Piscataqua Savings Bank Makes New Investment in TE Connectivity Ltd. (NYSE:TEL)

Piscataqua Savings Bank acquired a new position in shares of TE Connectivity Ltd. (NYSE:TEL) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,727 shares of the electronics maker’s stock, valued at approximately $1,534,000. TE Connectivity makes up about 1.3% of Piscataqua Savings Bank’s investment portfolio, making the stock its 19th biggest position.

Other large investors also recently made changes to their positions in the company. Pinnacle Bancorp Inc. acquired a new stake in TE Connectivity in the fourth quarter valued at approximately $26,000. Armstrong Advisory Group Inc. lifted its holdings 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 purchasing an additional 150 shares in the last quarter. Wolff Wiese Magana LLC grew its position in TE Connectivity by 2,450.0% in the 3rd quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock valued at $39,000 after purchasing an additional 245 shares during the period. Hilltop National Bank acquired a new position in TE Connectivity during the fourth quarter worth $55,000. Finally, Webster Bank N. A. bought a new position in shares of TE Connectivity in the fourth quarter valued at $61,000. 91.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TEL has been the topic of a number of analyst reports. HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 target price on the stock in a report on Thursday. 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 note on Tuesday, October 1st. Truist Financial cut their target price on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research report on Thursday. Wells Fargo & Company increased their price target on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday. Finally, Bank of America upped their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, TE Connectivity has an average rating of “Moderate Buy” and a consensus price target of $167.00.

TE Connectivity Stock Performance

Shares of TEL opened at $154.64 on Monday. TE Connectivity Ltd. has a 12-month low of $137.61 and a 12-month high of $159.98. The company has a current ratio of 1.68, a quick ratio of 1.08 and a debt-to-equity ratio of 0.26. The company has a market cap of $46.16 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 2.12 and a beta of 1.32. The stock has a 50-day moving average price of $147.62 and a 200-day moving average price of $148.84.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.06. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3,916,310.63 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.84 earnings per share. As a group, equities analysts forecast that TE Connectivity Ltd. will post 8.1 earnings per share for the current fiscal year.

TE Connectivity announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 30th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership 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.