TE Connectivity (NYSE:TEL) Downgraded to Moderate Sell Rating by Hsbc Global Res

Hsbc Global Res cut shares of TE Connectivity (NYSE:TEL) from a hold rating to a moderate sell rating in a report published on Thursday, Zacks.com reports.

Other equities research analysts have also issued reports about the company. HSBC lowered TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price target for the company. in a research report on Thursday. Truist Financial upped their price target on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Bank of America dropped their price target on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Finally, The Goldman Sachs Group lowered their price objective on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, TE Connectivity currently has a consensus rating of “Hold” and a consensus price target of $159.55.

TE Connectivity Stock Performance

NYSE TEL opened at $147.42 on Thursday. TE Connectivity has a twelve month low of $116.01 and a twelve month high of $159.98. The stock has a 50-day moving average of $148.00 and a 200 day moving average of $148.39. The company has a current ratio of 1.61, a quick ratio of 0.99 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $44.80 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.95 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting the consensus estimate of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4 billion. During the same period in the previous year, the business earned $1.78 EPS. TE Connectivity’s quarterly revenue was up .8% on a year-over-year basis. Sell-side analysts anticipate that TE Connectivity will post 8.15 EPS for the current fiscal year.

TE Connectivity announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Trading of TE Connectivity

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its stake in shares of TE Connectivity by 25.3% in the first quarter. Russell Investments Group Ltd. now owns 287,942 shares of the electronics maker’s stock valued at $41,811,000 after acquiring an additional 58,219 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of TE Connectivity by 17.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 361,166 shares of the electronics maker’s stock valued at $52,456,000 after acquiring an additional 52,824 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of TE Connectivity by 72.8% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 321,687 shares of the electronics maker’s stock valued at $46,537,000 after acquiring an additional 135,548 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of TE Connectivity in the second quarter valued at $15,847,000. Finally, Headlands Technologies LLC increased its holdings in TE Connectivity by 2,037.3% in the first quarter. Headlands Technologies LLC now owns 3,612 shares of the electronics maker’s stock valued at $525,000 after buying an additional 3,443 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

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.