Verition Fund Management LLC raised its position in TE Connectivity Ltd (NYSE:TEL) by 32.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,018 shares of the electronics maker’s stock after purchasing an additional 1,219 shares during the period. Verition Fund Management LLC’s holdings in TE Connectivity were worth $477,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Russell Investments Group Ltd. increased its position in shares of TE Connectivity by 10.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 227,441 shares of the electronics maker’s stock valued at $18,890,000 after purchasing an additional 22,345 shares during the last quarter. BP PLC increased its position in shares of TE Connectivity by 88.9% in the 4th quarter. BP PLC now owns 85,000 shares of the electronics maker’s stock valued at $8,079,000 after purchasing an additional 40,000 shares during the last quarter. Hartford Investment Management Co. purchased a new stake in shares of TE Connectivity in the 3rd quarter valued at approximately $6,443,000. First Republic Investment Management Inc. increased its position in shares of TE Connectivity by 1.0% in the 3rd quarter. First Republic Investment Management Inc. now owns 147,512 shares of the electronics maker’s stock valued at $12,253,000 after purchasing an additional 1,516 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of TE Connectivity by 3.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,077,914 shares of the electronics maker’s stock valued at $197,484,000 after purchasing an additional 69,706 shares during the last quarter. 91.75% of the stock is currently owned by institutional investors.
A number of brokerages have commented on TEL. ValuEngine raised shares of TE Connectivity from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. SunTrust Banks reissued a “hold” rating and issued a $102.00 price objective on shares of TE Connectivity in a research report on Thursday, January 25th. Stifel Nicolaus reissued a “buy” rating and issued a $115.00 price objective on shares of TE Connectivity in a research report on Wednesday, January 24th. Royal Bank of Canada reissued a “buy” rating and issued a $116.00 price objective on shares of TE Connectivity in a research report on Wednesday, January 24th. Finally, Citigroup increased their price objective on shares of TE Connectivity from $106.00 to $119.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. TE Connectivity has an average rating of “Buy” and an average target price of $137.09.
TE Connectivity Ltd (TEL) opened at $100.49 on Friday. TE Connectivity Ltd has a twelve month low of $71.93 and a twelve month high of $108.23. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.58 and a quick ratio of 1.03. The stock has a market cap of $36,764.29, a price-to-earnings ratio of 20.61, a PEG ratio of 1.75 and a beta of 1.06.
TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, January 24th. The electronics maker reported $1.40 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the prior year, the business posted $1.15 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. sell-side analysts expect that TE Connectivity Ltd will post 5.49 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 23rd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.59%. The ex-dividend date was Thursday, February 22nd. TE Connectivity’s payout ratio is 46.24%.
TE Connectivity announced that its Board of Directors has authorized a share buyback program on Friday, December 8th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the electronics maker to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, insider Thomas J. Lynch sold 76,184 shares of the stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $94.74, for a total transaction of $7,217,672.16. Following the completion of the sale, the insider now owns 254,689 shares in the company, valued at approximately $24,129,235.86. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John S. Jenkins sold 36,550 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $103.35, for a total transaction of $3,777,442.50. Following the sale, the executive vice president now owns 53,287 shares of the company’s stock, valued at approximately $5,507,211.45. The disclosure for this sale can be found here. In the last 90 days, insiders sold 428,934 shares of company stock valued at $43,693,283. Company insiders own 0.70% of the company’s stock.
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TE Connectivity Profile
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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