Private Trust Co. NA reduced its position in TE Connectivity Ltd. (NYSE:TEL – Get Rating) by 8.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,190 shares of the electronics maker’s stock after selling 972 shares during the quarter. Private Trust Co. NA’s holdings in TE Connectivity were worth $1,335,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEL. Norges Bank purchased a new position in TE Connectivity in the fourth quarter worth $972,351,000. Capital World Investors lifted its stake in shares of TE Connectivity by 17.0% during the fourth quarter. Capital World Investors now owns 20,649,105 shares of the electronics maker’s stock worth $3,331,527,000 after buying an additional 2,994,368 shares during the period. First Trust Advisors LP lifted its stake in shares of TE Connectivity by 194.0% during the fourth quarter. First Trust Advisors LP now owns 1,769,483 shares of the electronics maker’s stock worth $285,488,000 after buying an additional 1,167,642 shares during the period. Marshall Wace LLP lifted its stake in shares of TE Connectivity by 3,976.6% during the fourth quarter. Marshall Wace LLP now owns 989,238 shares of the electronics maker’s stock worth $159,605,000 after buying an additional 964,972 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of TE Connectivity by 661.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 770,242 shares of the electronics maker’s stock worth $124,271,000 after buying an additional 669,061 shares during the period. 91.16% of the stock is currently owned by institutional investors and hedge funds.
TEL has been the subject of several research reports. Morgan Stanley lowered their price objective on shares of TE Connectivity from $147.00 to $140.00 and set an “equal weight” rating for the company in a research note on Friday, June 10th. StockNews.com upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a research note on Tuesday, May 10th. Truist Financial lowered their price objective on shares of TE Connectivity from $144.00 to $130.00 and set a “hold” rating for the company in a research note on Friday, April 8th. Finally, The Goldman Sachs Group decreased their target price on shares of TE Connectivity from $169.00 to $160.00 in a research report on Wednesday, June 1st. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, TE Connectivity presently has a consensus rating of “Moderate Buy” and an average target price of $163.33.
NYSE TEL opened at $114.59 on Thursday. The company has a fifty day moving average of $124.32 and a 200 day moving average of $137.76. The company has a market capitalization of $36.92 billion, a PE ratio of 15.14, a P/E/G ratio of 1.55 and a beta of 1.27. TE Connectivity Ltd. has a 1 year low of $112.01 and a 1 year high of $166.44. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.47 and a quick ratio of 0.88.
TE Connectivity (NYSE:TEL – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The electronics maker reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.10. The business had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $3.81 billion. TE Connectivity had a net margin of 16.14% and a return on equity of 22.10%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.57 earnings per share. Research analysts expect that TE Connectivity Ltd. will post 7.16 earnings per share for the current year.
TE Connectivity announced that its board has approved a share repurchase program on Friday, June 17th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the electronics maker to reacquire up to 4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other TE Connectivity news, Director Thomas J. Lynch sold 12,600 shares of the company’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $126.86, for a total value of $1,598,436.00. Following the completion of the transaction, the director now owns 11,750 shares in the company, valued at $1,490,605. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.73% of the company’s stock.
TE Connectivity Profile (Get Rating)
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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