Swiss National Bank Trims Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Swiss National Bank reduced its stake in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 0.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 906,700 shares of the electronics maker's stock after selling 7,600 shares during the period. Swiss National Bank owned about 0.30% of TE Connectivity worth $136,903,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TEL. State Board of Administration of Florida Retirement System increased its stake in TE Connectivity by 3.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 31,715 shares of the electronics maker's stock valued at $4,606,000 after purchasing an additional 1,100 shares in the last quarter. Rockport Wealth LLC purchased a new stake in shares of TE Connectivity during the first quarter valued at approximately $236,000. O Shaughnessy Asset Management LLC lifted its stake in TE Connectivity by 37.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 32,410 shares of the electronics maker's stock worth $4,707,000 after acquiring an additional 8,894 shares during the period. Seven Eight Capital LP raised its holdings in TE Connectivity by 29.2% in the first quarter. Seven Eight Capital LP now owns 7,385 shares of the electronics maker's stock worth $1,073,000 after purchasing an additional 1,667 shares in the last quarter. Finally, Lake Street Advisors Group LLC increased its holdings in shares of TE Connectivity by 63.3% during the first quarter. Lake Street Advisors Group LLC now owns 2,527 shares of the electronics maker's stock valued at $367,000 after acquiring an additional 980 shares in the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

TE Connectivity Stock Performance

TEL traded up $0.01 on Monday, reaching $148.36. The company had a trading volume of 1,296,528 shares, compared to its average volume of 1,826,814. TE Connectivity Ltd. has a fifty-two week low of $128.52 and a fifty-two week high of $159.98. The stock has a market cap of $44.38 billion, a P/E ratio of 14.44, a P/E/G ratio of 2.02 and a beta of 1.33. The company's fifty day moving average is $148.50 and its 200 day moving average is $149.36. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61.

TE Connectivity (NYSE:TEL - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The firm had revenue of $4.07 billion during the quarter, compared to analysts' expectations of $4 billion. During the same period in the prior year, the company posted $1.78 EPS. The company's revenue was up .8% on a year-over-year basis. As a group, analysts predict that TE Connectivity Ltd. will post 8.13 earnings per share for the current fiscal year.

TE Connectivity declared that its board has authorized a share repurchase plan on Wednesday, October 30th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TEL. HSBC cut 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. Truist Financial increased their price target on TE Connectivity from $151.00 to $156.00 and gave the company a "hold" rating in a research note on Thursday, July 25th. StockNews.com started coverage on TE Connectivity in a report on Saturday. They set a "buy" rating on the stock. Wells Fargo & Company lowered their price target on TE Connectivity from $155.00 to $153.00 and set an "equal weight" rating on the stock in a research note on Friday, September 20th. Finally, Hsbc Global Res downgraded TE Connectivity from a "hold" rating to a "moderate sell" rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average 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.