Sumitomo Mitsui Trust Group Inc. Lowers Stake in TE Connectivity Ltd. (NYSE:TEL)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 95.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 31,007 shares of the electronics maker's stock after selling 715,378 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in TE Connectivity were worth $4,682,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TEL. Versant Capital Management Inc boosted its position in shares of TE Connectivity by 209.8% in the 2nd quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker's stock worth $28,000 after purchasing an additional 128 shares during the last quarter. Olistico Wealth LLC acquired a new position in shares of TE Connectivity in the second quarter valued at approximately $30,000. Armstrong Advisory Group Inc. raised its stake in shares of TE Connectivity by 208.3% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 150 shares during the period. Bank & Trust Co bought a new stake in shares of TE Connectivity in the second quarter valued at about $35,000. Finally, Wolff Wiese Magana LLC boosted its position in shares of TE Connectivity by 2,450.0% during the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker's stock worth $39,000 after buying an additional 245 shares during the period. 91.43% of the stock is owned by institutional investors.

TE Connectivity Trading Down 1.0 %

Shares of NYSE TEL traded down $1.41 during midday trading on Tuesday, reaching $146.95. The company had a trading volume of 1,592,341 shares, compared to its average volume of 1,825,767. The firm's fifty day moving average price is $148.57 and its 200-day moving average price is $149.42. 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 Ltd. has a one year low of $128.52 and a one year high of $159.98. The stock has a market cap of $43.96 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 2.02 and a beta of 1.33.

TE Connectivity (NYSE:TEL - Get Free Report) last issued its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting the consensus estimate of $1.95. The company had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The firm's revenue for the quarter was up .8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.78 earnings per share. On average, equities research analysts anticipate that TE Connectivity Ltd. will post 8.13 earnings per share for the current year.

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

TE Connectivity Dividend Announcement

The firm also recently declared a dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 25th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a yield of 1.75%. TE Connectivity's dividend payout ratio is presently 25.32%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Robert W. Baird lifted their target price on TE Connectivity from $162.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, July 25th. Wells Fargo & Company dropped their price target on shares of TE Connectivity from $155.00 to $153.00 and set an "equal weight" rating on the stock in a research report on Friday, September 20th. Bank of America decreased their price objective 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. The Goldman Sachs Group dropped their price target on TE Connectivity from $189.00 to $179.00 and set a "buy" rating on the stock in a research note on Tuesday, October 1st. Finally, Wolfe Research upgraded TE Connectivity from a "peer perform" rating to an "outperform" rating in a report on Thursday, September 5th. One equities research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $159.55.

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.