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

Teledyne Technologies Incorporated (NYSE:TDY - Get Free Report)'s share 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 trading hands.

The scientific and technical instruments company reported $4.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.63 by ($0.08). The company 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%. Teledyne Technologies's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.53 earnings per share.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TDY. Needham & Company LLC reduced their target price on shares of Teledyne Technologies from $522.00 to $510.00 and set a "buy" rating on the stock in a report on Wednesday, January 24th. StockNews.com raised shares of Teledyne Technologies from a "hold" rating to a "buy" rating in a report on Saturday, February 10th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Teledyne Technologies presently has a consensus rating of "Buy" and an average 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 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 directly owns 18,735 shares of the company's stock, valued at approximately $8,110,568.85. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Kenneth C. Dahlberg sold 4,000 shares of the company's 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 directly owns 18,735 shares of the company's stock, valued at approximately $8,110,568.85. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Simon M. Lorne sold 2,200 shares of the company's stock in a transaction 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 disclosure for this sale can be found here. In the last three months, insiders have sold 6,711 shares of company stock valued at $2,890,621. 1.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Teledyne Technologies

A number of large investors have recently bought and sold shares of the stock. Simplicity Wealth LLC acquired a new stake in Teledyne Technologies in the first quarter worth $289,000. Assenagon Asset Management S.A. lifted its stake in shares of Teledyne Technologies by 8.9% in 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 buying an additional 3,060 shares in the last quarter. Rice Hall James & Associates LLC lifted its stake in shares of Teledyne Technologies by 14.3% in 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 buying an additional 207 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Teledyne Technologies by 3.9% in the first quarter. Fifth Third Bancorp now owns 7,938 shares of the scientific and technical instruments company's stock valued at $3,408,000 after buying an additional 295 shares in the last quarter. Finally, Summit Trail Advisors LLC bought a new position in shares of Teledyne Technologies in the first quarter valued at $298,000. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Teledyne Technologies Price Performance

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 business's 50 day simple moving average is $418.66 and its two-hundred day simple moving average is $414.90. 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.