TE Connectivity (NYSE:TEL) Cut to Equal Weight at Fox Advisors

Key Points

• Fox Advisors downgraded TE Connectivity from “overweight” to “equal weight,” while the broader analyst consensus remains “Moderate Buy” with a $255.21 target price.
• TE Connectivity exceeded quarterly expectations, reporting $3.14 in adjusted EPS versus $3.07 expected and $5.31 billion in revenue, up 11.9% year over year.
• Institutional investors own 91.43% of the company’s stock, with several funds increasing their positions during the third quarter.

TE Connectivity (NYSE:TEL - Get Free Report) was downgraded by equities researchers at Fox Advisors from an "overweight" rating to an "equal weight" rating in a report released on Monday, Briefing.com reports.

TEL has been the subject of several other research reports. Truist Financial lowered their price target on shares of TE Connectivity from $240.00 to $215.00 and set a "hold" rating for the company in a report on Thursday, July 23rd. Wall Street Zen upgraded shares of TE Connectivity from a "hold" rating to a "buy" rating in a report on Sunday, October 18th. Citigroup raised their price objective on shares of TE Connectivity from $230.00 to $260.00 and gave the company a "buy" rating in a report on Thursday. Robert W. Baird boosted their target price on shares of TE Connectivity from $225.00 to $250.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 6th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of TE Connectivity in a report on Thursday, October 22nd. Eleven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $255.21.

TE Connectivity Price Performance

TEL stock opened at $212.87 on Monday. The business's 50-day moving average is $211.03 and its two-hundred day moving average is $213.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.73 and a quick ratio of 1.18. The firm has a market capitalization of $61.63 billion, a P/E ratio of 19.23, a P/E/G ratio of 1.35 and a beta of 1.14. TE Connectivity has a 1 year low of $190.27 and a 1 year high of $252.56.

TE Connectivity (NYSE:TEL - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The electronics maker reported $3.14 EPS for the quarter, topping analysts' consensus estimates of $3.07 by $0.07. TE Connectivity had a return on equity of 25.55% and a net margin of 16.36%. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the company posted $2.44 earnings per share. The business's revenue for the quarter was up 11.9% on a year-over-year basis. Analysts anticipate that TE Connectivity will post 13.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TEL. Chicago Partners Investment Group LLC grew its holdings in shares of TE Connectivity by 198.2% during the third quarter. Chicago Partners Investment Group LLC now owns 11,931 shares of the electronics maker's stock worth $2,482,000 after purchasing an additional 7,930 shares during the last quarter. Richardson Financial Services Inc. lifted its holdings in shares of TE Connectivity by 33.2% in the 3rd quarter. Richardson Financial Services Inc. now owns 517 shares of the electronics maker's stock valued at $109,000 after purchasing an additional 129 shares during the last quarter. 3Chopt Investment Partners LLC lifted its holdings in shares of TE Connectivity by 62.2% in the 3rd quarter. 3Chopt Investment Partners LLC now owns 2,636 shares of the electronics maker's stock valued at $556,000 after purchasing an additional 1,011 shares during the last quarter. Compass Financial Management LLC acquired a new stake in shares of TE Connectivity in the 3rd quarter valued at about $39,000. Finally, Rakuten Investment Management Inc. acquired a new stake in shares of TE Connectivity in the 3rd quarter valued at about $11,080,000. Institutional investors and hedge funds own 91.43% of the company's stock.

About TE Connectivity

TE Connectivity Ltd. NYSE: TEL is a global technology and manufacturing company that designs and produces connectivity and sensor solutions. Its products help transmit power, data and signals across a range of applications, including vehicles, industrial equipment, communications networks, aerospace systems, medical devices and consumer electronics.

The company's product portfolio includes connectors, terminals, relays, sensors, antennas, circuit-protection products, wire and cable assemblies, and related application tooling.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.