Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 769.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 112,401 shares of the electronics maker’s stock after buying an additional 99,466 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in TE Connectivity were worth $16,997,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TEL. Versant Capital Management Inc boosted its stake in TE Connectivity by 209.8% during the second quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock worth $28,000 after acquiring an additional 128 shares in the last quarter. Olistico Wealth LLC bought a new stake in shares of TE Connectivity in the 2nd quarter worth approximately $30,000. Armstrong Advisory Group Inc. grew its stake in shares of TE Connectivity by 208.3% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock worth $34,000 after buying an additional 150 shares during the last quarter. Bank & Trust Co purchased a new position in TE Connectivity during the second quarter valued at $35,000. Finally, Wolff Wiese Magana LLC boosted its holdings in TE Connectivity by 2,450.0% in the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 245 shares in the last quarter. Institutional investors own 91.43% of the company’s stock.

Wall Street Analyst Weigh In

TEL has been the subject of several recent analyst reports. Wells Fargo & Company lowered their price target on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. HSBC lowered shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a report on Thursday, October 31st. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. Truist Financial upped their price target on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Finally, StockNews.com assumed coverage on TE Connectivity in a research report on Saturday, November 16th. They issued a “buy” rating for the company. One 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, TE Connectivity presently has an average rating of “Hold” and a consensus price target of $159.55.

TE Connectivity Price Performance

Shares of TE Connectivity stock opened at $147.88 on Thursday. The stock has a market cap of $44.24 billion, a P/E ratio of 14.40, a P/E/G ratio of 2.00 and a beta of 1.33. 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 stock’s fifty day moving average is $148.70 and its 200 day moving average is $149.44. TE Connectivity Ltd. has a one year low of $128.52 and a one year high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The firm had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $4 billion. During the same period in the previous year, the firm earned $1.78 EPS. The business’s quarterly revenue was up .8% on a year-over-year basis. Sell-side analysts anticipate that TE Connectivity Ltd. will post 8.14 earnings per share for the current year.

TE Connectivity Announces Dividend

The company also recently announced a dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 25th will be issued a $0.65 dividend. This represents a yield of 1.75%. The ex-dividend date is Friday, November 22nd. TE Connectivity’s dividend payout ratio is currently 25.32%.

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

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.