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

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

TDY has been the subject of a number of other research reports. Bank of America upped their price objective on shares of Teledyne Technologies from $550.00 to $600.00 and gave the company a “buy” rating in a research note on Monday, March 17th. UBS Group started coverage on Teledyne Technologies in a research note on Tuesday, December 10th. They set a “buy” rating and a $585.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $585.00 price objective on shares of Teledyne Technologies in a report on Wednesday, February 5th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $548.00.

Teledyne Technologies Price Performance

TDY traded up $1.83 during trading on Wednesday, reaching $500.16. The stock had a trading volume of 207,510 shares, compared to its average volume of 255,040. The business has a 50-day moving average of $501.65 and a 200-day moving average of $476.36. Teledyne Technologies has a one year low of $355.41 and a one year high of $522.50. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.61 and a current ratio of 2.33. The stock has a market cap of $23.43 billion, a PE ratio of 29.03, a PEG ratio of 3.14 and a beta of 1.03.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings data on Wednesday, January 22nd. The scientific and technical instruments company reported $5.52 EPS for the quarter, beating the consensus estimate of $5.23 by $0.29. The firm had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.45 billion. Teledyne Technologies had a return on equity of 9.94% and a net margin of 14.45%. The company’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company earned $5.44 EPS. As a group, equities research analysts anticipate that Teledyne Technologies will post 21.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Cynthia Y. Belak sold 5,745 shares of the stock in a transaction dated Friday, January 24th. The shares were 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 directly owns 4,962 shares in the company, valued at approximately $2,522,383.08. This represents a 53.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Jason Vanwees sold 3,700 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $520.06, for a total value of $1,924,222.00. Following the transaction, the insider now owns 51,324 shares in the company, valued at approximately $26,691,559.44. This represents a 6.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,571 shares of company stock valued at $17,709,721 in the last quarter. Insiders own 1.50% of the company’s stock.

Institutional Trading of Teledyne Technologies

Several large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Teledyne Technologies in the 4th quarter worth about $306,042,000. Alyeska Investment Group L.P. raised its stake in Teledyne Technologies by 19,605.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 365,133 shares of the scientific and technical instruments company’s stock worth $169,469,000 after buying an additional 363,280 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Teledyne Technologies in the fourth quarter worth about $143,524,000. Madison Investment Advisors LLC bought a new stake in Teledyne Technologies during the 4th quarter valued at approximately $94,721,000. Finally, Freestone Grove Partners LP purchased a new position in shares of Teledyne Technologies during the 4th quarter worth approximately $61,939,000. Institutional investors own 91.58% of the company’s stock.

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.