Amphenol Corporation $APH Stock: TrinityBridge Ltd Grows Position

Key Points

• Institutional investors increased their Amphenol holdings: TrinityBridge Ltd raised its stake 30.8% to about 1.06 million shares, worth $89.4 million. Institutions and hedge funds collectively own 97.01% of the stock.
• Amphenol beat quarterly expectations: The company reported EPS of $0.80 versus $0.73 expected and revenue of $10.23 billion versus $9.49 billion expected; revenue rose 65.1% year over year.
• Corporate actions and market views were mixed: Amphenol authorized a $4 billion share repurchase but reduced its quarterly dividend from $0.25 to $0.15 per share. Shares opened at $71.73, while analysts maintained a consensus “Buy” rating and a $108.32 price target.

TrinityBridge Ltd lifted its stake in Amphenol Corporation (NYSE:APH - Free Report) by 30.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,059,709 shares of the electronics maker's stock after acquiring an additional 249,398 shares during the quarter. Amphenol makes up 2.6% of TrinityBridge Ltd's portfolio, making the stock its 11th biggest holding. TrinityBridge Ltd's holdings in Amphenol were worth $89,376,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Corient Private Wealth LP raised its stake in shares of Amphenol by 3,010.0% during the 2nd quarter. Corient Private Wealth LP now owns 16,437,431 shares of the electronics maker's stock worth $2,898,248,000 after purchasing an additional 15,908,901 shares in the last quarter. State Street Corp raised its position in Amphenol by 24.2% during the second quarter. State Street Corp now owns 71,281,059 shares of the electronics maker's stock valued at $12,107,146,000 after acquiring an additional 13,884,641 shares in the last quarter. Jupiter Topco LLC acquired a new stake in Amphenol in the second quarter valued at approximately $1,600,531,000. Sumitomo Mitsui Trust Group Inc. grew its position in Amphenol by 90.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,900,956 shares of the electronics maker's stock worth $666,051,000 after acquiring an additional 3,761,224 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in Amphenol by 101.6% in the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,720,515 shares of the electronics maker's stock worth $313,497,000 after acquiring an additional 1,874,988 shares in the last quarter. 97.01% of the stock is owned by institutional investors and hedge funds.

Amphenol Trading Down 9.2%

Shares of NYSE:APH opened at $71.73 on Friday. The company has a market cap of $177.13 billion, a P/E ratio of 31.19, a P/E/G ratio of 0.94 and a beta of 1.27. The stock's 50-day moving average is $81.42 and its 200-day moving average is $75.54. Amphenol Corporation has a 52-week low of $59.01 and a 52-week high of $89.93. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.42 and a current ratio of 1.94.

Amphenol (NYSE:APH - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The electronics maker reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.07. Amphenol had a return on equity of 42.53% and a net margin of 17.95%. The business had revenue of $10.23 billion during the quarter, compared to analysts' expectations of $9.49 billion. During the same quarter in the previous year, the firm earned $0.93 EPS. The firm's revenue was up 65.1% compared to the same quarter last year. Equities research analysts predict that Amphenol Corporation will post 2.84 earnings per share for the current year.

Amphenol announced that its Board of Directors has approved a share buyback program on Wednesday, October 28th that permits the company to repurchase $4 billion in outstanding shares. This repurchase authorization permits the electronics maker to repurchase up to 2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Amphenol Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 13th. Investors of record on Tuesday, December 22nd will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.8%. The ex-dividend date is Tuesday, December 22nd. This is a decrease from Amphenol's previous quarterly dividend of $0.25. Amphenol's dividend payout ratio is currently 21.74%.

Insiders Place Their Bets

In other Amphenol news, CEO Richard Norwitt sold 799,576 shares of the firm's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $82.48, for a total value of $65,949,028.48. Following the sale, the chief executive officer directly owned 3,855,014 shares in the company, valued at $317,961,554.72. This trade represents a 17.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.42% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on APH. Royal Bank Of Canada set a $100.00 price objective on shares of Amphenol in a research note on Monday, October 26th. Evercore set a $100.00 target price on shares of Amphenol in a research report on Wednesday, October 28th. Sanford C. Bernstein restated an "outperform" rating and set a $102.00 target price on shares of Amphenol in a report on Monday. Wall Street Zen upgraded Amphenol from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Robert W. Baird lowered their price objective on Amphenol from $190.00 to $105.00 and set an "outperform" rating on the stock in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Amphenol presently has a consensus rating of "Buy" and a consensus price target of $108.32.

Amphenol Company Profile

Amphenol Corporation NYSE: APH is a global manufacturer of electrical, electronic and fiber-optic connectors, interconnect systems and related products. Its portfolio includes cable assemblies, sensors, antennas, backplane systems, radio-frequency components and other specialized electronic hardware.

The company serves customers across a range of industries, including automotive, aerospace and defense, information technology and data communications, industrial, mobile networks, commercial aerospace, medical and other markets.

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