director now directly owns 67,288 shares in the company, valued at $28,711,789.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,711 shares of company stock valued at $2,890,621. Corporate insiders own 2.14% of the company’s stock.

Hedge Funds Weigh In On Teledyne Technologies

Several hedge funds have recently made changes to their positions in the business. Norden Group LLC increased its stake in shares of Teledyne Technologies by 1.2% during the fourth quarter. Norden Group LLC now owns 2,149 shares of the scientific and technical instruments company’s stock valued at $959,000 after buying an additional 25 shares during the period. Weik Capital Management increased its stake in shares of Teledyne Technologies by 0.5% during the fourth quarter. Weik Capital Management now owns 5,390 shares of the scientific and technical instruments company’s stock valued at $2,406,000 after buying an additional 25 shares during the period. Allworth Financial LP increased its stake in shares of Teledyne Technologies by 26.5% during the third quarter. Allworth Financial LP now owns 129 shares of the scientific and technical instruments company’s stock valued at $53,000 after buying an additional 27 shares during the period. Great Lakes Advisors LLC boosted its position in shares of Teledyne Technologies by 5.5% during the third quarter. Great Lakes Advisors LLC now owns 540 shares of the scientific and technical instruments company’s stock valued at $221,000 after purchasing an additional 28 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Teledyne Technologies by 0.9% during the third quarter. Oregon Public Employees Retirement Fund now owns 3,669 shares of the scientific and technical instruments company’s stock valued at $1,499,000 after purchasing an additional 32 shares in the last quarter. 91.58% of the stock is owned by hedge funds and other 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.