Manning & Napier Advisors LLC Sells 71,450 Shares of TE Connectivity Ltd. (NYSE:TEL)

Manning & Napier Advisors LLC decreased its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 69.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 31,843 shares of the electronics maker’s stock after selling 71,450 shares during the period. Manning & Napier Advisors LLC’s holdings in TE Connectivity were worth $4,553,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nomura Asset Management Co. Ltd. boosted its position in TE Connectivity by 4.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock worth $36,732,000 after purchasing an additional 9,670 shares during the period. Glenmede Trust Co. NA grew its stake in TE Connectivity by 13.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock valued at $29,322,000 after buying an additional 23,755 shares during the last quarter. Venturi Wealth Management LLC lifted its position in TE Connectivity by 1,632.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock worth $989,000 after acquiring an additional 6,169 shares during the last quarter. Waverton Investment Management Ltd boosted its holdings in TE Connectivity by 8.2% during the third quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock valued at $213,089,000 after acquiring an additional 106,688 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of TE Connectivity by 21.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock worth $10,471,000 after purchasing an additional 12,140 shares during the period. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Down 0.6 %

Shares of NYSE TEL opened at $147.54 on Thursday. TE Connectivity Ltd. has a 52-week low of $137.61 and a 52-week high of $159.98. The stock has a market cap of $44.04 billion, a P/E ratio of 23.57, a P/E/G ratio of 2.12 and a beta of 1.32. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.08 and a current ratio of 1.68. The firm has a 50 day moving average price of $147.69 and a 200 day moving average price of $148.76.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.06. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.84 earnings per share. Analysts expect that TE Connectivity Ltd. will post 8.1 EPS for the current year.

TE Connectivity declared that its Board of Directors has authorized a share repurchase program on Wednesday, October 30th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have recently issued reports on TEL. HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective on the stock in a research note on Thursday, January 23rd. StockNews.com raised TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Citigroup lifted their price target on shares of TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Finally, Robert W. Baird boosted their price objective on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Seven investment 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Insider Activity at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 25,976 shares in the company, valued at approximately $3,925,752.88. The trade was a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.86% of the stock is owned by insiders.

TE Connectivity Profile

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.