Capital World Investors Sells 595,081 Shares of TE Connectivity Ltd. (NYSE:TEL)

Capital World Investors cut its position in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 33.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,161,831 shares of the electronics maker's stock after selling 595,081 shares during the quarter. Capital World Investors owned 0.39% of TE Connectivity worth $166,107,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Central Pacific Bank Trust Division bought a new stake in TE Connectivity in the fourth quarter worth approximately $2,920,000. Meyer Handelman Co. raised its holdings in TE Connectivity by 9.9% during the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker's stock valued at $14,531,000 after acquiring an additional 9,175 shares during the period. abrdn plc purchased a new position in shares of TE Connectivity during the 4th quarter valued at $15,739,000. Truist Financial Corp lifted its holdings in shares of TE Connectivity by 32.8% during the 4th quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker's stock worth $18,509,000 after acquiring an additional 31,991 shares during the last quarter. Finally, Carnegie Investment Counsel grew its holdings in shares of TE Connectivity by 4.3% during the 4th quarter. Carnegie Investment Counsel now owns 119,041 shares of the electronics maker's stock valued at $17,019,000 after purchasing an additional 4,913 shares during the last quarter. Institutional investors and hedge funds own 91.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TEL. The Goldman Sachs Group reduced their price objective on TE Connectivity from $190.00 to $170.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Wells Fargo & Company boosted their price objective on shares of TE Connectivity from $130.00 to $148.00 and gave the stock an "equal weight" rating in a research note on Thursday. HSBC raised TE Connectivity from a "hold" rating to a "buy" rating and set a $175.00 price objective on the stock in a research report on Thursday. Bank of America increased their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, January 23rd. Finally, Hsbc Global Res upgraded TE Connectivity from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, TE Connectivity has a consensus rating of "Moderate Buy" and a consensus price target of $159.50.

TE Connectivity Stock Up 0.7 %

Shares of TEL traded up $1.06 during trading hours on Friday, reaching $144.58. The stock had a trading volume of 1,464,509 shares, compared to its average volume of 1,695,887. 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 firm has a 50-day simple moving average of $141.65 and a 200 day simple moving average of $146.09. TE Connectivity Ltd. has a 12 month low of $116.30 and a 12 month high of $159.98. The company has a market capitalization of $43.14 billion, a price-to-earnings ratio of 23.10, a P/E/G ratio of 2.11 and a beta of 1.25.

TE Connectivity (NYSE:TEL - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.14. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business had revenue of $4.14 billion for the quarter, compared to analysts' expectations of $3.97 billion. Equities research analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be given a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $2.84 annualized dividend and a dividend yield of 1.96%. This is a positive change from TE Connectivity's previous quarterly dividend of $0.65. TE Connectivity's payout ratio is 45.37%.

Insider Buying and Selling

In other news, insider Shadrak W. Kroeger sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total value of $3,669,250.00. Following the completion of the transaction, the insider now directly owns 25,976 shares in the company, valued at approximately $3,812,497.52. This trade represents a 49.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is owned by insiders.

TE Connectivity Profile

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.