Zacks Investment Research cut shares of Teledyne Technologies (NYSE:TDY) from a buy rating to a hold rating in a research note released on Thursday morning.
According to Zacks, “Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets. Teledyne have evolved from a company that was primarily focused on aerospace and defense to one that serves multiple markets that require advanced technology and high reliability. These markets include deepwater oil and gas exploration and production, oceanographic research, air and water quality environmental monitoring, electronics design and development, factory automation and medical imaging. Teledyne products include monitoring and control instrumentation for marine and environmental applications, harsh environment interconnects, electronic test and measurement equipment, digital imaging sensors and cameras, aircraft information management systems, and defense electronics and satellite communication subsystems. Teledyne strategy continues to emphasize growth in core markets of instrumentation, digital imaging, aerospace and defense electronics and engineered systems. “
A number of other research firms have also recently commented on TDY. ValuEngine upgraded shares of Teledyne Technologies from a hold rating to a buy rating in a report on Thursday, March 1st. Needham & Company LLC raised their price target on shares of Teledyne Technologies to $205.00 and gave the stock a buy rating in a report on Wednesday, January 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $196.00.
Teledyne Technologies (NYSE:TDY) last posted its quarterly earnings results on Thursday, February 1st. The scientific and technical instruments company reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.21. The business had revenue of $704.40 million during the quarter, compared to analysts’ expectations of $669.25 million. Teledyne Technologies had a net margin of 8.73% and a return on equity of 14.07%. The business’s quarterly revenue was up 27.4% on a year-over-year basis. During the same period last year, the company posted $1.64 earnings per share. equities analysts predict that Teledyne Technologies will post 7.55 earnings per share for the current fiscal year.
In other Teledyne Technologies news, SVP Jason Vanwees sold 3,500 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $195.42, for a total value of $683,970.00. Following the transaction, the senior vice president now directly owns 34,085 shares of the company’s stock, valued at $6,660,890.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Robert Mehrabian sold 35,000 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $192.92, for a total transaction of $6,752,200.00. Following the completion of the transaction, the chairman now directly owns 284,072 shares in the company, valued at $54,803,170.24. The disclosure for this sale can be found here. Insiders sold 67,078 shares of company stock worth $12,858,091 over the last ninety days. Insiders own 3.73% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in shares of Teledyne Technologies by 2.8% during the fourth quarter. BlackRock Inc. now owns 3,476,666 shares of the scientific and technical instruments company’s stock valued at $629,798,000 after purchasing an additional 95,833 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of Teledyne Technologies during the fourth quarter valued at about $121,279,000. Dimensional Fund Advisors LP lifted its position in shares of Teledyne Technologies by 3.4% during the third quarter. Dimensional Fund Advisors LP now owns 429,459 shares of the scientific and technical instruments company’s stock valued at $68,362,000 after purchasing an additional 14,299 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Teledyne Technologies by 5.8% during the fourth quarter. Fisher Asset Management LLC now owns 348,849 shares of the scientific and technical instruments company’s stock valued at $63,194,000 after purchasing an additional 19,179 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Teledyne Technologies by 1.6% during the fourth quarter. Wells Fargo & Company MN now owns 317,486 shares of the scientific and technical instruments company’s stock valued at $57,512,000 after purchasing an additional 5,143 shares in the last quarter. 85.03% of the stock is currently owned by hedge funds and other institutional investors.
Teledyne Technologies Company Profile
Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets. The Company’s segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment.
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