Teacher Retirement System of Texas Sells 62,653 Shares of TE Connectivity Ltd (TEL)
Teacher Retirement System of Texas cut its holdings in shares of TE Connectivity Ltd (NYSE:TEL) by 32.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 131,806 shares of the electronics maker’s stock after selling 62,653 shares during the quarter. Teacher Retirement System of Texas’ holdings in TE Connectivity were worth $12,527,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. AllSquare Wealth Management LLC acquired a new stake in TE Connectivity during the 3rd quarter worth approximately $113,000. Robecosam AG acquired a new stake in TE Connectivity during the 3rd quarter worth approximately $155,000. BB&T Investment Services Inc. boosted its position in TE Connectivity by 87.3% during the 3rd quarter. BB&T Investment Services Inc. now owns 2,038 shares of the electronics maker’s stock worth $168,000 after buying an additional 950 shares during the period. Courier Capital LLC acquired a new stake in TE Connectivity during the 4th quarter worth approximately $207,000. Finally, Dean Capital Investments Management LLC acquired a new stake in TE Connectivity during the 4th quarter worth approximately $212,000. Institutional investors and hedge funds own 89.58% of the company’s stock.
Several equities research analysts recently commented on TEL shares. Wells Fargo & Co lifted their target price on shares of TE Connectivity from $112.00 to $120.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a research report on Monday, January 15th. Royal Bank of Canada reiterated a “buy” rating and set a $95.00 target price (up from $90.00) on shares of TE Connectivity in a research report on Monday, October 30th. Stifel Nicolaus restated a “buy” rating and issued a $98.00 price target on shares of TE Connectivity in a research report on Friday, November 3rd. Finally, Morgan Stanley boosted their price target on shares of TE Connectivity from $97.00 to $102.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $137.09.
TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.15. The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.39 billion. TE Connectivity had a net margin of 9.12% and a return on equity of 19.49%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.15 EPS. equities research analysts forecast that TE Connectivity Ltd will post 5.48 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Stockholders of record on Friday, February 23rd will be given a $0.40 dividend. The ex-dividend date is Thursday, February 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.62%. TE Connectivity’s dividend payout ratio (DPR) is currently 46.24%.
TE Connectivity announced that its board has authorized a stock repurchase plan on Friday, December 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the electronics maker to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, insider Terrence R. Curtin sold 142,450 shares of TE Connectivity stock in a transaction on Monday, January 29th. The shares were sold at an average price of $104.24, for a total value of $14,848,988.00. Following the completion of the sale, the insider now owns 200,258 shares in the company, valued at approximately $20,874,893.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Joseph B. Donahue sold 1,238 shares of TE Connectivity stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $93.23, for a total transaction of $115,418.74. Following the completion of the sale, the chief operating officer now owns 52,134 shares of the company’s stock, valued at approximately $4,860,452.82. The disclosure for this sale can be found here. Insiders sold a total of 659,434 shares of company stock valued at $64,534,223 in the last quarter. 0.70% of the stock is currently owned by company insiders.
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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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