3,220 Shares in TE Connectivity Ltd. (NYSE:TEL) Purchased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC purchased a new position in shares of TE Connectivity Ltd. (NYSE:TEL) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,220 shares of the electronics maker’s stock, valued at approximately $486,000.

Other hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc increased its stake in TE Connectivity by 209.8% in the second quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 128 shares during the period. Olistico Wealth LLC purchased a new stake in shares of TE Connectivity in the second quarter worth about $30,000. Armstrong Advisory Group Inc. raised its holdings in shares of TE Connectivity by 208.3% during the third quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock valued at $34,000 after acquiring an additional 150 shares during the last quarter. Wolff Wiese Magana LLC boosted its position in shares of TE Connectivity by 2,450.0% during the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after buying an additional 245 shares during the period. Finally, Family Firm Inc. acquired a new position in shares of TE Connectivity during the 2nd quarter worth about $43,000. Institutional investors own 91.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on TEL shares. StockNews.com assumed coverage on shares of TE Connectivity in a research note on Sunday, November 24th. They issued a “buy” rating on the stock. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Hsbc Global Res cut TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. HSBC cut shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a research report on Thursday, October 31st. Finally, Wells Fargo & Company lowered their target price on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, TE Connectivity currently has an average rating of “Hold” and a consensus price target of $159.55.

TE Connectivity Price Performance

TEL stock opened at $154.33 on Tuesday. The stock’s fifty day simple moving average is $149.34 and its 200-day simple moving average is $149.70. The stock has a market capitalization of $46.17 billion, a price-to-earnings ratio of 15.03, a price-to-earnings-growth ratio of 2.05 and a beta of 1.32. The company has a quick ratio of 1.08, a current ratio of 1.61 and a debt-to-equity ratio of 0.27. TE Connectivity Ltd. has a 52-week low of $128.52 and a 52-week high of $159.98.

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

TE Connectivity announced that its board has authorized a share repurchase 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is 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.