TE Connectivity Ltd. (NYSE:TEL – Get Rating) – Jefferies Financial Group decreased their FY2022 EPS estimates for shares of TE Connectivity in a report issued on Thursday, July 21st. Jefferies Financial Group analyst D. Kelley now anticipates that the electronics maker will earn $7.11 per share for the year, down from their previous forecast of $7.12. The consensus estimate for TE Connectivity’s current full-year earnings is $7.13 per share. Jefferies Financial Group also issued estimates for TE Connectivity’s Q1 2023 earnings at $1.86 EPS, Q2 2023 earnings at $1.93 EPS, Q3 2023 earnings at $1.85 EPS, Q4 2023 earnings at $1.82 EPS and FY2023 earnings at $7.64 EPS.
A number of other analysts also recently issued reports on TEL. Cowen lowered their price target on shares of TE Connectivity from $160.00 to $125.00 and set a “market perform” rating on the stock in a report on Thursday, June 30th. StockNews.com raised shares of TE Connectivity from a “hold” rating to a “buy” rating in a report on Tuesday, May 10th. The Goldman Sachs Group lowered their price target on shares of TE Connectivity from $169.00 to $160.00 in a report on Wednesday, June 1st. Cowen lowered their price target on shares of TE Connectivity from $160.00 to $125.00 and set a “market perform” rating on the stock in a report on Thursday, June 30th. Finally, Truist Financial lowered their price target on shares of TE Connectivity from $144.00 to $130.00 and set a “hold” rating on the stock in a report on Friday, April 8th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $152.55.
TE Connectivity Stock Performance
TE Connectivity (NYSE:TEL – Get 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. The business had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $3.81 billion. TE Connectivity had a net margin of 16.14% and a return on equity of 22.10%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.57 EPS.
Institutional Investors Weigh In On TE Connectivity
A number of hedge funds have recently modified their holdings of TEL. Larson Financial Group LLC acquired a new stake in shares of TE Connectivity in the fourth quarter valued at about $25,000. AHL Investment Management Inc. acquired a new stake in TE Connectivity during the fourth quarter worth about $26,000. Farmers & Merchants Trust Co of Chambersburg PA increased its position in TE Connectivity by 135.6% during the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 238 shares of the electronics maker’s stock worth $27,000 after purchasing an additional 137 shares during the last quarter. Shore Point Advisors LLC acquired a new stake in TE Connectivity during the fourth quarter worth about $30,000. Finally, Tcwp LLC acquired a new stake in TE Connectivity during the first quarter worth about $30,000. 91.16% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, Director Thomas J. Lynch sold 12,600 shares of the stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $126.86, for a total value of $1,598,436.00. Following the completion of the sale, the director now directly owns 11,750 shares in the company, valued at $1,490,605. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is currently owned by company insiders.
TE Connectivity announced that its board has initiated a stock buyback program on Friday, June 17th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the electronics maker to purchase up to 4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management 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 Asia-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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