Teledyne Technologies Incorporated (TDY) Raised to “Hold” at BidaskClub
BidaskClub upgraded shares of Teledyne Technologies Incorporated (NYSE:TDY) from a sell rating to a hold rating in a report issued on Tuesday morning.
A number of other brokerages have also weighed in on TDY. Zacks Investment Research lowered shares of Teledyne Technologies from a buy rating to a hold rating in a report on Thursday, June 1st. Jefferies Group LLC restated a hold rating and issued a $140.00 price objective on shares of Teledyne Technologies in a report on Tuesday, June 6th.
Teledyne Technologies (NYSE:TDY) opened at 126.95 on Tuesday. The firm has a market capitalization of $4.48 billion, a PE ratio of 24.94 and a beta of 0.96. Teledyne Technologies has a 12 month low of $92.52 and a 12 month high of $137.00. The firm has a 50-day moving average of $131.34 and a 200 day moving average of $128.23.
Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings data on Thursday, May 4th. The scientific and technical instruments company reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.51. The firm had revenue of $566.10 million during the quarter, compared to analyst estimates of $539.40 million. Teledyne Technologies had a net margin of 8.31% and a return on equity of 13.28%. The business’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 EPS. Equities research analysts forecast that Teledyne Technologies will post $5.27 earnings per share for the current year.
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In related news, Director Michael T. Smith sold 3,000 shares of Teledyne Technologies stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $134.72, for a total value of $404,160.00. Following the transaction, the director now directly owns 33,806 shares of the company’s stock, valued at $4,554,344.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Robert Mehrabian bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The stock was purchased at an average cost of $129.41 per share, for a total transaction of $1,294,100.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 15,207 shares of company stock valued at $1,992,502. Company insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of Teledyne Technologies during the fourth quarter valued at approximately $11,663,000. Comerica Bank increased its position in shares of Teledyne Technologies by 4.9% in the fourth quarter. Comerica Bank now owns 33,128 shares of the scientific and technical instruments company’s stock valued at $4,116,000 after buying an additional 1,558 shares during the last quarter. State Street Corp increased its position in shares of Teledyne Technologies by 3.2% in the fourth quarter. State Street Corp now owns 1,202,403 shares of the scientific and technical instruments company’s stock valued at $147,897,000 after buying an additional 36,741 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Teledyne Technologies during the fourth quarter valued at approximately $659,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Teledyne Technologies by 0.9% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,173 shares of the scientific and technical instruments company’s stock valued at $636,000 after buying an additional 47 shares during the last quarter. 83.94% of the stock is currently owned by institutional investors.
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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