Public Employees Retirement System of Ohio purchased a new stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 17,125 shares of the electronics maker's stock, valued at approximately $2,586,000.
Other hedge funds also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. grew its holdings in 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 during the last quarter. Venturi Wealth Management LLC grew its stake in TE Connectivity by 1,632.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker's stock worth $989,000 after acquiring an additional 6,169 shares in the last quarter. Waverton Investment Management Ltd grew its stake 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 acquiring an additional 106,688 shares in the last quarter. Glenmede Trust Co. NA grew its stake in TE Connectivity by 13.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker's stock worth $29,322,000 after acquiring an additional 23,755 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in TE Connectivity by 21.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker's stock worth $10,471,000 after acquiring an additional 12,140 shares in the last quarter. 91.43% of the stock is currently owned by institutional investors.
TE Connectivity Stock Performance
Shares of NYSE:TEL traded down $2.00 during midday trading on Tuesday, reaching $147.95. The company's stock had a trading volume of 2,417,627 shares, compared to its average volume of 1,795,762. The firm has a market capitalization of $44.26 billion, a PE ratio of 14.41, a P/E/G ratio of 2.04 and a beta of 1.32. TE Connectivity Ltd. has a twelve month low of $128.52 and a twelve month high of $159.98. The stock has a fifty day moving average of $150.25 and a 200 day moving average of $149.77. The company has a quick ratio of 1.08, a current ratio of 1.61 and a debt-to-equity ratio of 0.27.
TE Connectivity (NYSE:TEL - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, hitting analysts' consensus estimates of $1.95. The firm had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The business's quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.78 earnings per share. On average, equities analysts expect that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.
TE Connectivity declared that its Board of Directors has approved a share repurchase program on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of TE Connectivity from $153.00 to $151.00 and set an "equal weight" rating for the company in a research report on Monday. Hsbc Global Res cut shares of TE Connectivity from a "hold" rating to a "moderate sell" rating in a research report on Thursday, October 31st. Bank of America decreased their target price on shares of TE Connectivity from $173.00 to $165.00 and set a "buy" rating for the company in a research report on Wednesday, October 9th. Wolfe Research raised shares of TE Connectivity from a "peer perform" rating to an "outperform" rating in a research report on Thursday, September 5th. Finally, HSBC lowered shares of TE Connectivity from a "hold" rating to a "reduce" rating and set a $137.00 price target on the stock. in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $159.36.
Read Our Latest Research Report on TEL
About TE Connectivity
(
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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