Zacks Investment Research Upgrades TE Connectivity Ltd. (TEL) to “Buy”

TE Connectivity Ltd. (NYSE:TEL) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage presently has a $103.00 price objective on the electronics maker’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.22% from the company’s previous close.

According to Zacks, “TE Connectivity reported fourth-quarter fiscal 2017 earnings per share of $1.25 cents, which topped the Zacks Consensus Estimate by 7.8%, owing to the decent top-line performance. TE Connectivity has a striking earnings surprise history over the four trailing quarters, beating estimates all through. Moreover, the stock has outperformed the industry average in a year. It expects transportation business to experience significant organic growth, fueled by rise in global auto production and impressive heavy truck business in key end markets. Further, its Communications and Industrial segments are witnessing strong performance, thus stoking growth. However, sluggish industrial markets and derivative impact of lower oil prices are posing as major headwinds, thwarting growth. Moreover, adverse currency fluctuations and high restructuring expenses might hurt the company’s performance.”

Other equities analysts also recently issued research reports about the company. BidaskClub downgraded TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Royal Bank Of Canada reiterated a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of TE Connectivity in a report on Monday. Stifel Nicolaus reiterated a “buy” rating and set a $87.00 price target on shares of TE Connectivity in a report on Tuesday, October 17th. Citigroup Inc. increased their price target on TE Connectivity from $92.00 to $106.00 and gave the company a “buy” rating in a report on Thursday. Finally, Cowen and Company reiterated a “buy” rating and set a $95.00 price target on shares of TE Connectivity in a report on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $90.11.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, November 1st. The electronics maker reported $1.25 EPS for the quarter, beating the consensus estimate of $1.16 by $0.09. TE Connectivity had a return on equity of 19.76% and a net margin of 12.98%. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same quarter last year, the company posted $1.22 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year.

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In other news, insider Thomas J. Lynch sold 130,616 shares of the firm’s 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 sale, the insider now owns 429,499 shares in the company, valued at $35,807,331.63. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Joseph B. Donahue sold 6,300 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $80.70, for a total transaction of $508,410.00. Following the completion of the sale, the chief operating officer now owns 34,609 shares in the company, valued at approximately $2,792,946.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 322,949 shares of company stock worth $26,148,422. 1.30% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. State of Wisconsin Investment Board grew its stake in shares of TE Connectivity by 26.3% in the third quarter. State of Wisconsin Investment Board now owns 325,656 shares of the electronics maker’s stock worth $27,049,000 after acquiring an additional 67,740 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its stake in shares of TE Connectivity by 1.6% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 58,583 shares of the electronics maker’s stock worth $4,866,000 after acquiring an additional 900 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of TE Connectivity by 3.0% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 52,572 shares of the electronics maker’s stock worth $4,367,000 after acquiring an additional 1,537 shares during the last quarter. Forsta AP Fonden grew its stake in shares of TE Connectivity by 12.1% in the third quarter. Forsta AP Fonden now owns 36,986 shares of the electronics maker’s stock worth $3,072,000 after acquiring an additional 4,000 shares during the last quarter. Finally, Csenge Advisory Group acquired a new stake in shares of TE Connectivity in the third quarter worth $640,000. Institutional investors and hedge funds own 90.33% of the company’s stock.

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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