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

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

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

Wall Street Analyst Weigh In

TDY has been the topic of a number of recent analyst reports. StockNews.com cut Teledyne Technologies from a “buy” rating to a “hold” rating in a report on Thursday. Needham & Company LLC decreased their price target on Teledyne Technologies from $510.00 to $455.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, TD Cowen decreased their price target on Teledyne Technologies from $475.00 to $450.00 and set a “buy” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Teledyne Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $498.43.

Insiders Place Their Bets

In other Teledyne Technologies news, Director Simon M. Lorne sold 2,200 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $426.70, for a total transaction of $938,740.00. Following the transaction, the director now directly owns 67,288 shares in the company, valued at $28,711,789.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Simon M. Lorne sold 2,200 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $426.70, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth C. Dahlberg sold 4,000 shares of the company’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 sale, the director now directly owns 18,735 shares in the company, valued at approximately $8,110,568.85. The disclosure for this sale can be found here. Insiders have sold 6,711 shares of company stock worth $2,890,621 over the last ninety days. Corporate insiders own 2.14% of the company’s stock.

Hedge Funds Weigh In On Teledyne Technologies

Several large investors have recently bought and sold shares of TDY. CWM LLC increased its holdings in Teledyne Technologies by 14.3% in the third quarter. CWM LLC now owns 550 shares of the scientific and technical instruments company’s stock valued at $225,000 after buying an additional 69 shares during the last quarter. HB Wealth Management LLC purchased a new position in shares of Teledyne Technologies during the third quarter worth about $200,000. Flagship Harbor Advisors LLC grew its holdings in shares of Teledyne Technologies by 17.6% during the third quarter. Flagship Harbor Advisors LLC now owns 640 shares of the scientific and technical instruments company’s stock worth $261,000 after purchasing an additional 96 shares during the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of Teledyne Technologies during the third quarter worth about $52,000. Finally, Czech National Bank grew its holdings in shares of Teledyne Technologies by 47.7% during the third quarter. Czech National Bank now owns 8,228 shares of the scientific and technical instruments company’s stock worth $3,362,000 after purchasing an additional 2,659 shares during the last quarter. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Teledyne Technologies Stock Performance

The firm has a fifty day simple moving average of $417.57 and a 200-day simple moving average of $414.64. The company has a market cap of $17.87 billion, a PE ratio of 20.38, a price-to-earnings-growth ratio of 2.62 and a beta of 1.02. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.29.

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.