Congress Asset Management Co. lowered its position in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 2.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 94,464 shares of the electronics maker's stock after selling 2,580 shares during the quarter. Congress Asset Management Co.'s holdings in TE Connectivity were worth $13,350,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in TE Connectivity by 14.2% during the fourth quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker's stock valued at $4,629,225,000 after purchasing an additional 4,029,596 shares during the period. Wellington Management Group LLP acquired a new stake in TE Connectivity during the 4th quarter worth about $909,598,000. Geode Capital Management LLC raised its stake in shares of TE Connectivity by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 6,015,210 shares of the electronics maker's stock valued at $857,499,000 after buying an additional 33,340 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of TE Connectivity by 11.8% in the 4th quarter. Ameriprise Financial Inc. now owns 5,603,251 shares of the electronics maker's stock valued at $801,101,000 after buying an additional 592,072 shares during the period. Finally, Clearbridge Investments LLC boosted its stake in shares of TE Connectivity by 72.1% in the fourth quarter. Clearbridge Investments LLC now owns 4,064,822 shares of the electronics maker's stock worth $581,148,000 after buying an additional 1,702,825 shares during the last quarter. Hedge funds and other institutional investors own 91.43% of the company's stock.
TE Connectivity Price Performance
Shares of TEL traded up $0.97 during mid-day trading on Monday, hitting $165.62. 1,647,078 shares of the company were exchanged, compared to its average volume of 1,707,465. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. TE Connectivity Ltd. has a 1-year low of $116.30 and a 1-year high of $172.59. The stock has a market cap of $49.11 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 2.11 and a beta of 1.23. The company has a 50 day moving average of $146.59 and a 200-day moving average of $147.58.
TE Connectivity (NYSE:TEL - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.96 by $0.14. The firm had revenue of $4.14 billion for the quarter, compared to analyst estimates of $3.97 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business's revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.86 earnings per share. Analysts expect that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.
TE Connectivity Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be paid a dividend of $0.71 per share. The ex-dividend date is Wednesday, May 21st. This represents a $2.84 dividend on an annualized basis and a yield of 1.71%. This is a positive change from TE Connectivity's previous quarterly dividend of $0.65. TE Connectivity's payout ratio is 62.42%.
Analyst Ratings Changes
A number of research analysts have issued reports on TEL shares. Wall Street Zen downgraded TE Connectivity from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. HSBC raised shares of TE Connectivity from a "hold" rating to a "buy" rating and set a $175.00 price target on the stock in a report on Thursday, April 24th. Truist Financial cut their price objective on shares of TE Connectivity from $163.00 to $156.00 and set a "hold" rating for the company in a report on Thursday, April 24th. Hsbc Global Res raised shares of TE Connectivity from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Finally, Wells Fargo & Company raised their target price on TE Connectivity from $148.00 to $156.00 and gave the company an "equal weight" rating in a research report on Monday, May 19th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, TE Connectivity presently has a consensus rating of "Moderate Buy" and a consensus price target of $162.50.
Get Our Latest Stock Analysis on TEL
Insider Buying and Selling at TE Connectivity
In other news, CFO Heath A. Mitts sold 37,844 shares of the company's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $153.33, for a total value of $5,802,620.52. Following the transaction, the chief financial officer now owns 45,503 shares of the company's stock, valued at $6,976,974.99. This represents a 45.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John S. Jenkins sold 30,000 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $149.39, for a total value of $4,481,700.00. Following the transaction, the executive vice president now owns 24,625 shares of the company's stock, valued at approximately $3,678,728.75. This represents a 54.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,675 shares of company stock worth $27,369,059 in the last three months. 0.90% of the stock is owned by corporate insiders.
About TE Connectivity
(
Free Report)
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.
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