Summit Global Investments lifted its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 122.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,652 shares of the electronics maker’s stock after acquiring an additional 6,415 shares during the period. Summit Global Investments’ holdings in TE Connectivity were worth $1,049,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Bamco Inc. NY purchased a new stake in TE Connectivity in the 1st quarter valued at about $108,000. Private Capital Group LLC purchased a new stake in TE Connectivity in the 2nd quarter valued at about $121,000. Institutional & Family Asset Management LLC purchased a new stake in TE Connectivity in the 1st quarter valued at about $196,000. Commerce Bank purchased a new stake in TE Connectivity in the 1st quarter valued at about $207,000. Finally, Aspiriant LLC purchased a new stake in TE Connectivity in the 1st quarter valued at about $208,000. Institutional investors and hedge funds own 87.84% of the company’s stock.
Several analysts recently issued reports on the stock. Zacks Investment Research lowered shares of TE Connectivity from a “buy” rating to a “hold” rating in a report on Thursday, May 24th. Wells Fargo & Co reduced their price objective on shares of TE Connectivity from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Tuesday, July 17th. Finally, Morgan Stanley reduced their price objective on shares of TE Connectivity from $117.00 to $116.00 and set an “overweight” rating on the stock in a report on Thursday, July 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. TE Connectivity presently has a consensus rating of “Buy” and an average target price of $112.91.
NYSE TEL opened at $92.00 on Thursday. The stock has a market capitalization of $32.26 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 1.51 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.47 and a quick ratio of 0.98. TE Connectivity Ltd has a 1-year low of $77.16 and a 1-year high of $108.23.
TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, July 25th. The electronics maker reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.06. The company had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.69 billion. TE Connectivity had a return on equity of 20.33% and a net margin of 9.26%. TE Connectivity’s revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.24 EPS. sell-side analysts forecast that TE Connectivity Ltd will post 5.59 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 7th. Shareholders of record on Friday, August 24th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 1.91%. The ex-dividend date is Thursday, August 23rd. TE Connectivity’s dividend payout ratio is currently 36.44%.
TE Connectivity Profile
TE Connectivity Ltd., together with its subsidiaries, engages in the design, manufacture, and sale of connectivity and sensors solutions in the Americas, Europe, the Middle East, Africa, and the Asia?Pacific. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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