TE Connectivity (NYSE:TEL) Trading 4.5% Higher Following Earnings Beat

TE Connectivity Ltd. (NYSE:TEL) traded up 4.5% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $159.29 and last traded at $158.14. 450,317 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 1,940,436 shares. The stock had previously closed at $151.40.

The electronics maker reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.86 by $0.05. The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.01 billion. TE Connectivity had a return on equity of 18.53% and a net margin of 21.94%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.77 earnings per share.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Jefferies Financial Group assumed coverage on TE Connectivity in a research note on Tuesday, April 9th. They issued a “buy” rating and a $180.00 price target on the stock. Truist Financial upped their price target on TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research note on Thursday. Hsbc Global Res raised TE Connectivity to a “hold” rating in a research note on Wednesday. The Goldman Sachs Group reaffirmed a “buy” rating on shares of TE Connectivity in a research note on Monday, April 1st. Finally, Robert W. Baird upped their price target on TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, TE Connectivity has an average rating of “Hold” and an average price target of $158.45.

Insider Activity at TE Connectivity

In related news, insider Aaron Kyle Stucki sold 8,750 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $155.00, for a total transaction of $1,356,250.00. Following the sale, the insider now directly owns 20,556 shares of the company’s stock, valued at $3,186,180. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Mark Trudeau sold 7,044 shares of the stock in a transaction on Monday, April 29th. The stock was sold at an average price of $141.49, for a total transaction of $996,655.56. Following the sale, the director now directly owns 5,917 shares of the company’s stock, valued at $837,196.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Aaron Kyle Stucki sold 8,750 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $155.00, for a total value of $1,356,250.00. Following the sale, the insider now directly owns 20,556 shares in the company, valued at $3,186,180. The disclosure for this sale can be found here. Insiders have sold 20,794 shares of company stock valued at $3,102,206 over the last ninety days. Insiders own 0.86% of the company’s stock.

Institutional Investors Weigh In On TE Connectivity

Several institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in TE Connectivity by 54.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock valued at $2,265,218,000 after acquiring an additional 5,526,230 shares during the period. Norges Bank bought a new position in TE Connectivity in the fourth quarter valued at about $693,985,000. First Trust Advisors LP lifted its holdings in TE Connectivity by 150.9% in the fourth quarter. First Trust Advisors LP now owns 2,143,423 shares of the electronics maker’s stock valued at $301,151,000 after acquiring an additional 1,289,230 shares during the period. Assenagon Asset Management S.A. lifted its holdings in TE Connectivity by 1,000.5% in the first quarter. Assenagon Asset Management S.A. now owns 1,335,477 shares of the electronics maker’s stock valued at $193,965,000 after acquiring an additional 1,214,122 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in TE Connectivity by 12.5% in the fourth quarter. Wellington Management Group LLP now owns 3,630,003 shares of the electronics maker’s stock valued at $510,015,000 after acquiring an additional 403,750 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Stock Performance

The business has a fifty day simple moving average of $151.13 and a two-hundred day simple moving average of $144.95. The company has a quick ratio of 0.92, a current ratio of 1.51 and a debt-to-equity ratio of 0.23. The company has a market cap of $47.32 billion, a P/E ratio of 14.14, a P/E/G ratio of 2.14 and a beta of 1.33.

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.