Nordea Investment Management AB Decreases Holdings in TE Connectivity Ltd (NYSE:TEL)
Nordea Investment Management AB reduced its stake in TE Connectivity Ltd (NYSE:TEL) by 5.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,291,897 shares of the electronics maker’s stock after selling 136,708 shares during the period. Nordea Investment Management AB’s holdings in TE Connectivity were worth $185,070,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. MML Investors Services LLC lifted its position in TE Connectivity by 8.2% in the fourth quarter. MML Investors Services LLC now owns 7,651 shares of the electronics maker’s stock valued at $579,000 after purchasing an additional 577 shares during the period. Legal & General Group Plc lifted its position in TE Connectivity by 21.5% in the fourth quarter. Legal & General Group Plc now owns 2,052,335 shares of the electronics maker’s stock valued at $155,047,000 after purchasing an additional 362,868 shares during the period. Rockefeller Capital Management L.P. lifted its position in TE Connectivity by 854,554.5% in the first quarter. Rockefeller Capital Management L.P. now owns 846,108 shares of the electronics maker’s stock valued at $68,324,000 after purchasing an additional 846,009 shares during the period. Squarepoint Ops LLC lifted its position in TE Connectivity by 9.8% in the fourth quarter. Squarepoint Ops LLC now owns 287,614 shares of the electronics maker’s stock valued at $21,752,000 after purchasing an additional 25,761 shares during the period. Finally, CWM Advisors LLC lifted its position in TE Connectivity by 16.1% in the fourth quarter. CWM Advisors LLC now owns 7,065 shares of the electronics maker’s stock valued at $534,000 after purchasing an additional 981 shares during the period. Hedge funds and other institutional investors own 91.15% of the company’s stock.
A number of equities research analysts recently commented on the stock. HC Wainwright restated a “sell” rating on shares of TE Connectivity in a research report on Friday, May 3rd. Zacks Investment Research downgraded shares of TE Connectivity from a “hold” rating to a “sell” rating in a research report on Wednesday, April 17th. ValuEngine downgraded shares of TE Connectivity from a “hold” rating to a “sell” rating in a research report on Thursday, February 28th. Finally, Longbow Research downgraded shares of TE Connectivity from a “buy” rating to a “neutral” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $94.43.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, April 24th. The electronics maker reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.15. TE Connectivity had a net margin of 20.17% and a return on equity of 18.78%. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same period last year, the firm earned $1.42 EPS. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, analysts forecast that TE Connectivity Ltd will post 5.61 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 24th were given a dividend of $0.46 per share. This is an increase from TE Connectivity’s previous quarterly dividend of $0.44. This represents a $1.84 annualized dividend and a dividend yield of 2.03%. The ex-dividend date was Thursday, May 23rd. TE Connectivity’s payout ratio is currently 32.80%.
In related news, insider Kevin N. Rock sold 26,803 shares of TE Connectivity stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $95.04, for a total transaction of $2,547,357.12. Following the completion of the transaction, the insider now directly owns 67,361 shares in the company, valued at approximately $6,401,989.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas J. Lynch sold 42,239 shares of TE Connectivity stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $95.11, for a total value of $4,017,351.29. Following the transaction, the director now owns 208,121 shares of the company’s stock, valued at $19,794,388.31. The disclosure for this sale can be found here. Insiders have sold a total of 299,383 shares of company stock valued at $28,368,769 over the last 90 days. Insiders own 0.80% of the company’s stock.
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TE Connectivity Profile
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors 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.
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