Truist Financial Corp increased its stake in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 32.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,461 shares of the electronics maker's stock after acquiring an additional 31,991 shares during the quarter. Truist Financial Corp's holdings in TE Connectivity were worth $18,509,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Pinnacle Bancorp Inc. acquired a new stake in shares of TE Connectivity in the 4th quarter valued at about $26,000. Golden State Wealth Management LLC bought a new stake in shares of TE Connectivity during the fourth quarter valued at approximately $44,000. Hilltop National Bank bought a new stake in shares of TE Connectivity during the fourth quarter valued at approximately $55,000. Webster Bank N. A. acquired a new position in shares of TE Connectivity during the fourth quarter worth approximately $61,000. Finally, R Squared Ltd bought a new position in shares of TE Connectivity in the 4th quarter worth $64,000. 91.43% of the stock is owned by institutional investors.
TE Connectivity Stock Performance
Shares of NYSE:TEL traded down $1.48 during midday trading on Friday, reaching $153.65. The company had a trading volume of 789,750 shares, compared to its average volume of 1,611,383. TE Connectivity Ltd. has a 52-week low of $137.61 and a 52-week high of $159.98. The company's 50 day moving average price is $147.11 and its 200 day moving average price is $148.32. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. The stock has a market cap of $45.84 billion, a P/E ratio of 24.54, a P/E/G 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, topping the consensus estimate of $1.89 by $0.06. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company's revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.84 earnings per share. As a group, sell-side analysts anticipate that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.
TE Connectivity announced that its board has authorized a share buyback 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 reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.
Analysts Set New Price Targets
Several research analysts have weighed in on TEL shares. Truist Financial lowered their price objective on shares of TE Connectivity from $165.00 to $163.00 and set a "hold" rating on the stock in a report on Thursday, January 23rd. Bank of America upped their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, January 23rd. Wells Fargo & Company lifted their price target on TE Connectivity from $151.00 to $155.00 and gave the company an "equal weight" rating in a research note on Thursday, January 23rd. Citigroup increased their price objective on TE Connectivity from $160.00 to $165.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 22nd. Finally, HSBC raised TE Connectivity from a "reduce" rating to a "hold" rating and set a $166.00 target price on the stock in a research report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $167.00.
Check Out Our Latest Research Report on TEL
Insider Buying and Selling
In related news, insider Shadrak W. Kroeger sold 3,889 shares of the company's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $151.13, for a total transaction of $587,744.57. Following the sale, the insider now owns 25,976 shares of the company's stock, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.90% of the stock is currently owned by insiders.
TE Connectivity Company Profile
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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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