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

Teledyne Technologies Incorporated (NYSE:TDY) shares gapped down prior to trading 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 traded.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TDY shares. StockNews.com raised Teledyne Technologies from a “hold” rating to a “buy” rating in a report on Saturday, February 10th. Needham & Company LLC reduced their target price on Teledyne Technologies from $522.00 to $510.00 and set a “buy” rating for the company in a report on Wednesday, January 24th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $515.67.

Insiders Place Their Bets

In other Teledyne Technologies news, Director Kenneth C. Dahlberg sold 4,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 18,735 shares in the company, valued at approximately $8,110,568.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Michael T. Smith sold 511 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was 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 in the company, valued at approximately $24,348,052. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kenneth C. Dahlberg sold 4,000 shares of the 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 sale, the director now owns 18,735 shares in the company, valued at approximately $8,110,568.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,711 shares of company stock worth $2,890,621. Company insiders own 1.88% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. lifted its stake in shares of Teledyne Technologies by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 37,320 shares of the scientific and technical instruments company’s stock worth $16,022,000 after purchasing an additional 3,060 shares during the period. Rice Hall James & Associates LLC lifted its stake in shares of Teledyne Technologies by 14.3% during the 1st quarter. Rice Hall James & Associates LLC now owns 1,657 shares of the scientific and technical instruments company’s stock worth $711,000 after purchasing an additional 207 shares during the period. Fifth Third Bancorp lifted its stake in shares of Teledyne Technologies by 3.9% during the 1st quarter. Fifth Third Bancorp now owns 7,938 shares of the scientific and technical instruments company’s stock worth $3,408,000 after purchasing an additional 295 shares during the period. Summit Trail Advisors LLC purchased a new position in shares of Teledyne Technologies during the 1st quarter worth $298,000. Finally, Raymond James & Associates lifted its stake in shares of Teledyne Technologies by 9.2% during the 1st quarter. Raymond James & Associates now owns 94,933 shares of the scientific and technical instruments company’s stock worth $40,757,000 after purchasing an additional 7,988 shares during the period. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Teledyne Technologies Trading Down 11.0 %

The company has a market cap of $17.17 billion, a PE ratio of 19.87, a price-to-earnings-growth ratio of 2.60 and a beta of 1.02. The business has a 50 day simple moving average of $419.96 and a two-hundred day simple moving average of $415.27. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.29.

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.