Riverhead Capital Management LLC reduced its stake in TE Connectivity Ltd (NYSE:TEL) by 5.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,685 shares of the electronics maker’s stock after selling 500 shares during the period. Riverhead Capital Management LLC’s holdings in TE Connectivity were worth $832,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in TEL. Thor Advisors LLC acquired a new position in shares of TE Connectivity in the 1st quarter valued at $26,000. Synovus Financial Corp lifted its position in TE Connectivity by 97.2% in the first quarter. Synovus Financial Corp now owns 355 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 175 shares during the last quarter. Weaver Consulting Group acquired a new position in TE Connectivity in the first quarter valued at $28,000. CX Institutional boosted its stake in TE Connectivity by 220.2% in the second quarter. CX Institutional now owns 365 shares of the electronics maker’s stock valued at $35,000 after acquiring an additional 251 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in TE Connectivity in the second quarter valued at $41,000. Institutional investors own 90.56% of the company’s stock.
TEL has been the topic of a number of research analyst reports. Wells Fargo & Co cut TE Connectivity from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 25th. Longbow Research cut TE Connectivity from a “buy” rating to a “neutral” rating and set a $90.66 target price for the company. in a research report on Monday, June 17th. Cross Research cut TE Connectivity from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Goldman Sachs Group upgraded TE Connectivity from a “neutral” rating to a “buy” rating and raised their price target for the stock from $92.00 to $105.00 in a research note on Thursday, June 20th. Finally, Morgan Stanley dropped their price objective on shares of TE Connectivity from $100.00 to $98.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $92.21.
Shares of TEL stock traded down $0.31 during mid-day trading on Wednesday, hitting $95.45. The stock had a trading volume of 755,752 shares, compared to its average volume of 1,252,668. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.47 and a quick ratio of 0.94. The firm has a market cap of $31.94 billion, a PE ratio of 17.01, a PEG ratio of 1.61 and a beta of 1.21. TE Connectivity Ltd has a fifty-two week low of $69.84 and a fifty-two week high of $97.99. The company’s 50-day simple moving average is $91.01 and its 200-day simple moving average is $89.24.
TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, July 24th. The electronics maker reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.08. TE Connectivity had a net margin of 22.94% and a return on equity of 18.33%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same period in the prior year, the business posted $1.43 earnings per share. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. On average, analysts expect that TE Connectivity Ltd will post 5.52 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 23rd were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Thursday, August 22nd. TE Connectivity’s dividend payout ratio is currently 32.80%.
In related news, Director Thomas J. Lynch sold 124,400 shares of TE Connectivity stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $93.41, for a total transaction of $11,620,204.00. Following the completion of the transaction, the director now directly owns 290,316 shares of the company’s stock, valued at $27,118,417.56. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Steven T. Merkt sold 65,650 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $93.55, for a total value of $6,141,557.50. Following the sale, the insider now owns 89,854 shares in the company, valued at $8,405,841.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 255,500 shares of company stock worth $23,737,285. Insiders own 0.80% of the company’s stock.
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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