Renaissance Technologies LLC boosted its stake in TE Connectivity Ltd. (NYSE:TEL) by 398.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 240,600 shares of the electronics maker’s stock after purchasing an additional 192,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.07% of TE Connectivity worth $18,930,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of TEL. BlackRock Inc. boosted its stake in TE Connectivity by 1,777.1% in the 1st quarter. BlackRock Inc. now owns 17,203,935 shares of the electronics maker’s stock worth $1,282,551,000 after purchasing an additional 16,287,414 shares during the period. First Eagle Investment Management LLC boosted its stake in TE Connectivity by 112,210.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,684,659 shares of the electronics maker’s stock worth $132,549,000 after purchasing an additional 1,683,159 shares during the period. PNC Financial Services Group Inc. boosted its stake in TE Connectivity by 499.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,386,610 shares of the electronics maker’s stock worth $109,098,000 after purchasing an additional 1,155,316 shares during the period. Vanguard Group Inc. boosted its stake in TE Connectivity by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 22,790,216 shares of the electronics maker’s stock worth $1,699,010,000 after purchasing an additional 796,516 shares during the period. Finally, AQR Capital Management LLC boosted its stake in TE Connectivity by 171.0% in the 1st quarter. AQR Capital Management LLC now owns 1,101,509 shares of the electronics maker’s stock worth $82,117,000 after purchasing an additional 695,092 shares during the period. Institutional investors and hedge funds own 90.08% of the company’s stock.
Shares of TE Connectivity Ltd. (NYSE TEL) opened at 87.44 on Friday. The firm has a 50 day moving average price of $82.06 and a 200 day moving average price of $78.80. TE Connectivity Ltd. has a 12-month low of $60.88 and a 12-month high of $87.62. The stock has a market cap of $30.90 billion, a PE ratio of 18.56 and a beta of 1.08.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.07. TE Connectivity had a return on equity of 19.76% and a net margin of 12.98%. The company had revenue of $3.37 billion during the quarter, compared to analyst estimates of $3.28 billion. During the same period in the prior year, the company earned $1.08 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. On average, equities analysts expect that TE Connectivity Ltd. will post $4.75 EPS for the current year.
TEL has been the subject of several analyst reports. BidaskClub downgraded TE Connectivity from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Cowen and Company reaffirmed a “buy” rating and issued a $95.00 price target on shares of TE Connectivity in a report on Thursday, August 10th. Finally, Zacks Investment Research raised TE Connectivity from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a report on Monday, September 4th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. TE Connectivity currently has a consensus rating of “Hold” and an average price target of $84.14.
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In related news, insider Thomas J. Lynch sold 186,033 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $79.75, for a total transaction of $14,836,131.75. Following the completion of the transaction, the insider now directly owns 504,884 shares of the company’s stock, valued at $40,264,499. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Thomas J. Lynch sold 130,616 shares of the stock in a transaction that occurred 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 directly owns 429,499 shares of the company’s stock, valued at $35,807,331.63. The disclosure for this sale can be found here. Over the last three months, insiders have sold 693,747 shares of company stock valued at $55,780,069. 1.30% of the stock is owned by corporate insiders.
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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