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

Teledyne Technologies (NYSE:TDY) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Friday, Marketbeat.com reports. They currently have a $400.00 target price on the scientific and technical instruments company’s stock, down from their previous target price of $490.00. Bank of America‘s target price suggests a potential upside of 6.08% from the stock’s previous close.

TDY has been the subject of a number of other reports. TD Cowen decreased their price target on Teledyne Technologies from $475.00 to $450.00 and set a “buy” rating for the company in a research note on Thursday. StockNews.com cut shares of Teledyne Technologies from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Needham & Company LLC cut their price target on shares of Teledyne Technologies from $510.00 to $455.00 and set a “buy” rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Teledyne Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $474.86.

Teledyne Technologies Stock Up 4.0 %

NYSE:TDY opened at $377.06 on Friday. The company’s 50-day simple moving average is $417.57 and its 200-day simple moving average is $414.64. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.17 and a current ratio of 1.81. Teledyne Technologies has a fifty-two week low of $355.41 and a fifty-two week high of $448.19. The stock has a market capitalization of $17.87 billion, a P/E ratio of 20.39, a P/E/G ratio of 2.48 and a beta of 1.02.

Teledyne Technologies (NYSE:TDY) last posted its earnings results on Wednesday, April 24th. The scientific and technical instruments company reported $4.55 EPS for the quarter, missing analysts’ consensus estimates of $4.63 by ($0.08). Teledyne Technologies had a net margin of 15.81% and a return on equity of 10.54%. The firm 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 company earned $4.53 EPS. The company’s revenue was down 2.4% on a year-over-year basis. On average, equities analysts anticipate that Teledyne Technologies will post 19.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Simon M. Lorne sold 2,200 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $426.70, for a total transaction of $938,740.00. Following the sale, the director now owns 67,288 shares in the company, valued at $28,711,789.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Simon M. Lorne sold 2,200 shares of the business’s stock in a transaction on Friday, March 8th. The shares were 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 approximately $28,711,789.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael T. Smith sold 511 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $431.00, for a total value of $220,241.00. Following the transaction, the director now directly owns 56,492 shares of the company’s stock, valued at approximately $24,348,052. The disclosure for this sale can be found here. Insiders have sold a total of 6,711 shares of company stock valued at $2,890,621 over the last ninety days. Company insiders own 2.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TDY. Vanguard Group Inc. raised its position in shares of Teledyne Technologies by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 5,517,922 shares of the scientific and technical instruments company’s stock valued at $2,462,593,000 after buying an additional 77,890 shares during the period. Aristotle Capital Management LLC purchased a new position in shares of Teledyne Technologies during the 3rd quarter worth $698,325,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Teledyne Technologies by 26.3% in the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 929,995 shares of the scientific and technical instruments company’s stock valued at $379,977,000 after buying an additional 193,544 shares during the period. JPMorgan Chase & Co. boosted its holdings in Teledyne Technologies by 19.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 922,621 shares of the scientific and technical instruments company’s stock valued at $376,965,000 after acquiring an additional 151,659 shares during the period. Finally, King Luther Capital Management Corp boosted its stake in shares of Teledyne Technologies by 1.6% in the fourth quarter. King Luther Capital Management Corp now owns 613,023 shares of the scientific and technical instruments company’s stock valued at $273,586,000 after purchasing an additional 9,843 shares during the period. Institutional investors and hedge funds 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.