TE Connectivity Ltd. (TEL) Shares Bought by California Public Employees Retirement System
California Public Employees Retirement System increased its stake in TE Connectivity Ltd. (NYSE:TEL) by 1.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 959,484 shares of the electronics maker’s stock after acquiring an additional 16,079 shares during the period. California Public Employees Retirement System owned approximately 0.27% of TE Connectivity worth $79,695,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in TEL. Northwestern Mutual Wealth Management Co. raised its holdings in TE Connectivity by 38.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock valued at $109,000 after buying an additional 384 shares during the period. AllSquare Wealth Management LLC purchased a new position in TE Connectivity in the third quarter valued at approximately $113,000. Acrospire Investment Management LLC purchased a new stake in shares of TE Connectivity during the second quarter valued at approximately $126,000. Harfst & Associates Inc. raised its stake in shares of TE Connectivity by 46.2% during the second quarter. Harfst & Associates Inc. now owns 1,722 shares of the electronics maker’s stock valued at $135,000 after purchasing an additional 544 shares during the period. Finally, Robecosam AG purchased a new stake in shares of TE Connectivity during the third quarter valued at approximately $155,000. 90.22% of the stock is currently owned by institutional investors and hedge funds.
In other TE Connectivity news, SVP Mario Calastri sold 8,539 shares of TE Connectivity stock in a transaction on Monday, November 6th. The shares were sold at an average price of $93.27, for a total value of $796,432.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Robert J. Ott sold 20,000 shares of TE Connectivity stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $95.78, for a total transaction of $1,915,600.00. Following the completion of the transaction, the senior vice president now directly owns 31,390 shares of the company’s stock, valued at approximately $3,006,534.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 759,805 shares of company stock valued at $69,542,539. 1.49% of the stock is currently owned by corporate insiders.
TEL has been the topic of a number of analyst reports. Stifel Nicolaus reiterated a “buy” rating and set a $87.00 price objective on shares of TE Connectivity in a research note on Tuesday, October 17th. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research note on Monday, September 4th. Royal Bank of Canada reiterated a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of TE Connectivity in a research note on Monday, October 30th. Citigroup lifted their price objective on shares of TE Connectivity from $92.00 to $106.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. Finally, Cross Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a research note on Friday, December 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company’s stock. TE Connectivity has an average rating of “Buy” and a consensus price target of $151.07.
TE Connectivity Ltd. (NYSE TEL) traded up $0.61 during mid-day trading on Wednesday, hitting $95.65. 2,005,400 shares of the stock were exchanged, compared to its average volume of 1,445,480. TE Connectivity Ltd. has a twelve month low of $66.20 and a twelve month high of $96.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.54 and a quick ratio of 1.07. The firm has a market capitalization of $33,419.60, a P/E ratio of 19.68, a P/E/G ratio of 1.65 and a beta of 1.08.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, November 1st. The electronics maker reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $3.46 billion during the quarter, compared to the consensus estimate of $3.28 billion. TE Connectivity had a net margin of 12.84% and a return on equity of 18.97%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.22 earnings per share. research analysts forecast that TE Connectivity Ltd. will post 5.27 EPS for the current fiscal year.
TE Connectivity declared that its Board of Directors has initiated a stock repurchase plan on Friday, December 8th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the electronics maker to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Shareholders of record on Friday, November 24th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date was Wednesday, November 22nd. TE Connectivity’s dividend payout ratio is presently 33.97%.
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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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