TE Connectivity Ltd. (NYSE:TEL) Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. cut its position in TE Connectivity Ltd. (NYSE:TEL) by 0.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 93,735 shares of the electronics maker’s stock after selling 495 shares during the period. Congress Asset Management Co.’s holdings in TE Connectivity were worth $14,153,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in TE Connectivity by 54.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock valued at $2,265,218,000 after acquiring an additional 5,526,230 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of TE Connectivity by 26.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after buying an additional 1,304,199 shares during the period. Point72 Asset Management L.P. grew its holdings in TE Connectivity by 238.4% during the second quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock worth $108,212,000 after acquiring an additional 506,754 shares during the period. Bank of Montreal Can grew its stake in shares of TE Connectivity by 43.0% during the 2nd quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock worth $174,955,000 after purchasing an additional 347,315 shares during the period. Finally, Toronto Dominion Bank grew its position in TE Connectivity by 141.3% during the second quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock valued at $70,445,000 after buying an additional 274,206 shares during the period. 91.43% of the stock is owned by institutional investors and hedge funds.

TE Connectivity Stock Performance

NYSE:TEL opened at $147.42 on Friday. TE Connectivity Ltd. has a 12 month low of $116.01 and a 12 month high of $159.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 0.99. The firm has a market capitalization of $44.80 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 1.95 and a beta of 1.33. The business’s fifty day moving average price is $148.00 and its 200 day moving average price is $148.39.

TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, hitting the consensus estimate of $1.95. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company earned $1.78 EPS. On average, sell-side analysts anticipate that TE Connectivity Ltd. will post 8.15 earnings per share for the current fiscal year.

TE Connectivity declared that its board has initiated a stock repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages recently weighed in on TEL. Robert W. Baird lifted their price target on TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial increased their target price on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. HSBC cut shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price target on the stock. in a research note on Thursday. StockNews.com began coverage on shares of TE Connectivity in a research report on Thursday. They set a “buy” rating for the company. Finally, Hsbc Global Res raised shares of TE Connectivity to a “hold” rating in a research note on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, TE Connectivity presently 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.