Allspring Global Investments Holdings LLC raised its holdings in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 29.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,914 shares of the electronics maker's stock after buying an additional 19,563 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in TE Connectivity were worth $12,224,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of TEL. Pinnacle Bancorp Inc. purchased a new stake in shares of TE Connectivity during the fourth quarter worth $26,000. Golden State Wealth Management LLC purchased a new stake in shares of TE Connectivity during the fourth quarter worth $44,000. Hilltop National Bank purchased a new stake in shares of TE Connectivity during the fourth quarter worth $55,000. Webster Bank N. A. purchased a new stake in shares of TE Connectivity during the fourth quarter worth $61,000. Finally, R Squared Ltd purchased a new stake in shares of TE Connectivity during the fourth quarter worth $64,000. Hedge funds and other institutional investors own 91.43% of the company's stock.
Analyst Ratings Changes
A number of research firms have recently issued reports on TEL. Bank of America upped their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, January 23rd. Wells Fargo & Company upped their price objective on shares of TE Connectivity from $151.00 to $155.00 and gave the company an "equal weight" rating in a report on Thursday, January 23rd. StockNews.com raised shares of TE Connectivity from a "buy" rating to a "strong-buy" rating in a report on Wednesday. Hsbc Global Res raised shares of TE Connectivity from a "moderate sell" rating to a "hold" rating in a report on Thursday, January 23rd. Finally, Robert W. Baird upped their price objective on shares of TE Connectivity from $162.00 to $168.00 and gave the company an "outperform" rating in a report on Thursday, January 23rd. Seven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $167.00.
Get Our Latest Analysis on TE Connectivity
Insider Transactions at TE Connectivity
In other news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $151.13, for a total transaction of $587,744.57. Following the sale, the insider now owns 25,976 shares of the company's stock, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.90% of the company's stock.
TE Connectivity Trading Down 0.8 %
NYSE TEL traded down $1.23 during trading hours on Friday, reaching $154.55. The company had a trading volume of 1,577,354 shares, compared to its average volume of 1,636,413. The stock has a 50-day moving average of $147.20 and a 200 day moving average of $148.40. TE Connectivity Ltd. has a 1-year low of $137.61 and a 1-year high of $159.98. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $46.11 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 2.12 and a beta of 1.32.
TE Connectivity (NYSE:TEL - Get Free Report) last posted its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.92 billion. During the same quarter in the prior year, the company posted $1.84 earnings per share. TE Connectivity's revenue for the quarter was up .1% compared to the same quarter last year. As a group, research analysts anticipate that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.
TE Connectivity announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 30th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.
TE Connectivity Company Profile
(
Free Report)
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor 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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