Asset Dedication LLC Increases Position in TE Connectivity Ltd. (NYSE:TEL)

Asset Dedication LLC raised its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 440.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 486 shares of the electronics maker’s stock after purchasing an additional 396 shares during the quarter. Asset Dedication LLC’s holdings in TE Connectivity were worth $69,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nordea Investment Management AB acquired a new position in shares of TE Connectivity in the 4th quarter worth approximately $149,211,000. Franklin Resources Inc. increased its stake in TE Connectivity by 31.1% during the third quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after purchasing an additional 712,228 shares during the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of TE Connectivity by 26.0% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock worth $508,481,000 after buying an additional 694,917 shares during the last quarter. State Street Corp boosted its holdings in shares of TE Connectivity by 2.1% in the 3rd quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock valued at $1,940,615,000 after buying an additional 268,837 shares during the period. Finally, Mizuho Securities USA LLC grew its position in shares of TE Connectivity by 982.6% during the 3rd quarter. Mizuho Securities USA LLC now owns 255,659 shares of the electronics maker’s stock valued at $38,602,000 after buying an additional 232,044 shares during the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on TEL. Truist Financial decreased their target price on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research note on Thursday, January 23rd. Bank of America raised their target price on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. StockNews.com upgraded shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Robert W. Baird increased their target price on shares of TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Finally, Citigroup upped their price target on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.00.

Insider Transactions at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the firm’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 completion of the sale, the insider now directly owns 25,976 shares in the company, valued at approximately $3,925,752.88. This trade represents a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.86% of the stock is currently owned by insiders.

TE Connectivity Trading Up 1.4 %

Shares of NYSE TEL opened at $149.81 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. TE Connectivity Ltd. has a 12 month low of $137.61 and a 12 month high of $159.98. The company has a market cap of $44.71 billion, a price-to-earnings ratio of 23.93, a P/E/G ratio of 2.12 and a beta of 1.32. The business has a fifty day simple moving average of $147.68 and a 200-day simple moving average of $148.75.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, topping the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period last year, the company posted $1.84 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. Sell-side analysts predict that TE Connectivity Ltd. will post 8.1 EPS for the current year.

TE Connectivity announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 30th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the electronics maker to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

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.