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

Teledyne Technologies (NYSE:TDY) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

TDY has been the subject of a number of other reports. UBS Group assumed coverage on Teledyne Technologies in a research report on Tuesday, December 10th. They set a “buy” rating and a $585.00 price objective for the company. Bank of America boosted their price target on shares of Teledyne Technologies from $550.00 to $600.00 and gave the stock a “buy” rating in a research report on Monday, March 17th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $585.00 price objective on shares of Teledyne Technologies in a research report on Wednesday, February 5th. One 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, the company has an average rating of “Moderate Buy” and a consensus target price of $548.00.

Teledyne Technologies Stock Down 5.6 %

NYSE:TDY opened at $471.65 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.33 and a quick ratio of 1.61. Teledyne Technologies has a one year low of $355.41 and a one year high of $522.50. The firm’s 50 day simple moving average is $500.78 and its 200 day simple moving average is $476.33. The company has a market cap of $22.09 billion, a PE ratio of 27.37, a P/E/G ratio of 3.14 and a beta of 1.03.

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

Insider Buying and Selling at Teledyne Technologies

In related news, COO George C. Bobb III sold 6,308 shares of the business’s stock in a transaction on Friday, January 24th. The shares were sold at an average price of $507.77, for a total transaction of $3,203,013.16. Following the transaction, the chief operating officer now owns 10,482 shares in the company, valued at $5,322,445.14. The trade was a 37.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Cynthia Y. Belak sold 5,745 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $508.34, for a total transaction of $2,920,413.30. Following the completion of the sale, the vice president now owns 4,962 shares of the company’s stock, valued at $2,522,383.08. The trade was a 53.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,571 shares of company stock valued at $17,709,721. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. LPL Financial LLC boosted its stake in Teledyne Technologies by 8.5% during the 4th quarter. LPL Financial LLC now owns 28,366 shares of the scientific and technical instruments company’s stock valued at $13,166,000 after purchasing an additional 2,224 shares during the last quarter. Amundi boosted its position in shares of Teledyne Technologies by 11.9% during the fourth quarter. Amundi now owns 124,874 shares of the scientific and technical instruments company’s stock valued at $57,687,000 after buying an additional 13,244 shares during the last quarter. Covea Finance boosted its position in shares of Teledyne Technologies by 25.1% during the fourth quarter. Covea Finance now owns 21,400 shares of the scientific and technical instruments company’s stock valued at $9,932,000 after buying an additional 4,300 shares during the last quarter. ING Groep NV grew its holdings in Teledyne Technologies by 144.9% during the fourth quarter. ING Groep NV now owns 5,952 shares of the scientific and technical instruments company’s stock worth $2,763,000 after buying an additional 3,522 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Teledyne Technologies by 6.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,150,065 shares of the scientific and technical instruments company’s stock valued at $503,338,000 after buying an additional 64,617 shares during the last quarter. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Company Profile

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.