TE Connectivity Ltd. (TEL) Shares Gap Up After Strong Earnings

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.

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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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