Scotia Capital Inc. lessened its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,018 shares of the electronics maker’s stock after selling 230 shares during the period. Scotia Capital Inc.’s holdings in TE Connectivity were worth $3,306,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of TEL. Guardian Life Insurance Co. of America lifted its position in shares of TE Connectivity by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,370 shares of the electronics maker’s stock valued at $102,000 after buying an additional 9 shares during the last quarter. Duncker Streett & Co. Inc. lifted its position in shares of TE Connectivity by 17.8% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 1,325 shares of the electronics maker’s stock valued at $104,000 after buying an additional 200 shares during the last quarter. First Command Bank lifted its position in shares of TE Connectivity by 19.6% during the 2nd quarter. First Command Bank now owns 1,348 shares of the electronics maker’s stock valued at $106,000 after buying an additional 221 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of TE Connectivity by 38.6% during the 2nd 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 last quarter. Finally, Acrospire Investment Management LLC purchased a new position in shares of TE Connectivity during the 2nd quarter valued at $126,000. 90.08% of the stock is currently owned by hedge funds and other institutional investors.
In related news, COO Joseph B. Donahue sold 52,575 shares of TE Connectivity stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $80.03, for a total transaction of $4,207,577.25. Following the transaction, the chief operating officer now directly owns 93,484 shares in the company, valued at $7,481,524.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas J. Lynch sold 130,616 shares of TE Connectivity stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $83.37, for a total value of $10,889,455.92. Following the transaction, the insider now owns 429,499 shares in the company, valued at $35,807,331.63. The disclosure for this sale can be found here. Insiders have sold 693,747 shares of company stock worth $55,780,069 over the last quarter. 1.30% of the stock is owned by company insiders.
TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, July 26th. The electronics maker reported $1.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.07. The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.28 billion. TE Connectivity had a return on equity of 19.76% and a net margin of 12.98%. TE Connectivity’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.08 earnings per share.
A number of research analysts have recently commented on TEL shares. Royal Bank Of Canada upped their price target on TE Connectivity from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, June 27th. BidaskClub cut TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Cowen and Company reaffirmed a “buy” rating and set a $95.00 price target on shares of TE Connectivity in a research report on Thursday, August 10th. Finally, Zacks Investment Research cut TE Connectivity from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $84.14.
About TE Connectivity
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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