Veriti Management LLC Acquires 802 Shares of TE Connectivity Ltd. (NYSE:TEL)

Veriti Management LLC lifted its holdings in shares of TE Connectivity Ltd. (NYSE:TELGet Rating) by 9.4% during the first quarter, HoldingsChannel reports. The firm owned 9,343 shares of the electronics maker’s stock after purchasing an additional 802 shares during the quarter. Veriti Management LLC’s holdings in TE Connectivity were worth $1,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in TEL. Norges Bank purchased a new position in TE Connectivity during the 4th quarter valued at about $972,351,000. Capital World Investors grew its holdings in shares of TE Connectivity by 17.0% during the fourth quarter. Capital World Investors now owns 20,649,105 shares of the electronics maker’s stock worth $3,331,527,000 after purchasing an additional 2,994,368 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of TE Connectivity by 194.0% during the fourth quarter. First Trust Advisors LP now owns 1,769,483 shares of the electronics maker’s stock worth $285,488,000 after purchasing an additional 1,167,642 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of TE Connectivity by 3,976.6% during the fourth quarter. Marshall Wace LLP now owns 989,238 shares of the electronics maker’s stock worth $159,605,000 after purchasing an additional 964,972 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in shares of TE Connectivity by 661.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 770,242 shares of the electronics maker’s stock worth $124,271,000 after purchasing an additional 669,061 shares in the last quarter. Institutional investors and hedge funds own 91.16% of the company’s stock.

NYSE TEL opened at $114.59 on Thursday. TE Connectivity Ltd. has a 12 month low of $112.01 and a 12 month high of $166.44. The stock has a market cap of $36.92 billion, a P/E ratio of 15.14, a P/E/G ratio of 1.55 and a beta of 1.27. The stock’s fifty day moving average price is $124.32 and its 200-day moving average price is $137.76. The company has a current ratio of 1.47, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33.

TE Connectivity (NYSE:TELGet Rating) last released its quarterly earnings data on Wednesday, April 27th. The electronics maker reported $1.81 EPS for the quarter, beating the consensus estimate of $1.71 by $0.10. TE Connectivity had a return on equity of 22.10% and a net margin of 16.14%. The company had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.81 billion. During the same period last year, the firm posted $1.57 earnings per share. TE Connectivity’s revenue was up 7.2% compared to the same quarter last year. As a group, analysts forecast that TE Connectivity Ltd. will post 7.16 earnings per share for the current fiscal year.

TE Connectivity declared that its board has approved a stock repurchase program on Friday, June 17th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other TE Connectivity news, Director Thomas J. Lynch sold 12,600 shares of the stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $126.86, for a total value of $1,598,436.00. Following the transaction, the director now owns 11,750 shares of the company’s stock, valued at $1,490,605. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

Several analysts have issued reports on the company. Morgan Stanley cut their target price on TE Connectivity from $147.00 to $140.00 and set an “equal weight” rating for the company in a research note on Friday, June 10th. StockNews.com raised TE Connectivity from a “hold” rating to a “buy” rating in a research note on Tuesday, May 10th. The Goldman Sachs Group lowered their price objective on TE Connectivity from $169.00 to $160.00 in a research report on Wednesday, June 1st. Finally, Truist Financial decreased their target price on TE Connectivity from $144.00 to $130.00 and set a “hold” rating for the company in a report on Friday, April 8th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $163.33.

TE Connectivity Company Profile (Get Rating)

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

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

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