TE Connectivity Ltd. (NYSE:TEL)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at ($92.86), but opened at $0.00. TE Connectivity shares last traded at $0.00, with a volume of 2175037 shares traded.
The electronics maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The company had revenue of $3.46 billion for the quarter, compared to the consensus estimate of $3.28 billion. TE Connectivity had a return on equity of 18.97% and a net margin of 12.84%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.22 EPS.
A number of equities analysts have recently weighed in on TEL shares. Zacks Investment Research upgraded TE Connectivity from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a report on Monday, September 11th. Royal Bank Of Canada dropped their target price on TE Connectivity from $100.00 to $95.00 and set an “outperform” rating on the stock in a report on Thursday. Stifel Nicolaus reiterated a “buy” rating and issued a $87.00 target price on shares of TE Connectivity in a report on Tuesday, October 17th. SunTrust Banks, Inc. upped their target price on TE Connectivity to $90.00 and gave the company a “hold” rating in a report on Thursday. They noted that the move was a valuation call. Finally, Morgan Stanley upped their target price on TE Connectivity from $89.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday. Two equities research 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. TE Connectivity has an average rating of “Hold” and a consensus target price of $91.00.
In related news, insider Thomas J. Lynch sold 186,033 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $79.29, for a total value of $14,750,556.57. Following the transaction, the insider now owns 298,851 shares in the company, valued at $23,695,895.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas J. Lynch sold 130,617 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $91.29, for a total value of $11,924,025.93. Following the completion of the transaction, the insider now owns 429,500 shares in the company, valued at approximately $39,209,055. The disclosure for this sale can be found here. Insiders sold 453,566 shares of company stock worth $38,072,448 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund increased its holdings in TE Connectivity by 1.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 86,272 shares of the electronics maker’s stock worth $7,166,000 after buying an additional 883 shares during the last quarter. Boston Partners increased its holdings in TE Connectivity by 8.1% in the third quarter. Boston Partners now owns 12,428,336 shares of the electronics maker’s stock worth $1,032,298,000 after buying an additional 934,796 shares during the last quarter. Armor Investment Advisors LLC acquired a new position in TE Connectivity in the third quarter worth approximately $208,000. Becker Capital Management Inc. increased its holdings in TE Connectivity by 1.1% in the third quarter. Becker Capital Management Inc. now owns 589,035 shares of the electronics maker’s stock worth $48,925,000 after buying an additional 6,611 shares during the last quarter. Finally, State of Wisconsin Investment Board boosted its position in TE Connectivity by 26.3% during the third quarter. State of Wisconsin Investment Board now owns 325,656 shares of the electronics maker’s stock worth $27,049,000 after purchasing an additional 67,740 shares during the period. Hedge funds and other institutional investors own 90.33% of the company’s stock.
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.
What are top analysts saying about TE Connectivity Ltd.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for TE Connectivity Ltd. and related companies.