TE Connectivity (TEL) Given New $102.00 Price Target at Morgan Stanley

TE Connectivity (NYSE:TEL) had its target price hoisted by Morgan Stanley from $97.00 to $102.00 in a research note issued to investors on Wednesday. Morgan Stanley currently has an overweight rating on the electronics maker’s stock.

Other analysts have also issued reports about the company. Royal Bank of Canada reissued a buy rating and issued a $95.00 price objective (up from $90.00) on shares of TE Connectivity in a report on Monday, October 30th. Stifel Nicolaus reissued a buy rating and issued a $87.00 price objective on shares of TE Connectivity in a report on Tuesday, October 17th. Zacks Investment Research raised TE Connectivity from a hold rating to a buy rating and set a $89.00 price objective on the stock in a report on Monday, September 4th. Citigroup raised their price objective on TE Connectivity from $92.00 to $106.00 and gave the company a buy rating in a report on Thursday, November 2nd. Finally, Cross Research raised TE Connectivity from a hold rating to a buy rating in a report on Friday, December 8th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $151.93.

Shares of TE Connectivity (TEL) traded down $0.38 on Wednesday, reaching $95.27. The company’s stock had a trading volume of 1,794,700 shares, compared to its average volume of 1,446,935. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.07 and a current ratio of 1.54. TE Connectivity has a one year low of $66.20 and a one year high of $96.68. The firm has a market capitalization of $33,632.34, a price-to-earnings ratio of 19.80, a P/E/G ratio of 1.66 and a beta of 1.08.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data 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 18.97% and a net margin of 12.84%. The company had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same period last year, the company earned $1.22 earnings per share. TE Connectivity’s quarterly revenue was up 3.7% compared to the same quarter last year. analysts anticipate that TE Connectivity will post 5.27 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, November 24th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Wednesday, November 22nd. TE Connectivity’s dividend payout ratio is presently 33.97%.

TE Connectivity announced that its Board of Directors has initiated a share buyback program on Friday, December 8th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

In related news, SVP Eric Resch sold 48,950 shares of TE Connectivity stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $93.75, for a total transaction of $4,589,062.50. Following the transaction, the senior vice president now owns 78,129 shares in the company, valued at $7,324,593.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Thomas J. Lynch sold 130,617 shares of TE Connectivity 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 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 759,805 shares of company stock worth $69,542,539 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.

A number of institutional investors have recently made changes to their positions in TEL. Vanguard Group Inc. raised its position in TE Connectivity by 2.3% in the second quarter. Vanguard Group Inc. now owns 23,312,100 shares of the electronics maker’s stock valued at $1,834,196,000 after purchasing an additional 521,884 shares during the period. Boston Partners raised its position in TE Connectivity by 8.1% in the third quarter. Boston Partners now owns 12,428,336 shares of the electronics maker’s stock valued at $1,032,298,000 after purchasing an additional 934,796 shares during the period. Janus Henderson Group PLC raised its position in TE Connectivity by 17.7% in the third quarter. Janus Henderson Group PLC now owns 8,247,518 shares of the electronics maker’s stock valued at $685,033,000 after purchasing an additional 1,239,920 shares during the period. FMR LLC raised its position in TE Connectivity by 9.7% in the second quarter. FMR LLC now owns 5,339,755 shares of the electronics maker’s stock valued at $420,131,000 after purchasing an additional 472,037 shares during the period. Finally, EdgePoint Investment Group Inc. raised its position in TE Connectivity by 9.4% in the second quarter. EdgePoint Investment Group Inc. now owns 4,015,693 shares of the electronics maker’s stock valued at $315,955,000 after purchasing an additional 346,093 shares during the period. Hedge funds and other institutional investors own 90.22% 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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