Teledyne Technologies (NYSE:TDY) Lowered to Hold Rating by StockNews.com

Teledyne Technologies (NYSE:TDY - Get Free Report) was downgraded by investment analysts at StockNews.com from a "buy" rating to a "hold" rating in a note issued to investors on Monday.

Other research analysts have also recently issued research reports about the company. TD Securities restated a "buy" rating and issued a $550.00 price target on shares of Teledyne Technologies in a research report on Thursday, April 24th. Bank of America lifted their target price on shares of Teledyne Technologies from $550.00 to $600.00 and gave the stock a "buy" rating in a research report on Monday, March 17th. Finally, Needham & Company LLC dropped their price objective on shares of Teledyne Technologies from $585.00 to $550.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $542.50.

Teledyne Technologies Price Performance

Shares of NYSE TDY traded up $12.51 during midday trading on Monday, hitting $478.77. The company had a trading volume of 369,492 shares, compared to its average volume of 256,167. The firm has a market capitalization of $22.42 billion, a price-to-earnings ratio of 27.79, a price-to-earnings-growth ratio of 3.14 and a beta of 1.03. Teledyne Technologies has a twelve month low of $380.63 and a twelve month high of $522.50. The business has a 50-day simple moving average of $479.70 and a two-hundred day simple moving average of $478.98. The company has a quick ratio of 1.61, a current ratio of 2.33 and a debt-to-equity ratio of 0.28.

Teledyne Technologies (NYSE:TDY - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The scientific and technical instruments company reported $4.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $0.03. Teledyne Technologies had a net margin of 14.45% and a return on equity of 9.94%. The company had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period last year, the firm earned $4.55 EPS. The company's revenue for the quarter was up 7.4% on a year-over-year basis. Equities research analysts anticipate that Teledyne Technologies will post 21.55 earnings per share for the current year.

Insiders Place Their Bets

In related news, Chairman Robert Mehrabian sold 5,007 shares of the firm's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $510.33, for a total transaction of $2,555,222.31. Following the sale, the chairman now owns 144,553 shares in the company, valued at approximately $73,769,732.49. This trade represents a 3.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Jason Vanwees sold 3,700 shares of the business's stock in a transaction on 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 completion of the transaction, the insider now owns 51,324 shares of the company's stock, valued at $26,691,559.44. This trade represents a 6.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,413 shares of company stock valued at $4,846,536 in the last ninety days. Insiders own 1.50% of the company's stock.

Institutional Trading of Teledyne Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC grew its holdings in Teledyne Technologies by 205.9% in the first quarter. Golden State Wealth Management LLC now owns 52 shares of the scientific and technical instruments company's stock valued at $26,000 after purchasing an additional 35 shares during the period. Quarry LP purchased a new stake in shares of Teledyne Technologies during the 4th quarter valued at $28,000. NBC Securities Inc. purchased a new stake in shares of Teledyne Technologies during the 1st quarter valued at $28,000. Hurley Capital LLC acquired a new stake in shares of Teledyne Technologies during the 4th quarter worth $33,000. Finally, Ancora Advisors LLC raised its position in shares of Teledyne Technologies by 192.3% in the 4th quarter. Ancora Advisors LLC now owns 76 shares of the scientific and technical instruments company's stock worth $35,000 after buying an additional 50 shares during the period. 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.