DODGE & COX Declares Ownership of Stake in TE Connectivity Ltd (TEL)
DODGE & COX
revealed that they own 7.8% of TE Connectivity Ltd (NYSE:TEL) in a Form 13G/A disclosure that was filed with the Securities and Exchange Commission on Monday, March 20th. The investor owns 27,613,647 shares of the stock valued at approximately $2,102,226,946. The disclosure is available through the SEC website at this hyperlink.
DODGE & COX
provided the following explanation of their ownership:
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Other large investors have also modified their holdings of the company. Dodge & Cox acquired a new stake in shares of TE Connectivity during the fourth quarter worth $1,913,073,000. State Street Corp increased its stake in TE Connectivity by 2.8% in the fourth quarter. State Street Corp now owns 13,363,817 shares of the company’s stock valued at $925,848,000 after buying an additional 364,644 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in TE Connectivity by 24.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 11,936,361 shares of the company’s stock valued at $768,463,000 after buying an additional 2,348,403 shares in the last quarter. Boston Partners increased its stake in TE Connectivity by 21.5% in the third quarter. Boston Partners now owns 10,886,199 shares of the company’s stock valued at $700,854,000 after buying an additional 1,922,737 shares in the last quarter. Finally, Longview Partners Guernsey LTD increased its stake in TE Connectivity by 2.0% in the third quarter. Longview Partners Guernsey LTD now owns 10,481,429 shares of the company’s stock valued at $674,794,000 after buying an additional 205,386 shares in the last quarter. Institutional investors and hedge funds own 91.08% of the company’s stock.
TE Connectivity Ltd (NYSE:TEL) traded down 0.07% during midday trading on Monday, hitting $76.08. The stock had a trading volume of 811,593 shares. The company has a market cap of $27.03 billion, a P/E ratio of 13.31 and a beta of 1.16. The firm’s 50-day moving average price is $75.08 and its 200 day moving average price is $68.37. TE Connectivity Ltd has a 12 month low of $54.54 and a 12 month high of $76.77.
TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, January 25th. The company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.15. The company earned $3.10 billion during the quarter, compared to analysts’ expectations of $3 billion. TE Connectivity had a return on equity of 19.26% and a net margin of 16.56%. TE Connectivity’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.84 EPS. On average, analysts expect that TE Connectivity Ltd will post $4.43 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 24th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend was Wednesday, February 22nd. TE Connectivity’s dividend payout ratio is presently 25.92%.
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Several equities research analysts have recently commented on the company. Longbow Research upgraded TE Connectivity from a “neutral” rating to a “buy” rating in a report on Thursday, January 12th. Zacks Investment Research upgraded TE Connectivity from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a report on Tuesday, March 14th. Stifel Nicolaus boosted their price objective on TE Connectivity from $75.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, January 26th. Finally, Goldman Sachs Group Inc downgraded TE Connectivity from a “neutral” rating to a “sell” rating and boosted their price objective for the company from $63.00 to $64.00 in a report on Wednesday, January 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. TE Connectivity presently has an average rating of “Buy” and a consensus target price of $72.00.
In related news, CEO Thomas J. Lynch sold 131,875 shares of the stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $75.93, for a total transaction of $10,013,268.75. Following the completion of the sale, the chief executive officer now directly owns 318,787 shares in the company, valued at approximately $24,205,496.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas J. Lynch sold 123,633 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $68.87, for a total value of $8,514,604.71. Following the sale, the chief executive officer now owns 462,388 shares of the company’s stock, valued at $31,844,661.56. The disclosure for this sale can be found here. Insiders have sold a total of 588,013 shares of company stock valued at $43,308,574 over the last 90 days. 1.49% of the stock is currently owned by company insiders.
TE Connectivity Company Profile
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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