TE Connectivity Ltd. (NYSE:TEL) Shares Sold by Bank of Nova Scotia Trust Co.

Key Points

• The Bank of Nova Scotia Trust Co. has reduced its stake in TE Connectivity Ltd. by 2.8%, now holding 63,359 shares valued at approximately $8.95 million.
• TE Connectivity's stock is currently priced at $201.65, with a market cap of $59.58 billion and a P/E ratio of 41.75.
• TE Connectivity recently announced a quarterly dividend of $0.71 per share, yielding 1.4%, with dividends scheduled for payout on September 12th.

Bank of Nova Scotia Trust Co. decreased its position in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,359 shares of the electronics maker's stock after selling 1,809 shares during the quarter. Bank of Nova Scotia Trust Co.'s holdings in TE Connectivity were worth $8,954,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TEL. Brighton Jones LLC acquired a new stake in TE Connectivity in the fourth quarter valued at approximately $820,000. World Investment Advisors acquired a new position in shares of TE Connectivity in the 4th quarter valued at $211,000. Thoroughbred Financial Services LLC boosted its stake in TE Connectivity by 15.9% during the 4th quarter. Thoroughbred Financial Services LLC now owns 3,849 shares of the electronics maker's stock worth $550,000 after purchasing an additional 527 shares during the period. Sit Investment Associates Inc. grew its position in TE Connectivity by 1.4% during the 4th quarter. Sit Investment Associates Inc. now owns 95,172 shares of the electronics maker's stock worth $13,607,000 after purchasing an additional 1,271 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in TE Connectivity by 5.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,223,538 shares of the electronics maker's stock worth $174,928,000 after purchasing an additional 67,583 shares during the last quarter. Institutional investors and hedge funds own 91.43% of the company's stock.

TE Connectivity Trading Up 1.1%

NYSE:TEL traded up $2.19 on Monday, reaching $204.12. The stock had a trading volume of 1,819,296 shares, compared to its average volume of 2,236,960. The company has a market cap of $60.31 billion, a price-to-earnings ratio of 42.26, a P/E/G ratio of 2.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.52 and a quick ratio of 0.96. The firm's fifty day moving average is $174.32 and its two-hundred day moving average is $156.14. TE Connectivity Ltd. has a 12-month low of $116.30 and a 12-month high of $212.76.

TE Connectivity (NYSE:TEL - Get Free Report) last released its earnings results on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.08 by $0.19. TE Connectivity had a net margin of 8.78% and a return on equity of 20.22%. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same period in the prior year, the firm earned $1.91 EPS. The firm's quarterly revenue was up 13.9% on a year-over-year basis. Equities analysts expect that TE Connectivity Ltd. will post 8.05 EPS 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. Stockholders of record on Friday, August 22nd will be paid 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 dividend yield of 1.4%. TE Connectivity's dividend payout ratio is currently 58.80%.

Insider Activity at TE Connectivity

In other news, CFO Heath A. Mitts sold 53,306 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $159.21, for a total transaction of $8,486,848.26. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Shadrak W. Kroeger sold 25,000 shares of the company's stock in a transaction dated Monday, June 2nd. The shares were 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 of the company's stock, valued at approximately $4,130,963.28. This represents a 49.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 258,470 shares of company stock worth $45,313,205. Corporate insiders own 0.90% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. KGI Securities upgraded shares of TE Connectivity to a "hold" rating in a research report on Thursday, July 24th. The Goldman Sachs Group restated a "buy" rating on shares of TE Connectivity in a research report on Friday, July 11th. Vertical Research upgraded shares of TE Connectivity from a "hold" rating to a "buy" rating and set a $170.00 target price on the stock in a research report on Friday, April 25th. Wells Fargo & Company boosted their target price on shares of TE Connectivity from $170.00 to $198.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Finally, Truist Financial boosted their price objective on shares of TE Connectivity from $156.00 to $200.00 and gave the stock a "hold" rating in a research report on Thursday, July 24th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, TE Connectivity currently has an average rating of "Moderate Buy" and an average target price of $194.80.

TE Connectivity Company Profile

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.