Teledyne Technologies (TDY) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Teledyne Technologies (NYSE:TDY) from a strong-buy rating to a hold rating in a research report report published on Friday, January 5th.

According to Zacks, “Teledyne Technologies Incorporated provides instrumentation, digital imaging, aerospace and defense electronics in the United States, Canada and internationally. The Company’s segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment. Digital Imaging segment includes sensors, cameras and systems, within the visible, infrared, ultraviolet and X-ray spectra. Aerospace and Defense Electronics segment provides electronic components and subsystems and communications products, including defense electronics. Engineered Systems segment provides systems engineering and integration and technology development, as well as manufacturing solutions. The company markets and sells its products and services through sales forces, third-party distributors, and commissioned sales representatives. “

Several other brokerages have also recently issued reports on TDY. ValuEngine cut Teledyne Technologies from a buy rating to a hold rating in a research note on Monday, October 2nd. Jefferies Group upped their price objective on Teledyne Technologies from $150.00 to $170.00 and gave the company a hold rating in a research note on Friday, November 3rd. Finally, Needham & Company LLC upped their price objective on Teledyne Technologies from $157.00 to $190.00 and gave the company a buy rating in a research note on Friday, November 3rd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Teledyne Technologies has a consensus rating of Hold and an average target price of $175.33.

Shares of Teledyne Technologies (NYSE TDY) traded up $4.58 during midday trading on Friday, hitting $193.28. The stock had a trading volume of 131,400 shares, compared to its average volume of 128,056. Teledyne Technologies has a 52 week low of $119.67 and a 52 week high of $193.62. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.98 and a quick ratio of 1.16. The stock has a market capitalization of $6,849.17, a P/E ratio of 32.87, a price-to-earnings-growth ratio of 3.63 and a beta of 1.03.

Teledyne Technologies (NYSE:TDY) last released its quarterly earnings results on Thursday, November 2nd. The scientific and technical instruments company reported $1.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.34. Teledyne Technologies had a return on equity of 15.44% and a net margin of 10.42%. The business had revenue of $662.20 million for the quarter, compared to analysts’ expectations of $656.20 million. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company’s revenue was up 25.7% compared to the same quarter last year. sell-side analysts expect that Teledyne Technologies will post 6.7 earnings per share for the current fiscal year.

In other Teledyne Technologies news, CFO Sue Main sold 7,000 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $183.88, for a total transaction of $1,287,160.00. Following the completion of the transaction, the chief financial officer now directly owns 40,874 shares of the company’s stock, valued at approximately $7,515,911.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Simon M. Lorne sold 4,958 shares of the stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $181.64, for a total value of $900,571.12. Following the transaction, the director now directly owns 30,297 shares of the company’s stock, valued at $5,503,147.08. The disclosure for this sale can be found here. Insiders sold a total of 25,364 shares of company stock valued at $4,643,847 over the last three months. Corporate insiders own 3.30% of the company’s stock.

Large investors have recently made changes to their positions in the company. Legal & General Group Plc lifted its holdings in shares of Teledyne Technologies by 17.5% in the second quarter. Legal & General Group Plc now owns 38,093 shares of the scientific and technical instruments company’s stock valued at $4,861,000 after purchasing an additional 5,675 shares in the last quarter. Quantitative Systematic Strategies LLC purchased a new stake in shares of Teledyne Technologies in the third quarter valued at $680,000. Rhumbline Advisers lifted its holdings in shares of Teledyne Technologies by 11.2% in the third quarter. Rhumbline Advisers now owns 76,533 shares of the scientific and technical instruments company’s stock valued at $12,183,000 after purchasing an additional 7,714 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new stake in shares of Teledyne Technologies in the second quarter valued at $4,578,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Teledyne Technologies by 56.2% during the second quarter. Goldman Sachs Group Inc. now owns 212,871 shares of the scientific and technical instruments company’s stock worth $27,173,000 after acquiring an additional 76,567 shares in the last quarter. Institutional investors own 84.07% of the company’s stock.

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About Teledyne Technologies

Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets. The Company’s segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment.

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