Pinebridge Investments L.P. reduced its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 13.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 150,013 shares of the electronics maker’s stock after selling 22,560 shares during the period. Pinebridge Investments L.P.’s holdings in TE Connectivity were worth $14,369,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Rivulet Capital LLC acquired a new position in TE Connectivity in the 1st quarter valued at $69,308,000. Rockefeller Capital Management L.P. raised its stake in shares of TE Connectivity by 854,554.5% in the 1st quarter. Rockefeller Capital Management L.P. now owns 846,108 shares of the electronics maker’s stock valued at $68,324,000 after purchasing an additional 846,009 shares in the last quarter. Neuberger Berman Group LLC raised its stake in shares of TE Connectivity by 275.0% in the 1st quarter. Neuberger Berman Group LLC now owns 1,052,801 shares of the electronics maker’s stock valued at $85,013,000 after purchasing an additional 772,017 shares in the last quarter. American Century Companies Inc. raised its stake in shares of TE Connectivity by 19.4% in the 1st quarter. American Century Companies Inc. now owns 3,172,350 shares of the electronics maker’s stock valued at $256,167,000 after purchasing an additional 515,513 shares in the last quarter. Finally, Marathon Asset Management LLP raised its stake in TE Connectivity by 97.4% during the second quarter. Marathon Asset Management LLP now owns 750,622 shares of the electronics maker’s stock worth $71,893,000 after acquiring an additional 370,408 shares during the period. Hedge funds and other institutional investors own 90.56% of the company’s stock.
In other TE Connectivity news, SVP Robert J. Ott sold 22,400 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $92.01, for a total transaction of $2,061,024.00. Following the completion of the sale, the senior vice president now owns 39,554 shares of the company’s stock, valued at approximately $3,639,363.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven T. Merkt sold 65,650 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $93.55, for a total transaction of $6,141,557.50. Following the sale, the insider now directly owns 89,854 shares of the company’s stock, valued at approximately $8,405,841.70. The disclosure for this sale can be found here. Insiders sold 255,500 shares of company stock valued at $23,737,285 in the last three months. Company insiders own 0.80% of the company’s stock.
Shares of TEL stock traded down $0.08 during trading on Friday, reaching $96.92. The company’s stock had a trading volume of 41,674 shares, compared to its average volume of 1,249,087. The business has a fifty day moving average price of $91.11 and a 200-day moving average price of $89.30. The company has a quick ratio of 0.94, a current ratio of 1.47 and a debt-to-equity ratio of 0.32. The company has a market cap of $32.17 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 1.62 and a beta of 1.21. TE Connectivity Ltd has a one year low of $69.84 and a one year high of $97.99.
TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, July 24th. The electronics maker reported $1.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.08. TE Connectivity had a net margin of 22.94% and a return on equity of 18.33%. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the previous year, the company earned $1.43 earnings per share. The company’s quarterly revenue was down 5.4% on a year-over-year basis. Research analysts anticipate that TE Connectivity Ltd will post 5.52 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 23rd were paid a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.84 dividend on an annualized basis and a yield of 1.90%. TE Connectivity’s payout ratio is 32.80%.
TEL has been the subject of several recent analyst reports. Longbow Research cut shares of TE Connectivity from a “buy” rating to a “neutral” rating and set a $90.66 target price for the company. in a research report on Monday, June 17th. Morgan Stanley reduced their price target on shares of TE Connectivity from $100.00 to $98.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Goldman Sachs Group upgraded shares of TE Connectivity from a “neutral” rating to a “buy” rating and increased their target price for the stock from $92.00 to $105.00 in a research report on Thursday, June 20th. Cross Research lowered shares of TE Connectivity from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Finally, Wells Fargo & Co lowered shares of TE Connectivity from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $92.21.
TE Connectivity Profile
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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