Peapack Gladstone Financial Corp Reduces Holdings in TE Connectivity Ltd. (NYSE:TEL)

Peapack Gladstone Financial Corp trimmed its position in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 19.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 116,174 shares of the electronics maker's stock after selling 27,966 shares during the quarter. Peapack Gladstone Financial Corp's holdings in TE Connectivity were worth $17,541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. State Street Corp boosted its stake in TE Connectivity by 2.1% during the third quarter. State Street Corp now owns 12,852,607 shares of the electronics maker's stock worth $1,940,615,000 after buying an additional 268,837 shares during the period. Ameriprise Financial Inc. lifted its position in shares of TE Connectivity by 26.2% during the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker's stock worth $944,791,000 after purchasing an additional 1,304,199 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of TE Connectivity by 1.3% during the third quarter. Geode Capital Management LLC now owns 5,981,870 shares of the electronics maker's stock worth $899,681,000 after purchasing an additional 75,658 shares during the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of TE Connectivity by 26.0% during the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker's stock worth $508,481,000 after purchasing an additional 694,917 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of TE Connectivity by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,118,636 shares of the electronics maker's stock worth $469,113,000 after purchasing an additional 223,842 shares during the last quarter. 91.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. StockNews.com upgraded TE Connectivity from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, December 4th. HSBC downgraded TE Connectivity from a "hold" rating to a "reduce" rating and set a $137.00 target price for the company. in a research report on Thursday, October 31st. The Goldman Sachs Group decreased their target price on TE Connectivity from $189.00 to $179.00 and set a "buy" rating for the company in a research report on Tuesday, October 1st. Hsbc Global Res downgraded TE Connectivity from a "hold" rating to a "moderate sell" rating in a report on Thursday, October 31st. Finally, Wells Fargo & Company decreased their price objective on TE Connectivity from $155.00 to $153.00 and set an "equal weight" rating for the company in a report on Friday, September 20th. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $159.55.

TE Connectivity Stock Down 0.8 %

TE Connectivity stock traded down $1.23 during trading hours on Friday, reaching $150.09. The stock had a trading volume of 1,045,582 shares, compared to its average volume of 1,793,279. The company has a market cap of $44.90 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 2.04 and a beta of 1.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. The business's 50 day moving average price is $150.01 and its 200-day moving average price is $149.77. TE Connectivity Ltd. has a 52 week low of $128.52 and a 52 week high of $159.98.

TE Connectivity (NYSE:TEL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, hitting analysts' consensus estimates of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. During the same quarter in the previous year, the firm earned $1.78 earnings per share. The company's revenue was up .8% on a year-over-year basis. Sell-side analysts anticipate that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity announced that its Board of Directors has authorized a share buyback program on Wednesday, October 30th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

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.