Teledyne Technologies (NYSE:TDY) Shares Gap Down on Disappointing Earnings

Teledyne Technologies Incorporated (NYSE:TDY)’s share price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $407.06, but opened at $369.99. Teledyne Technologies shares last traded at $371.00, with a volume of 176,884 shares changing hands.

The scientific and technical instruments company reported $4.55 earnings per share for the quarter, missing the consensus estimate of $4.63 by ($0.08). Teledyne Technologies had a return on equity of 10.81% and a net margin of 15.72%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.39 billion. During the same quarter last year, the company earned $4.53 EPS. Teledyne Technologies’s revenue for the quarter was down 2.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of research firms have commented on TDY. StockNews.com upgraded shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. Needham & Company LLC cut their price objective on shares of Teledyne Technologies from $522.00 to $510.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Teledyne Technologies currently has an average rating of “Buy” and an average price target of $515.67.

Insider Activity at Teledyne Technologies

In related news, Director Kenneth C. Dahlberg sold 4,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $432.91, for a total value of $1,731,640.00. Following the completion of the sale, the director now directly owns 18,735 shares in the company, valued at $8,110,568.85. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Kenneth C. Dahlberg sold 4,000 shares of Teledyne Technologies stock in a transaction on Friday, February 2nd. The stock was 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 $8,110,568.85. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Simon M. Lorne sold 2,200 shares of Teledyne Technologies stock in a transaction on Friday, March 8th. The stock was sold at an average price of $426.70, for a total value of $938,740.00. Following the sale, the director now owns 67,288 shares of the company’s stock, valued at $28,711,789.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,711 shares of company stock valued at $2,890,621. 1.88% of the stock is owned by corporate insiders.

Institutional Trading of Teledyne Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Bruce G. Allen Investments LLC bought a new stake in shares of Teledyne Technologies in the fourth quarter valued at about $28,000. Kapitalo Investimentos Ltda bought a new stake in shares of Teledyne Technologies in the fourth quarter valued at about $29,000. CVA Family Office LLC bought a new stake in shares of Teledyne Technologies in the fourth quarter valued at about $31,000. NBC Securities Inc. raised its holdings in shares of Teledyne Technologies by 89.4% in the first quarter. NBC Securities Inc. now owns 89 shares of the scientific and technical instruments company’s stock valued at $38,000 after acquiring an additional 42 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC bought a new stake in shares of Teledyne Technologies in the third quarter valued at about $44,000. 91.58% of the stock is currently owned by institutional investors.

Teledyne Technologies Price Performance

The firm has a 50 day simple moving average of $418.66 and a 200-day simple moving average of $414.90. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.29. The company has a market cap of $17.18 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 2.60 and a beta of 1.02.

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.