Teledyne Technologies (NYSE:TDY) Downgraded 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 report published on Friday morning, Marketbeat Ratings reports. Bank of America currently has $400.00 price objective on the scientific and technical instruments company’s stock, down from their previous price objective of $490.00.

Several other equities analysts have also recently commented on the stock. TD Cowen decreased their price target on shares of Teledyne Technologies from $475.00 to $450.00 and set a buy rating for the company in a research report on Thursday. StockNews.com cut shares of Teledyne Technologies from a buy rating to a hold rating in a research report on Thursday. Finally, Needham & Company LLC decreased their price objective on shares of Teledyne Technologies from $510.00 to $455.00 and set a buy rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Teledyne Technologies has a consensus rating of Moderate Buy and an average price target of $474.86.

Teledyne Technologies Stock Performance

NYSE:TDY opened at $374.64 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.17 and a current ratio of 1.81. The stock has a market capitalization of $17.75 billion, a P/E ratio of 20.26, a PEG ratio of 2.58 and a beta of 1.02. The company has a 50 day moving average price of $416.42 and a 200 day moving average price of $414.39. Teledyne Technologies has a fifty-two week low of $355.41 and a fifty-two week 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 analysts’ consensus estimates of $4.63 by ($0.08). Teledyne Technologies had a return on equity of 10.54% and a net margin of 15.81%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the previous year, the business posted $4.53 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. Equities research analysts forecast that Teledyne Technologies will post 19.35 EPS for the current year.

Insider Buying and Selling at Teledyne Technologies

In other Teledyne Technologies news, Director Kenneth C. Dahlberg sold 4,000 shares of Teledyne Technologies stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $432.91, for a total value of $1,731,640.00. Following the transaction, the director now directly owns 18,735 shares in the company, valued at $8,110,568.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Michael T. Smith sold 511 shares of Teledyne Technologies stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $431.00, for a total value of $220,241.00. Following the sale, the director now owns 56,492 shares of the company’s stock, valued at $24,348,052. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth C. Dahlberg sold 4,000 shares of Teledyne Technologies stock in a transaction dated Friday, February 2nd. The shares were 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 directly owns 18,735 shares in the company, valued at approximately $8,110,568.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,711 shares of company stock worth $2,890,621. 2.14% of the stock is owned by company insiders.

Institutional Trading of Teledyne Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in TDY. Aristotle Capital Management LLC purchased a new stake in Teledyne Technologies during the third quarter worth about $698,325,000. Norges Bank purchased a new stake in Teledyne Technologies during the fourth quarter worth about $243,111,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Teledyne Technologies by 26.3% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 929,995 shares of the scientific and technical instruments company’s stock worth $379,977,000 after buying an additional 193,544 shares in the last quarter. Maren Capital LLC purchased a new stake in Teledyne Technologies during the fourth quarter worth about $82,700,000. Finally, JPMorgan Chase & Co. boosted its holdings in Teledyne Technologies by 19.7% during the third quarter. JPMorgan Chase & Co. now owns 922,621 shares of the scientific and technical instruments company’s stock worth $376,965,000 after buying an additional 151,659 shares in the last quarter. 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.