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 note published on Friday morning.
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 equities analysts have also weighed in on TDY. ValuEngine raised Teledyne Technologies from a hold rating to a buy rating in a research note on Friday, September 8th. Needham & Company LLC lifted 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. Finally, Jefferies Group lifted 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $175.33.
Teledyne Technologies (NYSE:TDY) last released its quarterly earnings data on Thursday, November 2nd. The scientific and technical instruments company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.34. The business had revenue of $662.20 million for the quarter, compared to analyst estimates of $656.20 million. Teledyne Technologies had a return on equity of 14.18% and a net margin of 8.67%. The company’s revenue was up 25.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. equities analysts expect that Teledyne Technologies will post 6.7 earnings per share for the current fiscal year.
In related news, SVP Jason Vanwees sold 4,500 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $182.83, for a total transaction of $822,735.00. Following the sale, the senior vice president now directly owns 33,659 shares in the company, valued at approximately $6,153,874.97. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Sue Main sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $183.88, for a total value of $1,287,160.00. Following the sale, the chief financial officer now owns 40,874 shares in the company, valued at $7,515,911.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 25,364 shares of company stock worth $4,643,847. Company insiders own 3.30% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. TT International raised its holdings in shares of Teledyne Technologies by 73.2% during the 3rd quarter. TT International now owns 30,320 shares of the scientific and technical instruments company’s stock valued at $4,826,000 after buying an additional 12,816 shares during the period. Sterling Capital Management LLC purchased a new stake in shares of Teledyne Technologies during the 3rd quarter valued at about $292,000. Neuberger Berman Group LLC raised its holdings in shares of Teledyne Technologies by 3.4% during the 3rd quarter. Neuberger Berman Group LLC now owns 229,053 shares of the scientific and technical instruments company’s stock valued at $36,461,000 after buying an additional 7,489 shares during the period. Zions Bancorporation purchased a new stake in shares of Teledyne Technologies during the 3rd quarter valued at about $220,000. Finally, Vident Investment Advisory LLC raised its holdings in shares of Teledyne Technologies by 45.6% during the 3rd quarter. Vident Investment Advisory LLC now owns 86,384 shares of the scientific and technical instruments company’s stock valued at $13,751,000 after buying an additional 27,064 shares during the period. Institutional investors and hedge funds 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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