Farmers Trust Co. trimmed its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 9.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,948 shares of the electronics maker’s stock after selling 4,949 shares during the quarter. TE Connectivity makes up 1.4% of Farmers Trust Co.’s portfolio, making the stock its 20th biggest position. Farmers Trust Co.’s holdings in TE Connectivity were worth $4,747,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Thrivent Financial For Lutherans raised its holdings in shares of TE Connectivity by 2.3% during the second quarter. Thrivent Financial For Lutherans now owns 13,520 shares of the electronics maker’s stock worth $1,064,000 after purchasing an additional 310 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of TE Connectivity during the second quarter worth $968,000. Renaissance Technologies LLC increased its holdings in shares of TE Connectivity by 398.1% in the 2nd quarter. Renaissance Technologies LLC now owns 240,600 shares of the electronics maker’s stock worth $18,930,000 after acquiring an additional 192,300 shares during the period. Veritable L.P. increased its holdings in shares of TE Connectivity by 1.1% in the 2nd quarter. Veritable L.P. now owns 8,027 shares of the electronics maker’s stock worth $632,000 after acquiring an additional 87 shares during the period. Finally, Voya Investment Management LLC increased its holdings in shares of TE Connectivity by 2.4% in the 2nd quarter. Voya Investment Management LLC now owns 93,871 shares of the electronics maker’s stock worth $7,386,000 after acquiring an additional 2,238 shares during the period. Hedge funds and other institutional investors own 89.58% of the company’s stock.
TE Connectivity Ltd (TEL) opened at $98.70 on Tuesday. The firm has a market cap of $33,856.30, a P/E ratio of 28.53, a P/E/G ratio of 1.61 and a beta of 1.11. 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 Ltd has a 52-week low of $71.93 and a 52-week high of $108.23.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.40 EPS for the quarter, beating the Zacks’ 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 company had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same quarter last year, the firm posted $1.15 earnings per share. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. equities analysts expect that TE Connectivity Ltd will post 5.48 EPS for the current year.
TE Connectivity announced that its Board of Directors has approved a stock buyback plan on Friday, December 8th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 9th. Stockholders of record on Friday, February 23rd will be paid a $0.40 dividend. The ex-dividend date is Thursday, February 22nd. This represents a $1.60 annualized dividend and a dividend yield of 1.62%. TE Connectivity’s payout ratio is 46.24%.
In other TE Connectivity news, insider Joan Wainwright sold 63,562 shares of TE Connectivity stock in a transaction on Friday, November 17th. The shares were sold at an average price of $94.79, for a total transaction of $6,025,041.98. Following the sale, the insider now owns 61,292 shares in the company, valued at $5,809,868.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Joseph B. Donahue sold 1,238 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $93.23, for a total transaction of $115,418.74. Following the completion of the sale, the chief operating officer now owns 52,134 shares in the company, valued at approximately $4,860,452.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 659,434 shares of company stock worth $64,534,223. 0.70% of the stock is currently owned by corporate insiders.
A number of analysts recently weighed in on TEL shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $87.00 price objective on shares of TE Connectivity in a report on Tuesday, October 17th. Cross Research raised shares of TE Connectivity from a “hold” rating to a “buy” rating in a research note on Friday, December 8th. Royal Bank of Canada reissued a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of TE Connectivity in a research note on Monday, October 30th. Zacks Investment Research raised shares of TE Connectivity from a “sell” rating to a “buy” rating and set a $103.00 target price on the stock in a research note on Thursday, November 2nd. Finally, Citigroup raised their price objective on shares of TE Connectivity from $92.00 to $106.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. TE Connectivity currently has a consensus rating of “Buy” and a consensus price target of $137.09.
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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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