PGGM Investments Sells 1,285 Shares of TE Connectivity Ltd. (NYSE:TEL)

PGGM Investments reduced its stake in TE Connectivity Ltd. (NYSE:TEL) by 1.7% in the 4th quarter, HoldingsChannel reports. The firm owned 75,183 shares of the electronics maker’s stock after selling 1,285 shares during the quarter. PGGM Investments’ holdings in TE Connectivity were worth $10,563,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TEL. Qube Research & Technologies Ltd bought a new stake in TE Connectivity in the third quarter valued at $165,640,000. Assenagon Asset Management S.A. increased its stake in TE Connectivity by 273.5% in the third quarter. Assenagon Asset Management S.A. now owns 651,291 shares of the electronics maker’s stock valued at $80,454,000 after purchasing an additional 476,929 shares in the last quarter. Morgan Stanley increased its stake in TE Connectivity by 11.7% in the third quarter. Morgan Stanley now owns 3,738,943 shares of the electronics maker’s stock valued at $461,872,000 after purchasing an additional 390,723 shares in the last quarter. JPMorgan Chase & Co. increased its stake in TE Connectivity by 61.5% in the third quarter. JPMorgan Chase & Co. now owns 957,084 shares of the electronics maker’s stock valued at $118,229,000 after purchasing an additional 364,377 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in TE Connectivity by 251.3% in the third quarter. Hsbc Holdings PLC now owns 386,082 shares of the electronics maker’s stock valued at $47,675,000 after purchasing an additional 276,183 shares in the last quarter. 91.43% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Steven T. Merkt sold 99,777 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $144.00, for a total transaction of $14,367,888.00. Following the completion of the transaction, the insider now directly owns 30,459 shares of the company’s stock, valued at approximately $4,386,096. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.86% of the company’s stock.

Wall Street Analysts Forecast Growth

TEL has been the subject of a number of analyst reports. The Goldman Sachs Group reiterated a “buy” rating on shares of TE Connectivity in a report on Monday, April 1st. Truist Financial lifted their price objective on shares of TE Connectivity from $148.00 to $153.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Jefferies Financial Group initiated coverage on shares of TE Connectivity in a report on Tuesday, April 9th. They set a “buy” rating and a $180.00 price objective for the company. Stifel Nicolaus lifted their price objective on shares of TE Connectivity from $140.00 to $145.00 and gave the company a “hold” rating in a report on Thursday, January 25th. Finally, Citigroup initiated coverage on shares of TE Connectivity in a report on Friday, January 5th. They set a “neutral” rating and a $146.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $153.50.

TE Connectivity Stock Down 0.2 %

TE Connectivity stock traded down $0.27 during midday trading on Friday, hitting $140.21. 2,653,836 shares of the stock were exchanged, compared to its average volume of 2,201,407. TE Connectivity Ltd. has a 52-week low of $115.00 and a 52-week high of $147.98. The stock has a market capitalization of $43.58 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 2.05 and a beta of 1.39. The business’s 50-day moving average price is $142.55 and its 200-day moving average price is $136.26. The company has a quick ratio of 1.16, a current ratio of 1.45 and a debt-to-equity ratio of 0.24.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, April 24th. The electronics maker reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.03. TE Connectivity had a net margin of 21.63% and a return on equity of 18.80%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same period in the previous year, the company earned $1.65 earnings per share. The firm’s revenue for the quarter was down 4.6% compared to the same quarter last year. On average, research analysts expect that TE Connectivity Ltd. will post 7.55 EPS for the current fiscal year.

TE Connectivity Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 21st will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend is Friday, February 21st. TE Connectivity’s dividend payout ratio is currently 21.59%.

TE Connectivity Profile

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.