Zacks Investment Research upgraded shares of Teledyne Technologies Inc. (NYSE:TDY) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $120.00 price target on the stock.
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 equities research analysts have also recently commented on the company. CL King cut Teledyne Technologies from a buy rating to a neutral rating and set a $107.00 target price on the stock. in a research note on Wednesday, July 6th. Jefferies Group reissued a hold rating on shares of Teledyne Technologies in a research note on Monday, July 11th.
Shares of Teledyne Technologies (NYSE:TDY) opened at 105.28 on Wednesday. Teledyne Technologies has a one year low of $73.66 and a one year high of $110.61. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 19.78 and a beta of 0.94. The company has a 50-day moving average price of $107.29 and a 200 day moving average price of $99.69.
Teledyne Technologies (NYSE:TDY) last issued its quarterly earnings results on Thursday, August 4th. The company reported $1.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.08. The company had revenue of $534.90 million for the quarter, compared to analysts’ expectations of $546.57 million. Teledyne Technologies had a return on equity of 13.03% and a net margin of 8.46%. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 earnings per share. Equities research analysts expect that Teledyne Technologies will post $5.16 earnings per share for the current year.
In other news, Director Roxanne S. Austin sold 4,000 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $105.55, for a total transaction of $422,200.00. Following the transaction, the director now directly owns 10,639 shares of the company’s stock, valued at $1,122,946.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Sue Main sold 6,660 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $106.52, for a total value of $709,423.20. Following the transaction, the chief financial officer now directly owns 32,179 shares in the company, valued at $3,427,707.08. The disclosure for this sale can be found here. Insiders own 3.93% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in TDY. Virginia Retirement System acquired a new position in shares of Teledyne Technologies during the first quarter worth about $1,304,000. Ngam Advisors L.P. increased its position in shares of Teledyne Technologies by 28.0% in the first quarter. Ngam Advisors L.P. now owns 39,983 shares of the company’s stock worth $3,525,000 after buying an additional 8,758 shares during the last quarter. BlackRock Inc. increased its position in shares of Teledyne Technologies by 3.7% in the first quarter. BlackRock Inc. now owns 13,820 shares of the company’s stock worth $1,218,000 after buying an additional 498 shares during the last quarter. BlackRock Group LTD increased its position in shares of Teledyne Technologies by 23.6% in the first quarter. BlackRock Group LTD now owns 21,789 shares of the company’s stock worth $1,921,000 after buying an additional 4,164 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. acquired a new position in shares of Teledyne Technologies during the first quarter worth about $805,000. 87.85% of the stock is currently owned by hedge funds and other institutional investors.
About Teledyne Technologies
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.
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