Legal & General Group Plc Decreases Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Legal & General Group Plc lowered its stake in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 23.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,396,722 shares of the electronics maker's stock after selling 715,646 shares during the period. Legal & General Group Plc owned about 0.80% of TE Connectivity worth $342,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of Montreal Can acquired a new position in TE Connectivity during the 4th quarter worth approximately $59,067,000. Cerity Partners LLC grew its stake in shares of TE Connectivity by 11.0% during the fourth quarter. Cerity Partners LLC now owns 39,097 shares of the electronics maker's stock worth $5,719,000 after purchasing an additional 3,874 shares in the last quarter. FMR LLC grew its stake in shares of TE Connectivity by 2.7% during the fourth quarter. FMR LLC now owns 1,213,446 shares of the electronics maker's stock worth $173,486,000 after purchasing an additional 32,164 shares in the last quarter. Polymer Capital Management HK LTD purchased a new position in TE Connectivity in the fourth quarter valued at $944,000. Finally, Federated Hermes Inc. lifted its holdings in TE Connectivity by 863.4% during the 4th quarter. Federated Hermes Inc. now owns 1,185 shares of the electronics maker's stock worth $169,000 after buying an additional 1,062 shares during the last quarter. 91.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. StockNews.com lowered TE Connectivity from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 28th. Hsbc Global Res upgraded shares of TE Connectivity from a "moderate sell" rating to a "hold" rating in a research report on Thursday, January 23rd. Truist Financial dropped their target price on shares of TE Connectivity from $165.00 to $163.00 and set a "hold" rating on the stock in a research report on Thursday, January 23rd. Wells Fargo & Company boosted their price target on shares of TE Connectivity from $151.00 to $155.00 and gave the company an "equal weight" rating in a research report on Thursday, January 23rd. Finally, UBS Group dropped their price objective on TE Connectivity from $188.00 to $155.00 and set a "buy" rating on the stock in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, TE Connectivity presently has a consensus rating of "Hold" and an average price target of $163.60.

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Insiders Place Their Bets

In other news, insider Shadrak W. Kroeger sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the sale, the insider now owns 25,976 shares of the company's stock, valued at $3,812,497.52. The trade was a 49.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.90% of the stock is currently owned by company insiders.

TE Connectivity Stock Performance

TE Connectivity stock traded up $1.21 during mid-day trading on Monday, reaching $129.16. 429,702 shares of the company were exchanged, compared to its average volume of 1,705,772. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. The firm's 50-day simple moving average is $144.78 and its two-hundred day simple moving average is $147.04. TE Connectivity Ltd. has a twelve month low of $116.30 and a twelve month high of $159.98. The firm has a market cap of $38.54 billion, a PE ratio of 20.63, a price-to-earnings-growth ratio of 2.11 and a beta of 1.25.

TE Connectivity (NYSE:TEL - Get Free Report) last posted its quarterly 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. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.92 billion. During the same period in the prior year, the company posted $1.84 earnings per share. The firm's revenue for the quarter was up .1% on a year-over-year basis. Equities 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 disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Wednesday, May 21st. This is a positive change from TE Connectivity's previous quarterly dividend of $0.65. TE Connectivity's dividend payout ratio is currently 45.37%.

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.