Sterling Capital Management LLC lowered its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 45.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,295 shares of the electronics maker’s stock after selling 4,485 shares during the period. Sterling Capital Management LLC’s holdings in TE Connectivity were worth $440,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of TE Connectivity by 38.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock valued at $109,000 after purchasing an additional 384 shares in the last quarter. AllSquare Wealth Management LLC purchased a new stake in shares of TE Connectivity in the third quarter valued at about $113,000. Acrospire Investment Management LLC purchased a new stake in shares of TE Connectivity in the second quarter valued at about $126,000. Harfst & Associates Inc. lifted its holdings in shares of TE Connectivity by 46.2% in the second quarter. Harfst & Associates Inc. now owns 1,722 shares of the electronics maker’s stock valued at $135,000 after purchasing an additional 544 shares in the last quarter. Finally, Robecosam AG purchased a new stake in shares of TE Connectivity in the third quarter valued at about $155,000. 90.02% of the stock is currently owned by hedge funds and other institutional investors.
In related news, SVP Mario Calastri sold 8,539 shares of the company’s stock in a transaction that occurred on Monday, November 6th. The shares were sold at an average price of $93.27, for a total transaction of $796,432.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas J. Lynch sold 130,617 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $91.29, for a total transaction of $11,924,025.93. Following the transaction, the insider now directly owns 429,500 shares of the company’s stock, valued at approximately $39,209,055. The disclosure for this sale can be found here. In the last three months, insiders sold 759,805 shares of company stock valued at $69,542,539. Company insiders own 1.30% of the company’s stock.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, November 1st. The electronics maker reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.09. The business had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.28 billion. TE Connectivity had a net margin of 12.84% and a return on equity of 18.97%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.22 earnings per share. analysts forecast that TE Connectivity Ltd will post 5.27 EPS for the current year.
TE Connectivity declared that its Board of Directors has approved a stock repurchase program on Friday, December 8th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the electronics maker to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, November 24th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date was Wednesday, November 22nd. TE Connectivity’s dividend payout ratio is presently 33.97%.
Several brokerages have issued reports on TEL. Morgan Stanley reaffirmed an “overweight” rating and issued a $89.00 price target on shares of TE Connectivity in a report on Wednesday, September 20th. Zacks Investment Research downgraded shares of TE Connectivity from a “hold” rating to a “sell” rating in a report on Monday, October 23rd. Stifel Nicolaus upped their price target on shares of TE Connectivity from $98.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, December 14th. Cross Research raised shares of TE Connectivity from a “hold” rating to a “buy” rating in a report on Friday, December 8th. Finally, Citigroup upped their price target on shares of TE Connectivity from $92.00 to $106.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the stock. TE Connectivity presently has a consensus rating of “Buy” and a consensus target price of $151.93.
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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