Vestcor Inc increased its stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 107.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,690 shares of the electronics maker's stock after buying an additional 9,154 shares during the quarter. Vestcor Inc's holdings in TE Connectivity were worth $2,671,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. raised its position 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 buying an additional 150 shares in the last quarter. Wolff Wiese Magana LLC raised its position in TE Connectivity by 2,450.0% during the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker's stock valued at $39,000 after purchasing an additional 245 shares in the last quarter. Family Firm Inc. bought a new stake in TE Connectivity during the second quarter worth $43,000. Isthmus Partners LLC acquired a new stake in shares of TE Connectivity in the 2nd quarter valued at $45,000. Finally, MCF Advisors LLC increased its stake in shares of TE Connectivity by 2,745.5% in the 2nd quarter. MCF Advisors LLC now owns 313 shares of the electronics maker's stock valued at $47,000 after purchasing an additional 302 shares during the last quarter. Institutional investors own 91.43% of the company's stock.
TE Connectivity Trading Down 0.3 %
TEL traded down $0.45 during midday trading on Wednesday, hitting $149.80. 1,166,018 shares of the company were exchanged, compared to its average volume of 1,797,227. The firm has a market capitalization of $44.81 billion, a P/E ratio of 14.59, a P/E/G ratio of 2.07 and a beta of 1.32. The firm's 50 day moving average price is $149.81 and its 200-day moving average price is $149.76. 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 1-year low of $128.52 and a 1-year high of $159.98.
TE Connectivity (NYSE:TEL - Get Free Report) last announced its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The business had revenue of $4.07 billion for the quarter, compared to analysts' expectations of $4 billion. During the same period in the prior year, the business posted $1.78 earnings per share. The firm's revenue was up .8% on a year-over-year basis. As a group, equities analysts forecast that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.
TE Connectivity announced that its Board of Directors has authorized a share buyback program on Wednesday, October 30th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the electronics maker to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on TEL. Wells Fargo & Company dropped their price objective on TE Connectivity from $155.00 to $153.00 and set an "equal weight" rating for the company in a research report on Friday, September 20th. The Goldman Sachs Group reduced their price target on shares of TE Connectivity from $189.00 to $179.00 and set a "buy" rating on the stock in a research note on Tuesday, October 1st. 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. StockNews.com upgraded shares of TE Connectivity from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, December 4th. Finally, Wolfe Research upgraded shares of TE Connectivity from a "peer perform" rating to an "outperform" rating in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, TE Connectivity currently has an average rating of "Hold" and an average price target of $159.55.
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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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