TE Connectivity Ltd. (NYSE:TEL) Shares Sold by Cary Street Partners Financial LLC

Key Points

• Cary Street Partners Financial LLC reduced its stake in TE Connectivity by 7.0%, retaining ownership of 36,407 shares worth approximately $5.15 million as of the latest SEC filing.
• TE Connectivity recently announced a quarterly dividend of $0.71 per share, resulting in an annualized yield of 1.4% and a payout ratio of 58.80%.
• The company reported earnings of $2.27 per share for the last quarter, exceeding analysts' expectations and indicating a year-over-year revenue growth of 13.9%.

Cary Street Partners Financial LLC trimmed its stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 7.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,407 shares of the electronics maker's stock after selling 2,724 shares during the quarter. Cary Street Partners Financial LLC's holdings in TE Connectivity were worth $5,145,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. raised its holdings in TE Connectivity by 1.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,540 shares of the electronics maker's stock valued at $2,479,000 after acquiring an additional 192 shares in the last quarter. J. Safra Sarasin Holding AG raised its holdings in shares of TE Connectivity by 128.4% in the 4th quarter. J. Safra Sarasin Holding AG now owns 15,524 shares of the electronics maker's stock valued at $2,219,000 after purchasing an additional 8,728 shares in the last quarter. Beverly Hills Private Wealth LLC lifted its position in shares of TE Connectivity by 61.2% during the 4th quarter. Beverly Hills Private Wealth LLC now owns 11,103 shares of the electronics maker's stock worth $1,587,000 after purchasing an additional 4,214 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of TE Connectivity by 11.8% during the fourth quarter. Ameriprise Financial Inc. now owns 5,603,251 shares of the electronics maker's stock worth $801,101,000 after purchasing an additional 592,072 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in TE Connectivity by 2.1% in the first quarter. Assenagon Asset Management S.A. now owns 24,879 shares of the electronics maker's stock valued at $3,516,000 after buying an additional 511 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Hsbc Global Res raised TE Connectivity from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Robert W. Baird increased their price target on shares of TE Connectivity from $185.00 to $210.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Citigroup boosted their price objective on shares of TE Connectivity from $200.00 to $230.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. JPMorgan Chase & Co. lifted their price target on shares of TE Connectivity from $186.00 to $204.00 and gave the stock a "neutral" rating in a research note on Thursday, July 24th. Finally, Vertical Research upgraded shares of TE Connectivity from a "hold" rating to a "buy" rating and set a $170.00 price objective for the company in a research note on Friday, April 25th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.80.

TE Connectivity Stock Performance

TEL traded down $0.01 on Thursday, hitting $200.04. 1,219,861 shares of the company traded hands, compared to its average volume of 2,299,662. TE Connectivity Ltd. has a 12-month low of $116.30 and a 12-month high of $212.76. The company has a quick ratio of 0.96, a current ratio of 1.52 and a debt-to-equity ratio of 0.39. The company has a 50 day moving average of $177.61 and a 200-day moving average of $157.52. The stock has a market capitalization of $59.11 billion, a PE ratio of 41.42, a PEG ratio of 2.39 and a beta of 1.23.

TE Connectivity (NYSE:TEL - Get Free Report) last announced its quarterly 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. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.30 billion. TE Connectivity had a net margin of 8.78% and a return on equity of 20.22%. The business's revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.91 EPS. Sell-side analysts anticipate that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 22nd. TE Connectivity's payout ratio is 58.80%.

Insider Buying and Selling

In related news, CFO Heath A. Mitts sold 53,306 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $159.21, for a total value of $8,486,848.26. Following the sale, the chief financial officer directly owned 45,503 shares of the company's stock, valued at approximately $7,244,532.63. This trade represents a 53.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Shadrak W. Kroeger sold 25,000 shares of the business's stock in a transaction on 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 sale, the insider directly owned 25,976 shares of the company's stock, valued at $4,130,963.28. This represents a 49.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 258,470 shares of company stock valued at $45,313,205. Company insiders own 0.90% of the company's stock.

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.