TE Connectivity (NYSE:TEL) Upgraded to “Hold” at HSBC

HSBC upgraded shares of TE Connectivity (NYSE:TEL) from a reduce rating to a hold rating in a research report released on Thursday, MarketBeat.com reports. The brokerage currently has $166.00 price objective on the electronics maker’s stock.

Several other research firms have also recently commented on TEL. Wells Fargo & Company boosted their target price on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Thursday. The Goldman Sachs Group decreased their price objective on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Hsbc Global Res lowered shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research report on Thursday, October 31st. Citigroup increased their price target on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Bank of America lifted their price objective on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday. Seven equities research 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.00.

TE Connectivity Trading Up 1.1 %

Shares of TEL opened at $156.73 on Thursday. TE Connectivity has a twelve month low of $137.61 and a twelve month high of $159.98. The stock has a market cap of $46.78 billion, a PE ratio of 25.04, a P/E/G ratio of 2.12 and a beta of 1.32. The company has a quick ratio of 1.08, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average price is $147.43 and its 200-day moving average price is $148.80.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3,916,310.63 billion. During the same quarter in the prior year, the firm posted $1.84 EPS. TE Connectivity’s revenue was up .1% on a year-over-year basis. On average, equities analysts forecast that TE Connectivity will post 8.1 EPS for the current fiscal year.

TE Connectivity declared that its board has approved a stock buyback program on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On TE Connectivity

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its stake in TE Connectivity by 26.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after purchasing an additional 1,304,199 shares during the period. Nordea Investment Management AB bought a new position in shares of TE Connectivity in the fourth quarter worth approximately $149,211,000. Franklin Resources Inc. raised its holdings in TE Connectivity by 31.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after buying an additional 712,228 shares during the last quarter. EdgePoint Investment Group Inc. boosted its position in TE Connectivity by 26.0% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock valued at $508,481,000 after buying an additional 694,917 shares during the period. Finally, Point72 Asset Management L.P. grew its holdings in TE Connectivity by 238.4% in the 2nd 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 last quarter. Institutional investors own 91.43% of the company’s stock.

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.