Blueshift Asset Management LLC Takes $642,000 Position in TE Connectivity Ltd. (NYSE:TEL)

Blueshift Asset Management LLC bought a new stake in shares of TE Connectivity Ltd. (NYSE:TEL) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 4,488 shares of the electronics maker’s stock, valued at approximately $642,000.

Other hedge funds also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. boosted its stake in TE Connectivity by 4.1% in the 3rd 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 in the last quarter. Glenmede Trust Co. NA boosted 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 worth $29,322,000 after purchasing an additional 23,755 shares in the last quarter. Meyer Handelman Co. raised its position in TE Connectivity by 9.9% in the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock worth $14,531,000 after buying an additional 9,175 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in TE Connectivity in the 4th quarter worth about $2,920,000. Finally, abrdn plc purchased a new position in TE Connectivity in the 4th quarter worth about $15,739,000. Institutional investors own 91.43% of the company’s stock.

Insiders Place Their Bets

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $146.77, for a total value of $3,669,250.00. Following the completion of the transaction, the insider now directly owns 25,976 shares in the company, valued at $3,812,497.52. This represents a 49.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.90% of the stock is currently owned by corporate insiders.

TE Connectivity Trading Down 1.0 %

TE Connectivity stock opened at $146.29 on Friday. The firm has a 50 day moving average of $148.80 and a 200 day moving average of $148.38. The firm has a market capitalization of $43.65 billion, a price-to-earnings ratio of 23.37, a P/E/G ratio of 2.11 and a beta of 1.32. TE Connectivity Ltd. has a 12-month low of $137.61 and a 12-month high of $159.98. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26.

TE Connectivity (NYSE:TEL) last released its earnings results 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 analyst estimates of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.84 EPS. As a group, research analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 1.94%. This is an increase from TE Connectivity’s previous quarterly dividend of $0.65. The ex-dividend date is Wednesday, May 21st. TE Connectivity’s dividend payout ratio is presently 45.37%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on TEL shares. StockNews.com lowered TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 28th. 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 report on Thursday, January 23rd. HSBC raised TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 target price for the company in a research report on Thursday, January 23rd. Hsbc Global Res raised TE Connectivity from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 23rd. Finally, Bank of America upped their price target on shares of TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $167.00.

TE Connectivity Company 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.