Teledyne Technologies Inc. (TDY) Rating Lowered to Hold at Zacks Investment Research
Teledyne Technologies Inc. (NYSE:TDY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
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 topic of several other research reports. CL King cut Teledyne Technologies from a “buy” rating to a “neutral” rating and set a $107.00 price objective on the stock. in a report on Wednesday, July 6th. Jefferies Group raised their price objective on Teledyne Technologies from $90.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, August 5th.
Shares of Teledyne Technologies (NYSE:TDY) opened at 105.28 on Thursday. Teledyne Technologies has a one year low of $73.66 and a one year high of $110.61. The stock has a market cap of $3.65 billion, a P/E ratio of 19.78 and a beta of 0.94. The firm’s 50-day moving average price is $107.29 and its 200 day moving average price is $99.69.
Teledyne Technologies (NYSE:TDY) last released its quarterly earnings results on Thursday, August 4th. The company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.08. The company earned $534.90 million during 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%. Teledyne Technologies’s revenue was down 6.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 earnings per share. Equities research analysts expect that Teledyne Technologies will post $5.16 EPS for the current fiscal year.
In related news, VP Melanie Susan Cibik sold 7,000 shares of Teledyne Technologies stock in a transaction on Monday, August 29th. The stock was sold at an average price of $108.47, for a total value of $759,290.00. Following the transaction, the vice president now owns 35,067 shares in the company, valued at $3,803,717.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jason Vanwees sold 3,000 shares of Teledyne Technologies stock in a transaction on Monday, August 8th. The shares were sold at an average price of $105.44, for a total value of $316,320.00. Following the completion of the transaction, the senior vice president now owns 31,017 shares in the company, valued at approximately $3,270,432.48. The disclosure for this sale can be found here. 3.93% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Independence Advisors LLC purchased a new position in shares of Teledyne Technologies during the third quarter worth $271,000. Mason Street Advisors LLC purchased a new position in shares of Teledyne Technologies during the second quarter worth $1,558,000. Public Employees Retirement System of Ohio boosted its position in shares of Teledyne Technologies by 8.5% in the second quarter. Public Employees Retirement System of Ohio now owns 1,932 shares of the company’s stock worth $191,000 after buying an additional 151 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Teledyne Technologies by 4.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 204,475 shares of the company’s stock worth $20,254,000 after buying an additional 9,421 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in shares of Teledyne Technologies by 3.3% in the second quarter. Stifel Financial Corp now owns 10,212 shares of the company’s stock worth $1,011,000 after buying an additional 322 shares during the last quarter. Hedge funds and other institutional investors own 87.85% of the company’s stock.
Teledyne Technologies Company Profile
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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