TE Connectivity Ltd. (NYSE:TEL) Position Boosted by Citigroup Inc.

Key Points

• Citigroup Inc. increased its stake in TE Connectivity Ltd. by 33.0% during the first quarter, acquiring an additional 86,538 shares, bringing its total ownership to approximately $49.3 million.
• TE Connectivity reported $2.27 earnings per share for the last quarter, surpassing analyst estimates and representing a year-over-year revenue growth of 13.9%.
• The company announced a quarterly dividend of $0.71 per share, which results in an annual yield of 1.4% for shareholders; the ex-dividend date is set for August 22.

Citigroup Inc. raised its stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 33.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 349,048 shares of the electronics maker's stock after purchasing an additional 86,538 shares during the period. Citigroup Inc. owned 0.12% of TE Connectivity worth $49,328,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Costello Asset Management INC purchased a new position in shares of TE Connectivity in the first quarter valued at $28,000. Millstone Evans Group LLC acquired a new position in TE Connectivity in the 1st quarter worth $32,000. North Capital Inc. acquired a new position in TE Connectivity in the 1st quarter worth $46,000. Global X Japan Co. Ltd. acquired a new position in TE Connectivity in the 1st quarter worth $47,000. Finally, Bartlett & CO. Wealth Management LLC lifted its holdings in TE Connectivity by 650.8% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 488 shares of the electronics maker's stock worth $69,000 after buying an additional 423 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on TEL shares. Wall Street Zen upgraded shares of TE Connectivity from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Citigroup increased their price objective on shares of TE Connectivity from $200.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Hsbc Global Res upgraded shares of TE Connectivity from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Wells Fargo & Company increased their price objective on shares of TE Connectivity from $170.00 to $198.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of TE Connectivity in a research note on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $197.55.

TE Connectivity Stock Performance

Shares of TEL stock traded up $2.06 during trading hours on Wednesday, reaching $206.20. The stock had a trading volume of 1,391,664 shares, compared to its average volume of 1,852,052. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.52 and a quick ratio of 0.96. TE Connectivity Ltd. has a twelve month low of $116.30 and a twelve month high of $212.76. The firm has a 50-day simple moving average of $180.09 and a 200-day simple moving average of $158.56. The firm has a market capitalization of $60.93 billion, a PE ratio of 42.69, a price-to-earnings-growth ratio of 2.39 and a beta of 1.23.

TE Connectivity (NYSE:TEL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share for the quarter, topping 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 business had revenue of $4.53 billion for the quarter, compared to analysts' expectations of $4.30 billion. During the same quarter last year, the company earned $1.91 EPS. The company's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, equities analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders 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 annualized dividend and a yield of 1.4%. TE Connectivity's dividend payout ratio (DPR) is presently 58.80%.

Insider Activity at TE Connectivity

In other TE Connectivity news, SVP Malavika Sagar sold 1,945 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $207.20, for a total value of $403,004.00. Following the completion of the sale, the senior vice president directly owned 4,716 shares in the company, valued at $977,155.20. This represents a 29.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John S. Jenkins sold 45,850 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $209.33, for a total value of $9,597,780.50. Following the completion of the sale, the executive vice president owned 24,625 shares of the company's stock, valued at $5,154,751.25. This trade represents a 65.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 138,795 shares of company stock worth $26,401,597 in the last 90 days. Corporate insiders own 0.90% of the company's stock.

TE Connectivity 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.