Allstate Corp Acquires Shares of 8,576 TE Connectivity Ltd. (NYSE:TEL)

Allstate Corp acquired a new stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 8,576 shares of the electronics maker's stock, valued at approximately $1,226,000.

Several other large investors have also recently made changes to their positions in TEL. DnB Asset Management AS increased its position in shares of TE Connectivity by 2.2% during the 4th quarter. DnB Asset Management AS now owns 57,525 shares of the electronics maker's stock valued at $8,224,000 after purchasing an additional 1,231 shares during the last quarter. Orion Portfolio Solutions LLC lifted its stake in TE Connectivity by 11.1% in the fourth quarter. Orion Portfolio Solutions LLC now owns 48,828 shares of the electronics maker's stock worth $6,981,000 after purchasing an additional 4,888 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in shares of TE Connectivity by 6.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 351,791 shares of the electronics maker's stock valued at $50,296,000 after buying an additional 20,068 shares during the period. Duff & Phelps Investment Management Co. boosted its holdings in TE Connectivity by 42.7% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 4,225 shares of the electronics maker's stock valued at $604,000 after acquiring an additional 1,264 shares during the period. Finally, Norges Bank bought a new stake in shares of TE Connectivity during the fourth quarter worth $508,199,000. 91.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on TEL shares. Bank of America raised their price objective on TE Connectivity from $167.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, January 23rd. Truist Financial reduced their price objective on shares of TE Connectivity from $165.00 to $163.00 and set a "hold" rating for the company in a research note on Thursday, January 23rd. Hsbc Global Res upgraded TE Connectivity from a "moderate sell" rating to a "hold" rating in a research note on Thursday, January 23rd. Wells Fargo & Company raised their price target 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. Finally, Citigroup increased their target price on shares of TE Connectivity from $160.00 to $165.00 and gave the company a "neutral" rating in a research report on Wednesday, January 22nd. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $167.00.

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Insider Buying and Selling at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 3,889 shares of the firm's stock in a transaction that occurred on 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 trade represents a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.90% of the company's stock.

TE Connectivity Trading Down 7.3 %

Shares of TE Connectivity stock traded down $10.39 during trading hours on Thursday, hitting $131.90. The company's stock had a trading volume of 1,367,046 shares, compared to its average volume of 1,674,433. The stock has a market cap of $39.35 billion, a price-to-earnings ratio of 21.04, a P/E/G ratio of 2.11 and a beta of 1.25. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. TE Connectivity Ltd. has a twelve month low of $131.35 and a twelve month high of $159.98. The firm has a fifty day moving average of $148.83 and a 200-day moving average of $148.34.

TE Connectivity (NYSE:TEL - Get Free Report) last posted its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.06. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. TE Connectivity's revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.84 EPS. Research analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Wednesday, May 21st. This is a boost from TE Connectivity's previous quarterly dividend of $0.65. TE Connectivity's payout ratio is 45.37%.

About TE Connectivity

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.