Teledyne Technologies (NYSE:TDY) Shares Gap Down After Earnings Miss

Shares of Teledyne Technologies Incorporated (NYSE:TDY) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. 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). Teledyne Technologies had a net margin of 15.72% and a return on equity of 10.81%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the prior year, the firm posted $4.53 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. TD Cowen cut their price target on Teledyne Technologies from $475.00 to $450.00 and set a “buy” rating for the company in a report on Thursday. Needham & Company LLC cut their price target on Teledyne Technologies from $510.00 to $455.00 and set a “buy” rating for the company in a report on Thursday. Finally, StockNews.com lowered Teledyne Technologies from a “buy” rating to a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $498.43.

Insider Transactions at Teledyne Technologies

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 value 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related 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 value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Simon M. Lorne sold 2,200 shares of the business’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $426.70, for a total value of $938,740.00. Following the completion of the sale, the director now owns 67,288 shares in the company, valued at $28,711,789.60. The disclosure for this sale can be found here. Insiders sold a total of 6,711 shares of company stock valued at $2,890,621 over the last 90 days. Company insiders own 2.14% of the company’s stock.

Institutional Investors Weigh In On Teledyne Technologies

A number of hedge funds have recently made changes to their positions in the company. WCM Investment Management LLC lifted its position in shares of Teledyne Technologies by 2.0% in the first quarter. WCM Investment Management LLC now owns 2,145 shares of the scientific and technical instruments company’s stock worth $921,000 after buying an additional 43 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Teledyne Technologies by 18.8% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 21,439 shares of the scientific and technical instruments company’s stock valued at $9,204,000 after purchasing an additional 3,400 shares during the period. Simplicity Wealth LLC purchased a new stake in Teledyne Technologies during the first quarter valued at approximately $289,000. Assenagon Asset Management S.A. raised its position in Teledyne Technologies by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 37,320 shares of the scientific and technical instruments company’s stock valued at $16,022,000 after purchasing an additional 3,060 shares during the period. Finally, Rice Hall James & Associates LLC raised its position in Teledyne Technologies by 14.3% during the first quarter. Rice Hall James & Associates LLC now owns 1,657 shares of the scientific and technical instruments company’s stock valued at $711,000 after purchasing an additional 207 shares during the period. 91.58% of the stock is currently owned by hedge funds and other institutional investors.

Teledyne Technologies Stock Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 1.69 and a quick ratio of 1.17. The business has a 50-day simple moving average of $417.57 and a 200-day simple moving average of $414.64. The firm has a market capitalization of $17.87 billion, a PE ratio of 20.38, a P/E/G ratio of 2.62 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.