Eaton Vance Management Has $86.72 Million Position in TE Connectivity Ltd. (NYSE:TEL)

Eaton Vance Management grew its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 946.5% in the first quarter, Holdings Channel reports. The institutional investor owned 671,648 shares of the electronics maker’s stock after purchasing an additional 607,468 shares during the period. Eaton Vance Management’s holdings in TE Connectivity were worth $86,716,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. raised its position in TE Connectivity by 5.3% in the first quarter. BlackRock Inc. now owns 19,157,736 shares of the electronics maker’s stock worth $2,473,457,000 after purchasing an additional 963,748 shares in the last quarter. Clearbridge Investments LLC raised its position in TE Connectivity by 13.0% in the first quarter. Clearbridge Investments LLC now owns 11,108,776 shares of the electronics maker’s stock worth $1,434,254,000 after purchasing an additional 1,275,052 shares in the last quarter. Ameriprise Financial Inc. raised its position in TE Connectivity by 21.5% in the first quarter. Ameriprise Financial Inc. now owns 10,614,548 shares of the electronics maker’s stock worth $1,370,557,000 after purchasing an additional 1,875,492 shares in the last quarter. Janus Henderson Group PLC raised its position in TE Connectivity by 14.7% in the first quarter. Janus Henderson Group PLC now owns 7,513,393 shares of the electronics maker’s stock worth $970,068,000 after purchasing an additional 964,977 shares in the last quarter. Finally, Norges Bank acquired a new position in TE Connectivity in the fourth quarter worth about $732,174,000. 89.59% of the stock is owned by hedge funds and other institutional investors.

TEL has been the subject of several recent research reports. Citigroup increased their price target on shares of TE Connectivity from $130.00 to $145.00 in a research report on Thursday, April 22nd. Jefferies Financial Group raised their price objective on shares of TE Connectivity from $156.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, April 22nd. Truist Securities raised their price objective on shares of TE Connectivity from $131.00 to $139.00 and gave the stock a “hold” rating in a report on Thursday, April 22nd. Robert W. Baird raised their price objective on shares of TE Connectivity from $142.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday, April 22nd. Finally, Loop Capital raised their price objective on shares of TE Connectivity from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, April 23rd. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $216.40.

In other TE Connectivity news, SVP Eric Resch sold 23,900 shares of the firm’s stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $136.00, for a total value of $3,250,400.00. Following the transaction, the senior vice president now directly owns 49,963 shares of the company’s stock, valued at $6,794,968. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John S. Jenkins sold 9,140 shares of the firm’s stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $135.65, for a total transaction of $1,239,841.00. Following the completion of the transaction, the executive vice president now directly owns 24,710 shares in the company, valued at $3,351,911.50. The disclosure for this sale can be found here. 0.79% of the stock is currently owned by company insiders.

TEL opened at $139.30 on Thursday. TE Connectivity Ltd. has a one year low of $84.16 and a one year high of $139.58. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.47 and a quick ratio of 1.05. The firm’s 50 day moving average is $135.34. The company has a market capitalization of $46.00 billion, a PE ratio of 28.29, a P/E/G ratio of 2.11 and a beta of 1.35.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Tuesday, April 20th. The electronics maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.09. TE Connectivity had a net margin of 8.23% and a return on equity of 16.76%. The firm had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.52 billion. During the same period last year, the firm earned $1.29 earnings per share. The business’s revenue for the quarter was up 17.0% on a year-over-year basis. As a group, sell-side analysts anticipate that TE Connectivity Ltd. will post 6.16 EPS for the current fiscal year.

TE Connectivity declared that its Board of Directors has authorized a share repurchase program on Friday, June 11th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the electronics maker to repurchase up to 3.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is 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 AsiaƂ-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

Featured Story: Diluted Earnings Per Share

Want to see what other hedge funds are holding TEL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TE Connectivity Ltd. (NYSE:TEL).

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

Receive News & Ratings for TE Connectivity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TE Connectivity and related companies with MarketBeat.com's FREE daily email newsletter.