Principal Financial Group Inc. Takes $46.68 Million Position in TE Connectivity Ltd. (NYSE:TEL)

Principal Financial Group Inc. acquired a new position in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 326,464 shares of the electronics maker's stock, valued at approximately $46,675,000. Principal Financial Group Inc. owned about 0.11% of TE Connectivity as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of TEL. Nomura Asset Management Co. Ltd. grew its position in shares of TE Connectivity by 4.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker's stock valued at $36,732,000 after purchasing an additional 9,670 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in shares of TE Connectivity by 13.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker's stock valued at $29,322,000 after purchasing an additional 23,755 shares in the last quarter. Venturi Wealth Management LLC boosted its position in TE Connectivity by 1,632.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker's stock valued at $989,000 after buying an additional 6,169 shares during the period. Waverton Investment Management Ltd lifted its holdings in TE Connectivity by 8.2% in the 3rd quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker's stock worth $213,089,000 after buying an additional 106,688 shares during the period. Finally, Meyer Handelman Co. lifted its stake in TE Connectivity by 9.9% in the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker's stock worth $14,531,000 after acquiring an additional 9,175 shares during the period. Hedge funds and other institutional investors own 91.43% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TEL. Wells Fargo & Company lifted 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. HSBC raised shares of TE Connectivity from a "reduce" rating to a "hold" rating and set a $166.00 price target for the company in a research report on Thursday, January 23rd. Truist Financial reduced their price target on TE Connectivity from $165.00 to $163.00 and set a "hold" rating for the company in a research report on Thursday, January 23rd. StockNews.com upgraded TE Connectivity from a "buy" rating to a "strong-buy" rating in a research note on Wednesday. Finally, Robert W. Baird increased their price target on TE Connectivity from $162.00 to $168.00 and gave the stock an "outperform" rating in a research note on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $167.00.

TE Connectivity Stock Down 0.8 %

NYSE:TEL traded down $1.23 during midday trading on Friday, reaching $154.55. 1,577,354 shares of the stock traded hands, compared to its average volume of 1,636,413. TE Connectivity Ltd. has a 12-month low of $137.61 and a 12-month high of $159.98. The business has a 50-day moving average of $147.11 and a two-hundred day moving average of $148.32. 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 stock has a market capitalization of $46.11 billion, a PE ratio of 24.69, a price-to-earnings-growth ratio of 2.12 and a beta of 1.32.

TE Connectivity (NYSE:TEL - Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, beating 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 analyst estimates of $3.92 billion. During the same period last year, the firm posted $1.84 EPS. TE Connectivity's revenue was up .1% on a year-over-year basis. On average, equities analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity announced that its board has approved a share repurchase program on Wednesday, October 30th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the business's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the completion of the sale, the insider now directly owns 25,976 shares in the company, valued at $3,925,752.88. The trade was a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.90% of the company's stock.

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.