Wrapmanager Inc. Sells 1,906 Shares of TE Connectivity Ltd. (NYSE:TEL)

Wrapmanager Inc. reduced its holdings in TE Connectivity Ltd. (NYSE:TEL) by 33.2% in the third quarter, HoldingsChannel reports. The firm owned 3,832 shares of the electronics maker’s stock after selling 1,906 shares during the period. Wrapmanager Inc.’s holdings in TE Connectivity were worth $579,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Simplicity Wealth LLC raised its stake in shares of TE Connectivity by 2.7% in the second quarter. Simplicity Wealth LLC now owns 2,509 shares of the electronics maker’s stock valued at $377,000 after buying an additional 67 shares during the period. Silvercrest Asset Management Group LLC raised its stake in shares of TE Connectivity by 2.3% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 2,977 shares of the electronics maker’s stock valued at $432,000 after purchasing an additional 68 shares during the period. Optas LLC raised its stake in shares of TE Connectivity by 4.2% during the 3rd quarter. Optas LLC now owns 1,778 shares of the electronics maker’s stock valued at $268,000 after purchasing an additional 71 shares during the period. Gradient Investments LLC raised its stake in shares of TE Connectivity by 2.2% during the 2nd quarter. Gradient Investments LLC now owns 3,602 shares of the electronics maker’s stock valued at $542,000 after purchasing an additional 76 shares during the period. Finally, Commerzbank Aktiengesellschaft FI increased its stake in TE Connectivity by 3.4% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 2,297 shares of the electronics maker’s stock worth $346,000 after acquiring an additional 76 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TEL has been the topic of a number of research analyst reports. StockNews.com began coverage on TE Connectivity in a research note on Saturday. They issued a “buy” rating on the stock. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. Truist Financial increased their target price on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a report on Thursday, July 25th. The Goldman Sachs Group dropped their target price on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, HSBC cut TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, TE Connectivity presently has a consensus rating of “Hold” and a consensus target price of $159.55.

TE Connectivity Stock Up 0.0 %

TEL stock opened at $148.36 on Tuesday. TE Connectivity Ltd. has a twelve month low of $128.52 and a twelve month high of $159.98. The company has a quick ratio of 1.08, a current ratio of 1.61 and a debt-to-equity ratio of 0.27. The firm has a market cap of $44.38 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 2.02 and a beta of 1.33. The business has a 50 day moving average of $148.57 and a 200 day moving average of $149.42.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4 billion. During the same quarter last year, the company earned $1.78 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, research analysts forecast that TE Connectivity Ltd. will post 8.13 EPS for the current fiscal year.

TE Connectivity Dividend Announcement

The firm also recently announced a dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 25th will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a yield of 1.75%. TE Connectivity’s dividend payout ratio is 25.32%.

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

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.