Allspring Global Investments Holdings LLC Increases Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Allspring Global Investments Holdings LLC boosted its stake in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 90,612 shares of the electronics maker's stock after purchasing an additional 3,698 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in TE Connectivity were worth $12,749,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TEL. Wellington Management Group LLP bought a new position in TE Connectivity during the fourth quarter valued at approximately $909,598,000. Vanguard Group Inc. raised its holdings in shares of TE Connectivity by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker's stock worth $4,629,225,000 after acquiring an additional 4,029,596 shares in the last quarter. Norges Bank bought a new position in shares of TE Connectivity during the 4th quarter valued at approximately $508,199,000. Clearbridge Investments LLC boosted its position in shares of TE Connectivity by 72.1% during the 4th quarter. Clearbridge Investments LLC now owns 4,064,822 shares of the electronics maker's stock valued at $581,148,000 after acquiring an additional 1,702,825 shares during the last quarter. Finally, Amundi purchased a new position in shares of TE Connectivity in the fourth quarter valued at $159,992,000. Institutional investors own 91.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on TEL shares. Citigroup lowered their price objective on shares of TE Connectivity from $165.00 to $142.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wells Fargo & Company increased their price target on shares of TE Connectivity from $156.00 to $170.00 and gave the company an "equal weight" rating in a report on Tuesday. Wall Street Zen lowered TE Connectivity from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Truist Financial decreased their price objective on TE Connectivity from $163.00 to $156.00 and set a "hold" rating on the stock in a research report on Thursday, April 24th. Finally, Robert W. Baird raised their price objective on TE Connectivity from $147.00 to $153.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $163.90.

TE Connectivity Trading Up 0.5%

Shares of TEL traded up $0.88 during mid-day trading on Friday, reaching $174.29. 584,980 shares of the company's stock traded hands, compared to its average volume of 1,714,361. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.51 and a quick ratio of 1.08. The stock's 50-day moving average is $160.53 and its two-hundred day moving average is $149.64. TE Connectivity Ltd. has a 12 month low of $116.30 and a 12 month high of $175.03. The stock has a market cap of $51.69 billion, a P/E ratio of 38.31, a P/E/G ratio of 2.27 and a beta of 1.23.

TE Connectivity (NYSE:TEL - Get Free Report) last announced 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 19.40% and a net margin of 8.67%. The company had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the prior year, the company posted $1.86 EPS. TE Connectivity's quarterly revenue was up 4.4% on a year-over-year basis. Research analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $2.84 dividend on an annualized basis and a yield of 1.63%. TE Connectivity's payout ratio is 62.42%.

Insider Buying and Selling

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $159.03, for a total transaction of $3,975,750.00. Following the transaction, the insider directly owned 25,976 shares in the company, valued at $4,130,963.28. This trade represents a 49.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Heath A. Mitts sold 53,306 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $159.21, for a total value of $8,486,848.26. Following the completion of the sale, the chief financial officer owned 45,503 shares of the company's stock, valued at $7,244,532.63. This represents a 53.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 187,775 shares of company stock worth $29,596,059 over the last 90 days. Corporate insiders own 0.90% of the company's stock.

About TE Connectivity

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.