Cresset Asset Management LLC trimmed its position in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 28.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 38,975 shares of the electronics maker's stock after selling 15,251 shares during the period. Cresset Asset Management LLC's holdings in TE Connectivity were worth $5,572,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of TEL. Meyer Handelman Co. boosted its stake in shares of TE Connectivity by 9.9% during the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker's stock valued at $14,531,000 after purchasing an additional 9,175 shares in the last quarter. abrdn plc acquired a new stake in TE Connectivity during the 4th quarter worth approximately $15,739,000. Truist Financial Corp increased its position in TE Connectivity by 32.8% in the 4th quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker's stock valued at $18,509,000 after acquiring an additional 31,991 shares during the period. Carnegie Investment Counsel raised its stake in shares of TE Connectivity by 4.3% during the fourth quarter. Carnegie Investment Counsel now owns 119,041 shares of the electronics maker's stock valued at $17,019,000 after acquiring an additional 4,913 shares during the last quarter. Finally, Merit Financial Group LLC bought a new stake in shares of TE Connectivity in the fourth quarter worth $237,000. Institutional investors own 91.43% of the company's stock.
Insider Buying and Selling
In related news, insider Shadrak W. Kroeger sold 25,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $146.77, for a total value of $3,669,250.00. Following the completion of the sale, the insider now directly owns 25,976 shares of the company's stock, valued at approximately $3,812,497.52. This represents a 49.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP John S. Jenkins sold 30,000 shares of TE Connectivity stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $149.39, for a total transaction of $4,481,700.00. Following the transaction, the executive vice president now directly owns 24,625 shares in the company, valued at $3,678,728.75. This represents a 54.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
TEL has been the topic of several recent research reports. Vertical Research raised TE Connectivity from a "hold" rating to a "buy" rating and set a $170.00 target price on the stock in a report on Friday, April 25th. Bank of America increased their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, January 23rd. Citigroup dropped their price target on shares of TE Connectivity from $165.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. StockNews.com downgraded shares of TE Connectivity from a "strong-buy" rating to a "buy" rating in a research note on Friday, February 28th. Finally, Hsbc Global Res raised shares of TE Connectivity from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, TE Connectivity currently has an average rating of "Moderate Buy" and a consensus target price of $159.50.
Read Our Latest Analysis on TEL
TE Connectivity Stock Performance
Shares of TEL opened at $149.89 on Thursday. TE Connectivity Ltd. has a one year low of $116.30 and a one year high of $159.98. The company has a market cap of $44.45 billion, a PE ratio of 23.94, a P/E/G ratio of 2.11 and a beta of 1.24. The stock has a 50-day moving average of $140.48 and a 200-day moving average of $146.10. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10.
TE Connectivity (NYSE:TEL - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The electronics maker reported $2.10 EPS for the quarter, beating the consensus estimate of $1.96 by $0.14. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The firm had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the previous year, the company posted $1.86 earnings per share. The company's quarterly revenue was up 4.4% on a year-over-year basis. On average, equities research analysts predict that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.
TE Connectivity Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be issued a dividend of $0.71 per share. This is a boost from TE Connectivity's previous quarterly dividend of $0.65. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Wednesday, May 21st. TE Connectivity's dividend payout ratio (DPR) is currently 62.42%.
About TE Connectivity
(
Free Report)
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor 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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