Municipal Employees Retirement System of Michigan purchased a new stake in shares of TE Connectivity Ltd (NYSE:TEL) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 31,190 shares of the electronics maker’s stock, valued at approximately $2,359,000.
Other hedge funds also recently bought and sold shares of the company. Impax Asset Management Group plc lifted its holdings in TE Connectivity by 3.1% in the 4th quarter. Impax Asset Management Group plc now owns 1,219,885 shares of the electronics maker’s stock valued at $92,260,000 after acquiring an additional 37,081 shares during the last quarter. Paloma Partners Management Co raised its holdings in TE Connectivity by 255.3% during the 4th quarter. Paloma Partners Management Co now owns 28,036 shares of the electronics maker’s stock worth $2,121,000 after buying an additional 20,146 shares during the period. Nuveen Asset Management LLC raised its holdings in TE Connectivity by 2.2% during the 4th quarter. Nuveen Asset Management LLC now owns 8,117 shares of the electronics maker’s stock worth $614,000 after buying an additional 177 shares during the period. MML Investors Services LLC raised its holdings in TE Connectivity by 8.2% during the 4th quarter. MML Investors Services LLC now owns 7,651 shares of the electronics maker’s stock worth $579,000 after buying an additional 577 shares during the period. Finally, Squarepoint Ops LLC raised its holdings in TE Connectivity by 9.8% during the 4th quarter. Squarepoint Ops LLC now owns 287,614 shares of the electronics maker’s stock worth $21,752,000 after buying an additional 25,761 shares during the period. 90.17% of the stock is owned by institutional investors and hedge funds.
Several analysts have issued reports on the company. Zacks Investment Research upgraded TE Connectivity from a “sell” rating to a “hold” rating in a report on Monday, December 31st. ValuEngine downgraded TE Connectivity from a “hold” rating to a “sell” rating in a report on Thursday, February 28th. Robert W. Baird restated a “hold” rating and set a $79.00 price objective on shares of TE Connectivity in a report on Sunday, January 6th. Royal Bank of Canada restated a “buy” rating and set a $92.00 price objective on shares of TE Connectivity in a report on Sunday, January 6th. Finally, Jefferies Financial Group assumed coverage on TE Connectivity in a report on Tuesday, December 4th. They set a “hold” rating and a $84.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $97.78.
In other news, SVP Eric Resch sold 34,050 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $82.70, for a total value of $2,815,935.00. Following the transaction, the senior vice president now owns 68,790 shares in the company, valued at approximately $5,688,933. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Heath A. Mitts sold 12,908 shares of the company’s stock in a transaction dated Wednesday, February 6th. The shares were sold at an average price of $83.05, for a total value of $1,072,009.40. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate insiders.
NYSE TEL opened at $83.06 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.55. The stock has a market cap of $28.28 billion, a price-to-earnings ratio of 14.81, a P/E/G ratio of 1.43 and a beta of 1.04. TE Connectivity Ltd has a 1 year low of $69.84 and a 1 year high of $106.00.
TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, January 23rd. The electronics maker reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.38 billion. TE Connectivity had a return on equity of 19.22% and a net margin of 20.06%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.40 EPS. On average, sell-side analysts expect that TE Connectivity Ltd will post 5.45 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 22nd were issued a $0.44 dividend. The ex-dividend date was Thursday, February 21st. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.12%. TE Connectivity’s dividend payout ratio is 31.37%.
TE Connectivity declared that its Board of Directors has authorized a share repurchase plan on Friday, December 14th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
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TE Connectivity Company Profile
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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