Crawford Investment Counsel Inc. Raises Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Crawford Investment Counsel Inc. raised its holdings in shares of TE Connectivity Ltd. (NYSE:TELGet Rating) by 237.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,063 shares of the electronics maker’s stock after buying an additional 74,590 shares during the quarter. Crawford Investment Counsel Inc.’s holdings in TE Connectivity were worth $13,892,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. MAI Capital Management increased its stake in shares of TE Connectivity by 1.0% during the fourth quarter. MAI Capital Management now owns 7,465 shares of the electronics maker’s stock worth $1,204,000 after buying an additional 71 shares during the period. Trust Asset Management LLC grew its position in shares of TE Connectivity by 2.6% in the first quarter. Trust Asset Management LLC now owns 3,295 shares of the electronics maker’s stock valued at $432,000 after purchasing an additional 83 shares during the last quarter. Thoroughbred Financial Services LLC boosted its position in TE Connectivity by 4.0% during the first quarter. Thoroughbred Financial Services LLC now owns 2,277 shares of the electronics maker’s stock worth $298,000 after acquiring an additional 87 shares during the last quarter. Atlantic Union Bankshares Corp boosted its position in TE Connectivity by 3.2% during the first quarter. Atlantic Union Bankshares Corp now owns 2,851 shares of the electronics maker’s stock worth $373,000 after acquiring an additional 89 shares during the last quarter. Finally, Lebenthal Global Advisors LLC raised its stake in TE Connectivity by 5.0% during the first quarter. Lebenthal Global Advisors LLC now owns 1,925 shares of the electronics maker’s stock worth $252,000 after purchasing an additional 91 shares during the period. Institutional investors and hedge funds own 90.61% of the company’s stock.

TE Connectivity Stock Performance

NYSE TEL opened at $129.04 on Friday. TE Connectivity Ltd. has a 1 year low of $107.12 and a 1 year high of $166.44. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 0.90. The stock has a market capitalization of $41.27 billion, a PE ratio of 16.85, a P/E/G ratio of 1.67 and a beta of 1.32. The company’s 50 day simple moving average is $125.95 and its two-hundred day simple moving average is $126.20.

TE Connectivity (NYSE:TELGet Rating) last posted its earnings results on Wednesday, July 27th. The electronics maker reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.11. TE Connectivity had a net margin of 15.97% and a return on equity of 21.98%. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same period in the prior year, the company posted $1.79 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Analysts predict that TE Connectivity Ltd. will post 7.3 earnings per share for the current fiscal year.

TE Connectivity declared that its board has approved a stock buyback plan on Friday, June 17th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the electronics maker to reacquire up to 4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other news, Director Terrence R. Curtin sold 21,929 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $131.75, for a total transaction of $2,889,145.75. Following the sale, the director now owns 54,969 shares in the company, valued at approximately $7,242,165.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Terrence R. Curtin sold 21,929 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $131.75, for a total transaction of $2,889,145.75. Following the sale, the director now owns 54,969 shares in the company, valued at approximately $7,242,165.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John S. Jenkins sold 2,990 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $131.97, for a total transaction of $394,590.30. Following the sale, the executive vice president now owns 18,406 shares in the company, valued at approximately $2,429,039.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,919 shares of company stock worth $4,203,806. 0.73% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Cowen lowered their price target on TE Connectivity from $160.00 to $125.00 and set a “market perform” rating for the company in a research report on Thursday, June 30th. Cowen cut their price objective on TE Connectivity from $160.00 to $125.00 and set a “market perform” rating for the company in a report on Thursday, June 30th. Morgan Stanley reduced their price objective on shares of 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. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $134.00 target price (down previously from $166.00) on shares of TE Connectivity in a report on Thursday, July 14th. Finally, The Goldman Sachs Group lowered their price target on TE Connectivity from $169.00 to $160.00 in a report on Wednesday, June 1st. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $148.00.

TE Connectivity Profile

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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.

See Also

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

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