Teledyne Technologies (NYSE:TDY) Cut to Neutral at Bank of America

Bank of America lowered shares of Teledyne Technologies (NYSE:TDY) from a buy rating to a neutral rating in a research report report published on Friday, Marketbeat.com reports. They currently have $400.00 target price on the scientific and technical instruments company’s stock, down from their prior target price of $490.00.

A number of other analysts have also recently weighed in on the stock. TD Cowen decreased their price target on shares of Teledyne Technologies from $475.00 to $450.00 and set a buy rating for the company in a research report on Thursday, April 25th. StockNews.com lowered shares of Teledyne Technologies from a buy rating to a hold rating in a report on Thursday, April 25th. Finally, Needham & Company LLC cut their price objective on shares of Teledyne Technologies from $510.00 to $455.00 and set a buy rating on the stock in a report on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Teledyne Technologies has a consensus rating of Moderate Buy and an average price target of $470.83.

Teledyne Technologies Stock Up 2.2 %

Shares of NYSE TDY opened at $382.78 on Friday. Teledyne Technologies has a 52-week low of $355.41 and a 52-week high of $448.19. The firm has a fifty day moving average of $415.43 and a 200-day moving average of $414.26. The stock has a market capitalization of $18.14 billion, a PE ratio of 20.70, a P/E/G ratio of 2.40 and a beta of 1.02. The company has a quick ratio of 1.29, a current ratio of 1.81 and a debt-to-equity ratio of 0.28.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings data on Wednesday, April 24th. The scientific and technical instruments company reported $4.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.63 by ($0.08). Teledyne Technologies had a net margin of 15.81% and a return on equity of 10.54%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the prior year, the firm earned $4.53 earnings per share. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. On average, analysts anticipate that Teledyne Technologies will post 20.61 EPS for the current year.

Insider Activity

In other Teledyne Technologies news, Director Simon M. Lorne sold 2,200 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $426.70, for a total value of $938,740.00. Following the completion of the sale, the director now owns 67,288 shares in the company, valued at approximately $28,711,789.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Simon M. Lorne sold 2,200 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $426.70, for a total transaction of $938,740.00. Following the transaction, the director now owns 67,288 shares in the company, valued at approximately $28,711,789.60. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kenneth C. Dahlberg sold 4,000 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $432.91, for a total transaction of $1,731,640.00. Following the transaction, the director now owns 18,735 shares in the company, valued at approximately $8,110,568.85. The disclosure for this sale can be found here. Insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TDY. Bruce G. Allen Investments LLC bought a new stake in Teledyne Technologies in the 4th quarter valued at $28,000. Kapitalo Investimentos Ltda bought a new stake in Teledyne Technologies in the 4th quarter valued at $29,000. CVA Family Office LLC bought a new stake in Teledyne Technologies in the 4th quarter valued at $31,000. NBC Securities Inc. lifted its holdings in shares of Teledyne Technologies by 89.4% during the 1st quarter. NBC Securities Inc. now owns 89 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 42 shares during the period. Finally, Anchor Investment Management LLC bought a new position in shares of Teledyne Technologies during the 4th quarter worth about $45,000. 91.58% of the stock is currently owned by institutional investors and hedge funds.

About Teledyne Technologies

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.