Connor Clark & Lunn Investment Management Ltd. Purchases 99,466 Shares of TE Connectivity Ltd. (NYSE:TEL)

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 769.0% in the third quarter, Holdings Channel reports. The fund owned 112,401 shares of the electronics maker’s stock after buying an additional 99,466 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in TE Connectivity were worth $16,997,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TEL. Price T Rowe Associates Inc. MD grew its position in TE Connectivity by 54.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock worth $2,265,218,000 after acquiring an additional 5,526,230 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of TE Connectivity by 26.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after purchasing an additional 1,304,199 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in TE Connectivity by 7.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,118,636 shares of the electronics maker’s stock valued at $469,113,000 after buying an additional 223,842 shares during the period. Cooke & Bieler LP boosted its stake in TE Connectivity by 3.3% during the second quarter. Cooke & Bieler LP now owns 1,753,850 shares of the electronics maker’s stock worth $263,832,000 after buying an additional 55,777 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in shares of TE Connectivity by 13.1% in the second quarter. Canada Pension Plan Investment Board now owns 1,434,642 shares of the electronics maker’s stock valued at $215,813,000 after acquiring an additional 166,339 shares during the period. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Up 0.6 %

TE Connectivity stock opened at $147.88 on Thursday. The firm has a market cap of $44.24 billion, a P/E ratio of 14.40, a P/E/G ratio of 2.00 and a beta of 1.33. 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 twelve month low of $128.52 and a twelve month high of $159.98. The business has a fifty day moving average of $148.70 and a two-hundred day moving average of $149.44.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting analysts’ consensus estimates of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The business had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4 billion. During the same period in the previous year, the company posted $1.78 earnings per share. The firm’s revenue was up .8% on a year-over-year basis. On average, analysts forecast that TE Connectivity Ltd. will post 8.14 earnings per share for the current fiscal year.

TE Connectivity announced that its board has authorized a share buyback program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

TE Connectivity Dividend Announcement

The company also recently announced a dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 25th will be paid a $0.65 dividend. The ex-dividend date is Friday, November 22nd. This represents a yield of 1.75%. TE Connectivity’s dividend payout ratio (DPR) is 25.32%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TEL. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. Wells Fargo & Company reduced their price target on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a report on Friday, September 20th. The Goldman Sachs Group dropped their price objective on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Truist Financial increased their target price on TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Finally, HSBC lowered shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price for the company. in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus 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.