Gamco Investors INC. ET AL reduced its stake in TE Connectivity Ltd (NYSE:TEL) by 9.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,213 shares of the electronics maker’s stock after selling 3,400 shares during the period. Gamco Investors INC. ET AL’s holdings in TE Connectivity were worth $2,990,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Chicago Equity Partners LLC purchased a new position in shares of TE Connectivity during the 2nd quarter valued at $770,000. Sompo Japan Nipponkoa Asset Management CO. LTD. raised its position in shares of TE Connectivity by 1.6% during the second quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. now owns 48,140 shares of the electronics maker’s stock valued at $4,611,000 after buying an additional 760 shares during the last quarter. Anchor Capital Advisors LLC increased its stake in TE Connectivity by 24.6% in the second quarter. Anchor Capital Advisors LLC now owns 241,621 shares of the electronics maker’s stock valued at $23,142,000 after acquiring an additional 47,641 shares during the period. Diamond Hill Capital Management Inc. increased its stake in TE Connectivity by 34.4% in the second quarter. Diamond Hill Capital Management Inc. now owns 5,806 shares of the electronics maker’s stock valued at $556,000 after acquiring an additional 1,485 shares during the period. Finally, Advisory Services Network LLC increased its stake in TE Connectivity by 38.3% in the second quarter. Advisory Services Network LLC now owns 653 shares of the electronics maker’s stock valued at $62,000 after acquiring an additional 181 shares during the period. Institutional investors own 90.56% of the company’s stock.
In other news, EVP John S. Jenkins sold 38,050 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $91.18, for a total value of $3,469,399.00. Following the sale, the executive vice president now directly owns 65,515 shares of the company’s stock, valued at $5,973,657.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Robert J. Ott sold 22,400 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $92.01, for a total transaction of $2,061,024.00. Following the completion of the sale, the senior vice president now directly owns 39,554 shares in the company, valued at $3,639,363.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 255,500 shares of company stock valued at $23,737,285. Company insiders own 0.80% of the company’s stock.
Shares of TE Connectivity stock opened at $96.69 on Friday. TE Connectivity Ltd has a 1 year low of $69.84 and a 1 year high of $97.99. The company has a current ratio of 1.47, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $32.17 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 1.62 and a beta of 1.21. The firm’s 50 day moving average is $91.21 and its 200 day moving average is $89.37.
TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $1.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.08. TE Connectivity had a net margin of 22.94% and a return on equity of 18.33%. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the company earned $1.43 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, research analysts anticipate that TE Connectivity Ltd will post 5.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 23rd were paid a $0.46 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.84 annualized dividend and a dividend yield of 1.90%. TE Connectivity’s payout ratio is 32.80%.
Several brokerages have weighed in on TEL. Longbow Research cut shares of TE Connectivity from a “buy” rating to a “neutral” rating and set a $90.66 price objective on the stock. in a research note on Monday, June 17th. Wells Fargo & Co lowered shares of TE Connectivity from an “outperform” rating to a “market perform” rating in a report on Thursday, July 25th. Cross Research lowered shares of TE Connectivity from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Goldman Sachs Group upgraded shares of TE Connectivity from a “neutral” rating to a “buy” rating and increased their target price for the stock from $92.00 to $105.00 in a report on Thursday, June 20th. Finally, Morgan Stanley lowered their price objective on shares of TE Connectivity from $100.00 to $98.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $92.21.
TE Connectivity Profile
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors 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.
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