Wrapmanager Inc. Sells 1,906 Shares of TE Connectivity Ltd. (NYSE:TEL)

Wrapmanager Inc. reduced its holdings in TE Connectivity Ltd. (NYSE:TEL) by 33.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,832 shares of the electronics maker’s stock after selling 1,906 shares during the quarter. Wrapmanager Inc.’s holdings in TE Connectivity were worth $579,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State Board of Administration of Florida Retirement System boosted its position in TE Connectivity by 3.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 31,715 shares of the electronics maker’s stock worth $4,606,000 after acquiring an additional 1,100 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in TE Connectivity by 37.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 32,410 shares of the electronics maker’s stock worth $4,707,000 after acquiring an additional 8,894 shares during the last quarter. Seven Eight Capital LP boosted its position in TE Connectivity by 29.2% during the 1st quarter. Seven Eight Capital LP now owns 7,385 shares of the electronics maker’s stock worth $1,073,000 after acquiring an additional 1,667 shares during the last quarter. Lake Street Advisors Group LLC boosted its position in TE Connectivity by 63.3% during the 1st quarter. Lake Street Advisors Group LLC now owns 2,527 shares of the electronics maker’s stock worth $367,000 after acquiring an additional 980 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in TE Connectivity by 5.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 283,128 shares of the electronics maker’s stock worth $41,117,000 after acquiring an additional 15,052 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TEL has been the subject of several recent analyst reports. Wolfe Research raised TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. The Goldman Sachs Group cut their price objective on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Truist Financial increased their price objective on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Hsbc Global Res downgraded TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. Finally, StockNews.com initiated coverage on TE Connectivity in a report on Saturday. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, TE Connectivity currently has a consensus rating of “Hold” and a consensus target price of $159.55.

TE Connectivity Stock Performance

TEL opened at $148.36 on Tuesday. The firm has a market cap of $44.38 billion, a P/E ratio of 14.45, a price-to-earnings-growth ratio of 2.02 and a beta of 1.33. TE Connectivity Ltd. has a 52-week low of $128.52 and a 52-week high of $159.98. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. The business’s fifty day moving average is $148.57 and its 200-day moving average is $149.42.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.95. The company had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. TE Connectivity’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.78 EPS. Sell-side analysts expect that TE Connectivity Ltd. will post 8.13 EPS for the current fiscal year.

TE Connectivity announced that its Board of Directors has approved a share buyback plan on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

TE Connectivity Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 25th will be paid a $0.65 dividend. This represents a yield of 1.75%. The ex-dividend date of this dividend is Friday, November 22nd. TE Connectivity’s dividend payout ratio (DPR) is presently 25.32%.

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.