StockNews.com Lowers Teledyne Technologies (NYSE:TDY) to Hold

StockNews.com cut shares of Teledyne Technologies (NYSE:TDY) from a buy rating to a hold rating in a research note released on Sunday morning.

Several other analysts also recently commented on TDY. Vertical Research initiated coverage on shares of Teledyne Technologies in a research report on Tuesday, July 23rd. They set a buy rating and a $470.00 price objective on the stock. Bank of America downgraded shares of Teledyne Technologies from a buy rating to a neutral rating and reduced their price target for the company from $490.00 to $400.00 in a report on Friday, April 26th. Needham & Company LLC lifted their price target on shares of Teledyne Technologies from $455.00 to $482.00 and gave the company a buy rating in a report on Thursday, July 25th. Finally, TD Cowen reduced their price target on shares of Teledyne Technologies from $475.00 to $450.00 and set a buy rating on the stock in a report on Thursday, April 25th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Teledyne Technologies currently has an average rating of Moderate Buy and an average target price of $471.17.

Teledyne Technologies Stock Down 0.6 %

Shares of TDY stock opened at $408.53 on Friday. The company has a market capitalization of $19.36 billion, a price-to-earnings ratio of 22.09, a PEG ratio of 2.88 and a beta of 1.00. Teledyne Technologies has a one year low of $355.41 and a one year high of $448.19. The company’s fifty day moving average price is $397.29 and its 200-day moving average price is $406.98. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.98 and a quick ratio of 1.28.

Teledyne Technologies (NYSE:TDY) last announced its quarterly earnings data on Wednesday, July 24th. The scientific and technical instruments company reported $4.58 EPS for the quarter, beating the consensus estimate of $4.49 by $0.09. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. Teledyne Technologies had a net margin of 15.86% and a return on equity of 10.27%. The company’s revenue was down 3.8% on a year-over-year basis. During the same period last year, the firm earned $4.67 EPS. Sell-side analysts expect that Teledyne Technologies will post 19.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Teledyne Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in TDY. Norges Bank purchased a new position in shares of Teledyne Technologies in the 4th quarter worth $243,111,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Teledyne Technologies by 17.8% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,238,091 shares of the scientific and technical instruments company’s stock worth $480,355,000 after purchasing an additional 186,849 shares during the period. Maren Capital LLC purchased a new position in shares of Teledyne Technologies during the 4th quarter worth about $82,700,000. Public Sector Pension Investment Board boosted its stake in shares of Teledyne Technologies by 1,755.0% during the 4th quarter. Public Sector Pension Investment Board now owns 93,325 shares of the scientific and technical instruments company’s stock worth $41,650,000 after purchasing an additional 88,294 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Teledyne Technologies by 235.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 125,245 shares of the scientific and technical instruments company’s stock worth $48,593,000 after purchasing an additional 87,925 shares during the period. 91.58% of the stock is owned by hedge funds and other institutional investors.

Teledyne Technologies Company Profile

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.