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

Teledyne Technologies Incorporated (NYSE:TDY)’s stock price 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 changing hands.

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 during the quarter, compared to analyst estimates of $1.39 billion. Teledyne Technologies had a net margin of 15.72% and a return on equity of 10.81%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $4.53 EPS.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director Kenneth C. Dahlberg sold 4,000 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 18,735 shares in the company, valued at $8,110,568.85. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Kenneth C. Dahlberg sold 4,000 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 18,735 shares of the company’s stock, valued at $8,110,568.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael T. Smith sold 511 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was 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 worth $2,890,621 over the last ninety days. Company insiders own 1.88% of the company’s stock.

Institutional Trading of Teledyne Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of TDY. Barclays PLC lifted its position in Teledyne Technologies by 18.0% in the third quarter. Barclays PLC now owns 99,504 shares of the scientific and technical instruments company’s stock valued at $40,656,000 after purchasing an additional 15,169 shares during the last quarter. First Citizens Bank & Trust Co. bought a new stake in Teledyne Technologies in the fourth quarter valued at approximately $2,325,000. Grandfield & Dodd LLC lifted its position in Teledyne Technologies by 11.2% in the fourth quarter. Grandfield & Dodd LLC now owns 30,894 shares of the scientific and technical instruments company’s stock valued at $13,788,000 after purchasing an additional 3,111 shares during the last quarter. Metis Global Partners LLC lifted its position in Teledyne Technologies by 21.5% in the third quarter. Metis Global Partners LLC now owns 1,715 shares of the scientific and technical instruments company’s stock valued at $701,000 after purchasing an additional 303 shares during the last quarter. Finally, WCM Investment Management LLC bought a new stake in Teledyne Technologies in the fourth quarter valued at approximately $934,000. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Teledyne Technologies Stock Performance

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 $17.17 billion, a P/E ratio of 19.87, a P/E/G ratio of 2.60 and a beta of 1.02. The business has a fifty day moving average of $419.96 and a 200 day moving average of $415.27.

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.