TE Connectivity Ltd. (NYSE:TEL) Stock Position Decreased by DAVENPORT & Co LLC

DAVENPORT & Co LLC lessened its holdings in shares of TE Connectivity Ltd. (NYSE:TELFree Report) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 629,215 shares of the electronics maker’s stock after selling 3,114 shares during the period. DAVENPORT & Co LLC owned 0.20% of TE Connectivity worth $88,497,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Nordea Investment Management AB lifted its stake in shares of TE Connectivity by 5.3% in the 4th quarter. Nordea Investment Management AB now owns 812,537 shares of the electronics maker’s stock worth $114,430,000 after acquiring an additional 41,198 shares during the period. SG Americas Securities LLC lifted its stake in TE Connectivity by 518.3% during the fourth quarter. SG Americas Securities LLC now owns 155,698 shares of the electronics maker’s stock valued at $21,876,000 after purchasing an additional 130,515 shares during the last quarter. Patten Group Inc. acquired a new stake in shares of TE Connectivity during the fourth quarter valued at approximately $220,000. Forsta AP Fonden raised its holdings in shares of TE Connectivity by 7.2% during the third quarter. Forsta AP Fonden now owns 84,500 shares of the electronics maker’s stock valued at $10,438,000 after acquiring an additional 5,700 shares during the period. Finally, Asio Capital LLC acquired a new stake in shares of TE Connectivity during the fourth quarter valued at approximately $2,150,000. Institutional investors own 91.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on TEL. Stifel Nicolaus upped their price objective on shares of TE Connectivity from $140.00 to $145.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. Robert W. Baird boosted their target price on shares of TE Connectivity from $147.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Wells Fargo & Company started coverage on shares of TE Connectivity in a research report on Friday, December 15th. They issued an “equal weight” rating and a $144.00 target price for the company. Truist Financial boosted their target price on shares of TE Connectivity from $148.00 to $153.00 and gave the stock a “hold” rating in a research report on Thursday, January 25th. Finally, Citigroup assumed coverage on shares of TE Connectivity in a report on Friday, January 5th. They set a “neutral” rating and a $146.00 price objective for the company. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $146.67.

Read Our Latest Analysis on TEL

TE Connectivity Stock Performance

Shares of NYSE TEL traded down $1.22 during trading hours on Tuesday, hitting $142.74. 1,850,289 shares of the stock were exchanged, compared to its average volume of 2,164,113. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.86 and a quick ratio of 1.16. TE Connectivity Ltd. has a one year low of $115.00 and a one year high of $146.84. The company’s 50 day moving average is $142.34 and its 200 day moving average is $133.73. The firm has a market capitalization of $44.36 billion, a P/E ratio of 13.54, a P/E/G ratio of 2.07 and a beta of 1.39.

TE Connectivity (NYSE:TELGet Free Report) last issued its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.13. TE Connectivity had a net margin of 20.69% and a return on equity of 18.93%. The firm had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the prior year, the firm earned $1.53 EPS. The business’s revenue was down .3% on a year-over-year basis. On average, research analysts expect that TE Connectivity Ltd. will post 7.57 EPS for the current year.

TE Connectivity Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date of this dividend is Friday, February 21st. TE Connectivity’s dividend payout ratio is 22.39%.

TE Connectivity announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 12th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the electronics maker to buy up to 3.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Steven T. Merkt sold 99,777 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $144.00, for a total value of $14,367,888.00. Following the completion of the transaction, the insider now owns 30,459 shares in the company, valued at approximately $4,386,096. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.86% of the company’s stock.

TE Connectivity Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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