Northwest & Ethical Investments L.P. Sells 16,819 Shares of TE Connectivity Ltd. (NYSE:TEL)

Northwest & Ethical Investments L.P. cut its holdings in TE Connectivity Ltd. (NYSE:TEL) by 8.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 182,681 shares of the electronics maker’s stock after selling 16,819 shares during the period. Northwest & Ethical Investments L.P.’s holdings in TE Connectivity were worth $27,583,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TEL. Ameriprise Financial Inc. increased its holdings in shares of TE Connectivity by 26.2% in the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after buying an additional 1,304,199 shares during the period. Point72 Asset Management L.P. increased its stake in TE Connectivity by 238.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock worth $108,212,000 after purchasing an additional 506,754 shares during the period. Bank of Montreal Can boosted its stake in shares of TE Connectivity by 43.0% during the second quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock valued at $174,955,000 after purchasing an additional 347,315 shares during the period. Toronto Dominion Bank grew its holdings in shares of TE Connectivity by 141.3% in the second quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock worth $70,445,000 after purchasing an additional 274,206 shares during the last quarter. Finally, Mizuho Securities USA LLC grew its holdings in shares of TE Connectivity by 982.6% in the third quarter. Mizuho Securities USA LLC now owns 255,659 shares of the electronics maker’s stock worth $38,602,000 after purchasing an additional 232,044 shares during the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TEL has been the subject of several analyst reports. Wells Fargo & Company dropped their price target on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. Bank of America reduced their price target on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. The Goldman Sachs Group dropped their price objective on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, HSBC lowered TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective on the stock. in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $159.55.

TE Connectivity Stock Performance

TEL traded up $1.27 during trading on Thursday, hitting $151.13. The company’s stock had a trading volume of 1,099,576 shares, compared to its average volume of 1,817,419. The business’s 50 day simple moving average is $149.24 and its 200-day simple moving average is $149.68. The firm has a market cap of $45.21 billion, a PE ratio of 14.72, a P/E/G ratio of 2.07 and a beta of 1.33. TE Connectivity Ltd. has a one year low of $128.52 and a one year 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.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting the consensus estimate of $1.95. The company had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. TE Connectivity’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.78 earnings per share. As a group, sell-side analysts predict that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.

TE Connectivity declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors 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.