Meridian Investment Counsel Inc. Sells 175 Shares of TE Connectivity Ltd. (NYSE:TEL)

Meridian Investment Counsel Inc. trimmed its position in TE Connectivity Ltd. (NYSE:TEL) by 6.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,624 shares of the electronics maker’s stock after selling 175 shares during the period. Meridian Investment Counsel Inc.’s holdings in TE Connectivity were worth $396,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Simplicity Wealth LLC increased its stake in shares of TE Connectivity by 2.7% during the 2nd quarter. Simplicity Wealth LLC now owns 2,509 shares of the electronics maker’s stock worth $377,000 after purchasing an additional 67 shares during the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of TE Connectivity by 2.3% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 2,977 shares of the electronics maker’s stock worth $432,000 after acquiring an additional 68 shares during the period. Dorsey & Whitney Trust CO LLC grew its stake in shares of TE Connectivity by 3.9% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 1,835 shares of the electronics maker’s stock worth $267,000 after acquiring an additional 69 shares during the period. Optas LLC raised its stake in TE Connectivity by 4.2% in the 3rd quarter. Optas LLC now owns 1,778 shares of the electronics maker’s stock valued at $268,000 after acquiring an additional 71 shares during the period. Finally, Gradient Investments LLC raised its position in shares of TE Connectivity by 2.2% in the second quarter. Gradient Investments LLC now owns 3,602 shares of the electronics maker’s stock valued at $542,000 after purchasing an additional 76 shares during the period. Hedge funds and other institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Performance

NYSE:TEL opened at $148.35 on Friday. TE Connectivity Ltd. has a twelve month low of $128.52 and a twelve month 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. The firm’s fifty day simple moving average is $148.50 and its 200 day simple moving average is $149.24. The stock has a market cap of $44.38 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 2.10 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share 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 for the quarter, compared to analysts’ expectations of $4 billion. During the same period in the prior year, the firm earned $1.78 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. As a group, research analysts predict that TE Connectivity Ltd. will post 8.13 EPS for the current year.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TEL. StockNews.com started coverage on TE Connectivity in a report on Saturday. They set a “buy” rating on the stock. HSBC lowered shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price for the company. in a research report on Thursday, October 31st. Robert W. Baird increased their price target on shares of TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Truist Financial upped their target price on shares of TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Finally, The Goldman Sachs Group dropped their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, TE Connectivity presently has a consensus rating of “Hold” and a consensus target price of $159.55.

TE Connectivity Profile

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.