Olympiad Research LP Boosts Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Olympiad Research LP raised its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 66.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,588 shares of the electronics maker’s stock after buying an additional 1,434 shares during the period. Olympiad Research LP’s holdings in TE Connectivity were worth $542,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Concurrent Investment Advisors LLC raised its stake in shares of TE Connectivity by 6.4% during the third quarter. Concurrent Investment Advisors LLC now owns 1,956 shares of the electronics maker’s stock valued at $295,000 after acquiring an additional 117 shares during the last quarter. Foster & Motley Inc. raised its stake in shares of TE Connectivity by 8.5% during the third quarter. Foster & Motley Inc. now owns 17,966 shares of the electronics maker’s stock valued at $2,713,000 after acquiring an additional 1,413 shares during the last quarter. United Advisor Group LLC bought a new position in shares of TE Connectivity during the third quarter valued at about $250,000. Cary Street Partners Asset Management LLC raised its stake in shares of TE Connectivity by 22.9% during the third quarter. Cary Street Partners Asset Management LLC now owns 32,715 shares of the electronics maker’s stock valued at $4,940,000 after acquiring an additional 6,093 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in shares of TE Connectivity by 3.3% during the third quarter. Asset Management One Co. Ltd. now owns 145,022 shares of the electronics maker’s stock valued at $21,897,000 after acquiring an additional 4,646 shares during the last quarter. 91.43% of the stock is owned by institutional investors.

TE Connectivity Price Performance

Shares of NYSE TEL opened at $154.74 on Thursday. TE Connectivity Ltd. has a fifty-two week low of $123.79 and a fifty-two week high of $159.98. The company has a 50 day simple moving average of $147.90 and a two-hundred day simple moving average of $148.71. The company has a market capitalization of $47.03 billion, a price-to-earnings ratio of 15.07, a P/E/G ratio of 2.04 and a beta of 1.33. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61.

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

TE Connectivity announced that its board has approved a share buyback plan on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TEL. StockNews.com began coverage on shares of TE Connectivity in a research note on Thursday, October 31st. They set a “buy” rating for the company. Vertical Research initiated coverage on shares of TE Connectivity in a research note on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 price target for the company. Truist Financial increased their price target on shares of TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Robert W. Baird increased their price target on shares of TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, The Goldman Sachs Group decreased their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. One investment 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 an average rating of “Hold” and a consensus price target of $159.55.

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.