Texas Permanent School Fund Sells 3,062 Shares of TE Connectivity Ltd. (NYSE:TEL)

Texas Permanent School Fund cut its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 5.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,253 shares of the electronics maker’s stock after selling 3,062 shares during the period. Texas Permanent School Fund’s holdings in TE Connectivity were worth $7,134,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TEL. Louisiana State Employees Retirement System grew its position in TE Connectivity by 22.0% during the 4th quarter. Louisiana State Employees Retirement System now owns 20,500 shares of the electronics maker’s stock worth $2,482,000 after acquiring an additional 3,700 shares during the last quarter. Huntington National Bank boosted its position in TE Connectivity by 8.2% in the 4th quarter. Huntington National Bank now owns 2,176 shares of the electronics maker’s stock valued at $263,000 after buying an additional 164 shares during the last quarter. Sowell Financial Services LLC boosted its position in TE Connectivity by 39.7% in the 4th quarter. Sowell Financial Services LLC now owns 3,140 shares of the electronics maker’s stock valued at $380,000 after buying an additional 893 shares during the last quarter. Global Retirement Partners LLC boosted its position in TE Connectivity by 93.8% in the 4th quarter. Global Retirement Partners LLC now owns 5,327 shares of the electronics maker’s stock valued at $645,000 after buying an additional 2,578 shares during the last quarter. Finally, James Hambro & Partners bought a new position in TE Connectivity in the 4th quarter valued at $420,000. Institutional investors and hedge funds own 91.35% of the company’s stock.

TEL opened at $133.79 on Wednesday. The business’s 50-day moving average price is $132.15 and its two-hundred day moving average price is $123.80. TE Connectivity Ltd. has a 1 year low of $66.61 and a 1 year high of $138.99. The company has a market capitalization of $44.18 billion, a price-to-earnings ratio of -185.82, a P/E/G ratio of 2.35 and a beta of 1.41. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.57 and a quick ratio of 1.04.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Tuesday, April 20th. The electronics maker reported $1.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.09. The firm had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.52 billion. TE Connectivity had a positive return on equity of 14.86% and a negative net margin of 1.98%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter last year, the business posted $1.29 EPS. Sell-side analysts anticipate that TE Connectivity Ltd. will post 5.3 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 4th. Investors of record on Friday, February 18th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Thursday, February 17th. TE Connectivity’s dividend payout ratio is currently 45.07%.

A number of brokerages have commented on TEL. Robert W. Baird increased their price objective on TE Connectivity from $142.00 to $145.00 and gave the company an “outperform” rating in a research report on Thursday, April 22nd. Zacks Investment Research lowered TE Connectivity from a “buy” rating to a “hold” rating and set a $140.00 price objective on the stock. in a research report on Monday, April 19th. Truist raised their price target on TE Connectivity from $139.00 to $1,315.00 in a research report on Thursday, April 22nd. Jefferies Financial Group raised their price target on TE Connectivity from $156.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, April 28th. Finally, Citigroup raised their price target on TE Connectivity from $130.00 to $145.00 in a research report on Thursday, April 22nd. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $216.40.

In other news, insider Steven T. Merkt sold 142,545 shares of the company’s stock in a transaction on Monday, February 22nd. The shares were sold at an average price of $130.53, for a total transaction of $18,606,398.85. Following the completion of the transaction, the insider now directly owns 115,450 shares in the company, valued at $15,069,688.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert J. Ott sold 32,500 shares of the company’s stock in a transaction on Friday, February 19th. The stock was sold at an average price of $131.50, for a total transaction of $4,273,750.00. Following the transaction, the senior vice president now owns 37,357 shares of the company’s stock, valued at $4,912,445.50. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.

About TE Connectivity

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the AsiaƂ-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

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Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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