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

Shares of Teledyne Technologies Incorporated (NYSE:TDY) 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 EPS for the quarter, missing the consensus estimate of $4.63 by ($0.08). The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.39 billion. Teledyne Technologies had a return on equity of 10.81% and a net margin of 15.72%. The business’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $4.53 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. 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 reduced their target price on shares of Teledyne Technologies from $522.00 to $510.00 and set a “buy” rating for the company in a research note on Wednesday, January 24th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $515.67.

Insider Activity at Teledyne Technologies

In related news, Director Kenneth C. Dahlberg sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were 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 filing with the SEC, which is available through this hyperlink. In other Teledyne Technologies news, Director Simon M. Lorne sold 2,200 shares of Teledyne Technologies stock in a transaction that occurred 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 completion of the sale, the director now directly owns 67,288 shares in the company, valued at $28,711,789.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kenneth C. Dahlberg sold 4,000 shares of Teledyne Technologies stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $432.91, for a total transaction of $1,731,640.00. Following the sale, the director now owns 18,735 shares of the company’s stock, valued at $8,110,568.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,711 shares of company stock valued at $2,890,621. Corporate insiders own 1.88% of the company’s stock.

Institutional Investors Weigh In On Teledyne Technologies

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Teledyne Technologies by 1.4% during the fourth 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 purchasing an additional 77,890 shares during the last quarter. Aristotle Capital Management LLC bought a new stake in Teledyne Technologies during the third quarter valued at approximately $698,325,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in Teledyne Technologies by 26.3% during the third 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 purchasing an additional 193,544 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Teledyne Technologies by 19.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 922,621 shares of the scientific and technical instruments company’s stock worth $376,965,000 after acquiring an additional 151,659 shares during the last quarter. Finally, King Luther Capital Management Corp lifted its holdings in shares of Teledyne Technologies by 1.6% in the 4th quarter. King Luther Capital Management Corp now owns 613,023 shares of the scientific and technical instruments company’s stock worth $273,586,000 after acquiring an additional 9,843 shares during the last quarter. 91.58% of the stock is currently owned by institutional investors.

Teledyne Technologies Trading Down 10.9 %

The stock has a market capitalization of $17.18 billion, a P/E ratio of 19.59, a price-to-earnings-growth ratio of 2.60 and a beta of 1.02. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average price is $418.66 and its two-hundred day moving average price is $414.90.

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.