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

Bank of America downgraded shares of Teledyne Technologies (NYSE:TDY) from a buy rating to a neutral rating in a research note released on Friday morning, MarketBeat Ratings reports. The firm currently has $400.00 target price on the scientific and technical instruments company’s stock, down from their prior target price of $490.00.

Several other analysts have also issued reports on TDY. TD Cowen cut their target price on Teledyne Technologies from $475.00 to $450.00 and set a buy rating for the company in a research note on Thursday, April 25th. Needham & Company LLC cut their target price on Teledyne Technologies from $510.00 to $455.00 and set a buy rating for the company in a research note on Thursday, April 25th. Finally, StockNews.com lowered Teledyne Technologies from a buy rating to a hold rating in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Teledyne Technologies currently has an average rating of Moderate Buy and an average price target of $470.83.

Teledyne Technologies Stock Up 2.2 %

TDY stock opened at $382.78 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.29 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average is $415.43 and its 200 day moving average is $414.26. The stock has a market cap of $18.14 billion, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 2.40 and a beta of 1.02. Teledyne Technologies has a 1-year low of $355.41 and a 1-year high of $448.19.

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

Insider Activity

In other news, Director Kenneth C. Dahlberg sold 4,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 18,735 shares of the company’s stock, valued at $8,110,568.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Simon M. Lorne sold 2,200 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was 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 of the company’s stock, valued at $28,711,789.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth C. Dahlberg sold 4,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $432.91, for a total value of $1,731,640.00. Following the completion of the sale, the director now directly owns 18,735 shares of the company’s stock, 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 Trading of Teledyne Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC bought a new position in Teledyne Technologies in the fourth quarter worth $28,000. Kapitalo Investimentos Ltda bought a new position in Teledyne Technologies in the fourth quarter worth $29,000. CVA Family Office LLC bought a new position in Teledyne Technologies in the fourth quarter worth $31,000. NBC Securities Inc. raised its holdings in Teledyne Technologies by 89.4% in the first quarter. NBC Securities Inc. now owns 89 shares of the scientific and technical instruments company’s stock worth $38,000 after purchasing an additional 42 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC bought a new position in Teledyne Technologies in the third quarter worth $44,000. Hedge funds and other 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.