Y Intercept Hong Kong Ltd Sells 16,971 Shares of TE Connectivity Ltd. (NYSE:TEL)

Y Intercept Hong Kong Ltd cut its holdings in TE Connectivity Ltd. (NYSE:TEL) by 85.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,804 shares of the electronics maker’s stock after selling 16,971 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in TE Connectivity were worth $423,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. State Street Corp boosted its holdings in TE Connectivity by 2.1% in the third quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock worth $1,940,615,000 after acquiring an additional 268,837 shares in the last quarter. Ameriprise Financial Inc. grew its position in TE Connectivity by 26.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after purchasing an additional 1,304,199 shares during the last quarter. EdgePoint Investment Group Inc. raised its holdings in TE Connectivity by 26.0% in the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock worth $508,481,000 after buying an additional 694,917 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of TE Connectivity by 7.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,118,636 shares of the electronics maker’s stock worth $469,113,000 after buying an additional 223,842 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of TE Connectivity by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,762,099 shares of the electronics maker’s stock valued at $266,059,000 after acquiring an additional 9,864 shares in the last quarter. 91.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on TEL shares. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Wells Fargo & Company reduced their price objective on TE Connectivity from $153.00 to $151.00 and set an “equal weight” rating for the company in a report on Monday. Hsbc Global Res cut shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. The Goldman Sachs Group decreased their price objective on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, StockNews.com raised shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $159.36.

TE Connectivity Stock Performance

Shares of TEL opened at $149.95 on Tuesday. TE Connectivity Ltd. has a 52 week low of $128.52 and a 52 week 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 stock has a market cap of $44.86 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 2.04 and a beta of 1.32. The business has a 50-day simple moving average of $150.21 and a two-hundred day simple moving average of $149.78.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting analysts’ consensus estimates of $1.95. The company had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The firm’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business earned $1.78 EPS. On average, analysts expect that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity announced that its board has approved a share buyback plan on Wednesday, October 30th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

About TE Connectivity

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.