Teledyne Technologies (NYSE:TDY) Downgraded to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Teledyne Technologies (NYSE:TDY) from a buy rating to a hold rating in a report released on Wednesday morning.

TDY has been the topic of several other research reports. UBS Group began coverage on Teledyne Technologies in a research note on Tuesday, December 10th. They issued a “buy” rating and a $585.00 price objective on the stock. Bank of America upped their price target on Teledyne Technologies from $550.00 to $600.00 and gave the company a “buy” rating in a research report on Monday, March 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $585.00 price objective on shares of Teledyne Technologies in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Teledyne Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $548.00.

Teledyne Technologies Stock Performance

Shares of Teledyne Technologies stock opened at $500.16 on Wednesday. The firm has a market capitalization of $23.43 billion, a P/E ratio of 29.03, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. The company has a current ratio of 2.33, a quick ratio of 1.61 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $501.65 and its 200 day simple moving average is $476.36. Teledyne Technologies has a 12 month low of $355.41 and a 12 month high of $522.50.

Teledyne Technologies (NYSE:TDY) last issued its quarterly earnings results on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 earnings per share for the quarter, topping analysts’ consensus estimates of $5.23 by $0.29. The company had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.45 billion. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $5.44 EPS. As a group, analysts anticipate that Teledyne Technologies will post 21.55 EPS for the current year.

Insider Transactions at Teledyne Technologies

In other Teledyne Technologies news, Vice Chairman Jason Vanwees sold 3,700 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $520.06, for a total value of $1,924,222.00. Following the completion of the transaction, the insider now owns 51,324 shares in the company, valued at $26,691,559.44. This trade represents a 6.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Melanie Susan Cibik sold 706 shares of Teledyne Technologies stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $519.96, for a total value of $367,091.76. Following the transaction, the executive vice president now directly owns 26,529 shares of the company’s stock, valued at $13,794,018.84. The trade was a 2.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,571 shares of company stock valued at $17,709,721 over the last three months. Company insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Amundi raised its position in shares of Teledyne Technologies by 11.9% in the fourth quarter. Amundi now owns 124,874 shares of the scientific and technical instruments company’s stock worth $57,687,000 after buying an additional 13,244 shares in the last quarter. Covea Finance raised its holdings in shares of Teledyne Technologies by 25.1% in the 4th quarter. Covea Finance now owns 21,400 shares of the scientific and technical instruments company’s stock valued at $9,932,000 after acquiring an additional 4,300 shares in the last quarter. ING Groep NV boosted its position in shares of Teledyne Technologies by 144.9% during the 4th quarter. ING Groep NV now owns 5,952 shares of the scientific and technical instruments company’s stock valued at $2,763,000 after acquiring an additional 3,522 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Teledyne Technologies by 6.0% during the third quarter. JPMorgan Chase & Co. now owns 1,150,065 shares of the scientific and technical instruments company’s stock worth $503,338,000 after purchasing an additional 64,617 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Teledyne Technologies by 10.9% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,515 shares of the scientific and technical instruments company’s stock worth $3,024,000 after purchasing an additional 640 shares during the last quarter. 91.58% of the stock is owned by institutional investors.

About Teledyne Technologies

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.