Point72 Asset Management L.P. Sells 657,925 Shares of TE Connectivity Ltd. (NYSE:TEL)

Point72 Asset Management L.P. lowered its holdings in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 91.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,429 shares of the electronics maker's stock after selling 657,925 shares during the quarter. Point72 Asset Management L.P.'s holdings in TE Connectivity were worth $9,275,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Armstrong Advisory Group Inc. grew its stake in shares of TE Connectivity by 208.3% in the third quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker's stock worth $34,000 after acquiring an additional 150 shares during the last quarter. Wolff Wiese Magana LLC increased its holdings in shares of TE Connectivity by 2,450.0% during the 3rd quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker's stock worth $39,000 after purchasing an additional 245 shares during the period. Family Firm Inc. acquired a new position in shares of TE Connectivity during the second quarter valued at about $43,000. Isthmus Partners LLC acquired a new stake in TE Connectivity during the second quarter worth about $45,000. Finally, MCF Advisors LLC increased its stake in TE Connectivity by 2,745.5% during the second quarter. MCF Advisors LLC now owns 313 shares of the electronics maker's stock valued at $47,000 after acquiring an additional 302 shares during the period. 91.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. HSBC lowered TE Connectivity from a "hold" rating to a "reduce" rating and set a $137.00 price objective on the stock. in a report on Thursday, October 31st. Hsbc Global Res lowered shares of TE Connectivity from a "hold" rating to a "moderate sell" rating in a research report on Thursday, October 31st. StockNews.com upgraded shares of TE Connectivity from a "buy" rating to a "strong-buy" rating in a research note on Wednesday. Wolfe Research upgraded TE Connectivity from a "peer perform" rating to an "outperform" rating in a research note on Thursday, September 5th. Finally, Wells Fargo & Company cut their target price on TE Connectivity from $155.00 to $153.00 and set an "equal weight" rating for the company in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $159.55.

TE Connectivity Price Performance

NYSE TEL traded down $0.03 on Friday, hitting $152.40. 1,465,061 shares of the company were exchanged, compared to its average volume of 1,286,881. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27. The company has a market cap of $45.59 billion, a P/E ratio of 14.84, a P/E/G ratio of 2.08 and a beta of 1.32. TE Connectivity Ltd. has a 1-year low of $128.52 and a 1-year high of $159.98. The firm has a 50 day moving average of $149.75 and a two-hundred day moving average of $149.75.

TE Connectivity (NYSE:TEL - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, meeting the consensus estimate of $1.95. The business had revenue of $4.07 billion for the quarter, compared to analysts' expectations of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. TE Connectivity's revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 earnings per share. On average, equities analysts predict that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity declared that its board has initiated a stock repurchase plan on Wednesday, October 30th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

TE Connectivity Company 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.