Cary Street Partners Asset Management LLC lifted its position in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 22.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,715 shares of the electronics maker's stock after buying an additional 6,093 shares during the period. Cary Street Partners Asset Management LLC's holdings in TE Connectivity were worth $4,940,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of TEL. Asset Management One Co. Ltd. grew its holdings in shares of TE Connectivity by 3.3% in the third quarter. Asset Management One Co. Ltd. now owns 145,022 shares of the electronics maker's stock worth $21,897,000 after purchasing an additional 4,646 shares during the last quarter. QRG Capital Management Inc. raised its holdings in shares of TE Connectivity by 24.7% during the third quarter. QRG Capital Management Inc. now owns 104,729 shares of the electronics maker's stock valued at $15,815,000 after acquiring an additional 20,726 shares in the last quarter. National Pension Service lifted its stake in TE Connectivity by 12.3% in the third quarter. National Pension Service now owns 773,489 shares of the electronics maker's stock worth $116,789,000 after acquiring an additional 84,794 shares during the period. Vestor Capital LLC purchased a new position in shares of TE Connectivity during the third quarter valued at about $66,000. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of TE Connectivity by 17.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 148,550 shares of the electronics maker's stock worth $22,430,000 after acquiring an additional 21,569 shares in the last quarter. Institutional investors own 91.43% of the company's stock.
Analyst Ratings Changes
Several research analysts recently issued reports on the stock. Vertical Research initiated coverage on shares of TE Connectivity in a research note on Tuesday, July 23rd. They issued a "hold" rating and a $155.00 price target for the company. Wells Fargo & Company lowered their price objective on TE Connectivity from $155.00 to $153.00 and set an "equal weight" rating for the company in a research note on Friday, September 20th. Wolfe Research raised TE Connectivity from a "peer perform" rating to an "outperform" rating in a research report on Thursday, September 5th. HSBC downgraded shares of TE Connectivity from a "hold" rating to a "reduce" rating and set a $137.00 price objective on the stock. in a research report on Thursday, October 31st. Finally, Robert W. Baird upped their target price on shares of TE Connectivity from $162.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, TE Connectivity currently has an average rating of "Hold" and an average target price of $159.55.
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TE Connectivity Stock Performance
TEL stock traded down $1.01 during trading on Tuesday, reaching $149.09. The stock had a trading volume of 974,240 shares, compared to its average volume of 1,840,455. The stock's 50 day moving average is $147.89 and its two-hundred day moving average is $148.60. The firm has a market cap of $45.31 billion, a PE ratio of 14.52, a PEG ratio of 2.04 and a beta of 1.33. TE Connectivity Ltd. has a 52 week low of $123.79 and a 52 week high of $159.98. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27.
TE Connectivity (NYSE:TEL - Get Free Report) last announced its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The company had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4 billion. During the same period in the previous year, the business posted $1.78 earnings per share. The firm's quarterly revenue was up .8% compared to the same quarter last year. As a group, equities analysts anticipate that TE Connectivity Ltd. will post 8.15 earnings per share for the current year.
TE Connectivity announced that its board has initiated a stock buyback program on Wednesday, October 30th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.
TE Connectivity Profile
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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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