Bank of America Corp DE Sells 196,994 Shares of TE Connectivity Ltd. $TEL

Key Points

• Bank of America reduced its TE Connectivity stake by 3.2%, selling 196,994 shares and retaining 5.95 million shares valued at approximately $1.24 billion. Institutional investors collectively own 91.43% of TEL.
• Analyst sentiment remains positive but mixed, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $251.15; several firms recently lowered their targets.
• TE Connectivity exceeded quarterly expectations, reporting $2.94 in EPS and $5.16 billion in revenue, up 13.8% year over year. The company also declared a quarterly dividend of $0.78 per share, equal to a 1.5% annual yield.

Bank of America Corp DE trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 3.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,953,746 shares of the electronics maker's stock after selling 196,994 shares during the quarter. Bank of America Corp DE owned 2.04% of TE Connectivity worth $1,244,452,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of TEL. Norges Bank bought a new position in shares of TE Connectivity during the 4th quarter valued at approximately $938,706,000. J. Stern & Co. LLP bought a new stake in shares of TE Connectivity in the 4th quarter worth approximately $445,402,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of TE Connectivity by 124.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,105,167 shares of the electronics maker's stock worth $706,457,000 after purchasing an additional 1,721,235 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in TE Connectivity by 183.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,530,414 shares of the electronics maker's stock valued at $348,184,000 after purchasing an additional 990,703 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its holdings in TE Connectivity by 243.2% during the third quarter. Balyasny Asset Management L.P. now owns 1,359,191 shares of the electronics maker's stock valued at $298,383,000 after purchasing an additional 963,123 shares during the period. Hedge funds and other institutional investors own 91.43% of the company's stock.

Analyst Ratings Changes

TEL has been the topic of several research reports. Robert W. Baird lowered their target price on TE Connectivity from $240.00 to $225.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of TE Connectivity in a research note on Friday, July 24th. Wells Fargo & Company decreased their price objective on TE Connectivity from $230.00 to $209.00 and set an "equal weight" rating for the company in a report on Thursday, July 23rd. Truist Financial lowered their price objective on TE Connectivity from $244.00 to $240.00 and set a "hold" rating on the stock in a research note on Thursday, April 23rd. Finally, Zacks Research downgraded shares of TE Connectivity from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, TE Connectivity currently has an average rating of "Moderate Buy" and an average target price of $251.15.

Insider Transactions at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 9,400 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $215.00, for a total value of $2,021,000.00. Following the transaction, the insider owned 25,976 shares of the company's stock, valued at $5,584,840. This represents a 26.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.60% of the company's stock.

TE Connectivity Stock Performance

Shares of TEL opened at $206.84 on Friday. The company has a current ratio of 1.88, a quick ratio of 1.23 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average price of $206.05 and a 200-day moving average price of $214.29. The company has a market cap of $59.88 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 1.39 and a beta of 1.17. TE Connectivity Ltd. has a 12-month low of $190.27 and a 12-month high of $252.56.

TE Connectivity (NYSE:TEL - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The electronics maker reported $2.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.85 by $0.09. TE Connectivity had a net margin of 15.61% and a return on equity of 24.59%. The business had revenue of $5.16 billion during the quarter, compared to analyst estimates of $5.01 billion. During the same period in the previous year, the business posted $2.27 earnings per share. TE Connectivity's revenue for the quarter was up 13.8% on a year-over-year basis. TE Connectivity has set its Q4 2026 guidance at 3.050-3.050 EPS. As a group, equities analysts forecast that TE Connectivity Ltd. will post 11.48 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 11th. Stockholders of record on Friday, August 21st will be issued a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. TE Connectivity's payout ratio is currently 30.59%.

TE Connectivity Profile

TE Connectivity NYSE: TEL is a global industrial technology company that designs and manufactures connectivity and sensor solutions used to enable the flow of power and data in a wide range of applications. Its product portfolio includes electrical connectors, cable and wire harness assemblies, sensors, relays and switches, fiber-optic and coaxial interconnects, and other passive and active components that provide mechanical and electrical connections in complex systems.

The company's products and engineered solutions serve diverse end markets such as automotive and transportation, industrial equipment, data communications and networks, aerospace and defense, medical devices, and energy.

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