Zacks Investment Research cut shares of Teledyne Technologies Inc. (NYSE:TDY) from a buy rating to a hold rating in a research note 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. “
A number of other research analysts have also recently commented on the company. Jefferies Group upped their price objective on Teledyne Technologies from $90.00 to $105.00 and gave the company a hold rating in a report on Friday, August 5th. 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.
Teledyne Technologies (NYSE:TDY) traded down 2.832% during midday trading on Thursday, reaching $104.456. The company had a trading volume of 66,543 shares. The stock has a market capitalization of $3.62 billion, a PE ratio of 19.627 and a beta of 0.94. The company has a 50-day moving average of $107.37 and a 200-day moving average of $99.56. Teledyne Technologies has a 12-month low of $73.66 and a 12-month high of $110.61.
Teledyne Technologies (NYSE:TDY) last released its quarterly earnings data on Thursday, August 4th. The company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.08. Teledyne Technologies had a return on equity of 13.03% and a net margin of 8.46%. The firm had revenue of $534.90 million for the quarter, compared to analysts’ expectations of $546.57 million. During the same period in the prior year, the firm posted $1.34 earnings per share. The firm’s quarterly revenue was down 6.7% on a year-over-year basis. On average, analysts predict that Teledyne Technologies will post $5.16 EPS for the current fiscal year.
In other Teledyne Technologies news, Director Paul David Miller sold 4,695 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $108.56, for a total value of $509,689.20. Following the completion of the transaction, the director now directly owns 21,257 shares of the company’s stock, valued at $2,307,659.92. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Jason Vanwees sold 3,000 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $105.44, for a total transaction of $316,320.00. Following the completion of the transaction, the senior vice president now directly owns 31,017 shares of the company’s stock, valued at $3,270,432.48. The disclosure for this sale can be found here. 3.93% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Panagora Asset Management Inc. boosted its position in shares of Teledyne Technologies by 42.0% in the second quarter. Panagora Asset Management Inc. now owns 1,065 shares of the company’s stock worth $105,000 after buying an additional 315 shares during the period. Bank of Montreal Can bought a new position in shares of Teledyne Technologies during the second quarter worth about $106,000. Sei Investments Co. boosted its position in shares of Teledyne Technologies by 63.4% in the second quarter. Sei Investments Co. now owns 1,791 shares of the company’s stock worth $178,000 after buying an additional 695 shares during the period. Springbok Capital Management LLC boosted its position in shares of Teledyne Technologies by 800.0% in the first quarter. Springbok Capital Management LLC now owns 1,800 shares of the company’s stock worth $159,000 after buying an additional 1,600 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Teledyne Technologies by 1,759.0% in the second quarter. Tower Research Capital LLC TRC now owns 1,859 shares of the company’s stock worth $184,000 after buying an additional 1,759 shares during the period. 87.85% of the stock is owned by institutional investors.
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.