Sumitomo Mitsui Asset Management Company LTD grew its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 1,294.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 360,849 shares of the electronics maker’s stock after acquiring an additional 334,966 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD owned about 0.10% of TE Connectivity worth $31,729,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Flagship Harbor Advisors LLC acquired a new position in TE Connectivity in the 2nd quarter worth approximately $111,000. Fort L.P. acquired a new position in TE Connectivity in the 2nd quarter worth approximately $115,000. Private Capital Group LLC acquired a new position in TE Connectivity in the 2nd quarter worth approximately $121,000. CIBC World Markets Inc. acquired a new position in TE Connectivity in the 1st quarter worth approximately $246,000. Finally, Legacy Capital Partners Inc. acquired a new position in TE Connectivity in the 3rd quarter worth approximately $217,000. Hedge funds and other institutional investors own 87.90% of the company’s stock.
TE Connectivity stock opened at $78.62 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.47. TE Connectivity Ltd has a 12 month low of $77.70 and a 12 month high of $108.23. The company has a market capitalization of $30.64 billion, a price-to-earnings ratio of 16.28, a P/E/G ratio of 1.44 and a beta of 1.01.
TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, July 25th. The electronics maker reported $1.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.06. TE Connectivity had a return on equity of 20.33% and a net margin of 9.26%. The business had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.69 billion. During the same quarter in the prior year, the firm posted $1.24 EPS. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. Sell-side analysts expect that TE Connectivity Ltd will post 5.59 earnings per share for the current year.
Several equities analysts recently weighed in on TEL shares. Zacks Investment Research downgraded shares of TE Connectivity from a “buy” rating to a “hold” rating in a report on Tuesday, June 19th. Wells Fargo & Co lowered their price objective on TE Connectivity from $120.00 to $115.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 17th. Morgan Stanley lowered their price objective on TE Connectivity from $117.00 to $116.00 and set an “overweight” rating on the stock in a research report on Thursday, July 26th. Royal Bank of Canada set a $114.00 price objective on TE Connectivity and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Finally, Robert W. Baird lowered TE Connectivity from an “outperform” rating to a “neutral” rating in a research report on Monday, October 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $111.45.
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 AsiaPacific. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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