TE Connectivity (NYSE:TEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday, January 8th. The brokerage currently has a $112.00 price target on the electronics maker’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 9.24% from the stock’s previous close.
According to Zacks, “TE Connectivity has a striking earnings surprise history over the four trailing quarters, beating estimates all through. Strong progress on strategic priorities, solid execution and impressive top-line growth are proving conducive to the company’s profitability. Moreover, the stock has outperformed the industry average in a year. It expects transportation business to experience significant organic growth, fueled by rise in global auto production and impressive heavy truck business in key end markets. Further, its Communications and Industrial segments are witnessing strong performance, thus stoking growth. However on the negative side, sluggish industrial markets and derivative impact of lower oil prices are posing as major headwinds, thwarting growth. This apart, adverse currency fluctuations and high restructuring expenses might hurt the company’s performance.”
A number of other brokerages also recently issued reports on TEL. Stifel Nicolaus reissued a “buy” rating and issued a $98.00 price target on shares of TE Connectivity in a report on Friday, November 3rd. Royal Bank of Canada lowered their target price on shares of TE Connectivity from $100.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, November 2nd. Robert W. Baird began coverage on shares of TE Connectivity in a research report on Friday, November 3rd. They set an “outperform” rating and a $105.00 price target on the stock. ValuEngine upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, Wells Fargo & Co assumed coverage on shares of TE Connectivity in a research report on Friday, November 10th. They set an “outperform” rating and a $105.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $152.75.
TE Connectivity (NYSE:TEL) opened at $102.53 on Monday. The firm has a market cap of $36,030.00, a PE ratio of 29.81, a P/E/G ratio of 1.74 and a beta of 1.08. TE Connectivity has a 1 year low of $71.93 and a 1 year high of $108.23. The company has a current ratio of 1.58, a quick ratio of 1.03 and a debt-to-equity ratio of 0.34.
TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, January 24th. The electronics maker reported $1.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.15. TE Connectivity had a net margin of 9.12% and a return on equity of 19.49%. The business had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the firm earned $1.15 earnings per share. The company’s revenue was up 13.6% compared to the same quarter last year. equities analysts forecast that TE Connectivity will post 5.48 EPS for the current year.
TE Connectivity declared that its board has initiated a stock repurchase program on Friday, December 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the electronics maker to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, insider Terrence R. Curtin sold 142,450 shares of TE Connectivity stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $104.24, for a total value of $14,848,988.00. Following the completion of the sale, the insider now directly owns 200,258 shares in the company, valued at approximately $20,874,893.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Eric Resch sold 48,950 shares of the business’s stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $93.75, for a total value of $4,589,062.50. Following the sale, the senior vice president now owns 78,129 shares of the company’s stock, valued at $7,324,593.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 717,206 shares of company stock valued at $68,795,718. 0.70% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in TE Connectivity by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 23,312,100 shares of the electronics maker’s stock worth $1,834,196,000 after purchasing an additional 521,884 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in TE Connectivity by 10.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 227,441 shares of the electronics maker’s stock worth $18,890,000 after purchasing an additional 22,345 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in TE Connectivity by 499.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,386,610 shares of the electronics maker’s stock worth $109,098,000 after purchasing an additional 1,155,316 shares in the last quarter. U S Global Investors Inc. lifted its holdings in TE Connectivity by 21.1% in the 2nd quarter. U S Global Investors Inc. now owns 6,540 shares of the electronics maker’s stock worth $515,000 after purchasing an additional 1,140 shares in the last quarter. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its holdings in TE Connectivity by 55.2% in the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 315,263 shares of the electronics maker’s stock worth $26,131,000 after purchasing an additional 112,161 shares in the last quarter. Institutional investors own 90.27% of the company’s stock.
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About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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