Bank of Nova Scotia Trust Co. acquired a new stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 65,168 shares of the electronics maker's stock, valued at approximately $9,317,000.
A number of other hedge funds have also bought and sold shares of TEL. Central Pacific Bank Trust Division purchased a new stake in TE Connectivity in the fourth quarter worth approximately $2,920,000. Meyer Handelman Co. grew its holdings in shares of TE Connectivity by 9.9% in the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker's stock worth $14,531,000 after acquiring an additional 9,175 shares during the period. abrdn plc purchased a new stake in TE Connectivity during the fourth quarter valued at $15,739,000. Truist Financial Corp lifted its holdings in TE Connectivity by 32.8% in the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker's stock valued at $18,509,000 after acquiring an additional 31,991 shares during the period. Finally, Carnegie Investment Counsel boosted its position in TE Connectivity by 4.3% in the fourth quarter. Carnegie Investment Counsel now owns 119,041 shares of the electronics maker's stock worth $17,019,000 after purchasing an additional 4,913 shares during the last quarter. Hedge funds and other institutional investors own 91.43% of the company's stock.
TE Connectivity Price Performance
TEL stock traded up $7.21 during mid-day trading on Thursday, hitting $143.27. The company had a trading volume of 1,560,024 shares, compared to its average volume of 1,709,272. The company has a market capitalization of $42.75 billion, a price-to-earnings ratio of 22.88, a P/E/G ratio of 2.11 and a beta of 1.25. The company has a 50-day moving average price of $141.84 and a 200 day moving average price of $146.09. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. TE Connectivity Ltd. has a 12-month low of $116.30 and a 12-month high of $159.98.
TE Connectivity (NYSE:TEL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 EPS for the quarter, beating analysts' consensus estimates of $1.96 by $0.14. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The company had revenue of $4.14 billion during the quarter, compared to analyst estimates of $3.97 billion. On average, research analysts anticipate that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.
TE Connectivity Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be issued a $0.71 dividend. The ex-dividend date is Wednesday, May 21st. This is an increase from TE Connectivity's previous quarterly dividend of $0.65. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.98%. TE Connectivity's payout ratio is 45.37%.
Insider Activity at TE Connectivity
In related 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 value of $587,744.57. Following the sale, the insider now directly owns 25,976 shares of the company's stock, valued at $3,925,752.88. This represents a 13.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.90% of the stock is owned by insiders.
Wall Street Analyst Weigh In
TEL has been the topic of several recent research reports. Robert W. Baird increased their price objective on shares of TE Connectivity from $147.00 to $153.00 and gave the stock an "outperform" rating in a research note on Thursday. Truist Financial decreased their price target on shares of TE Connectivity from $163.00 to $156.00 and set a "hold" rating on the stock in a research report on Thursday. UBS Group reissued a "buy" rating and set a $163.00 price objective (up previously from $155.00) on shares of TE Connectivity in a research report on Thursday. Hsbc Global Res raised TE Connectivity from a "moderate sell" rating to a "hold" rating in a report on Thursday, January 23rd. Finally, StockNews.com cut TE Connectivity from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 28th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $158.00.
Read Our Latest Stock Analysis on TE Connectivity
About TE Connectivity
(
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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