First Citizens Bank & Trust Co. Sells 10,789 Shares of TE Connectivity Ltd. $TEL

Key Points

• First Citizens Bank & Trust Co. sold 10,789 shares of TE Connectivity Ltd., reducing its stake by 28% and leaving it with 27,724 shares valued at approximately $4.68 million.
• Insiders sold a total of 71,645 shares worth nearly $14.84 million in the last three months, with notable sales by EVP John S. Jenkins and insider Shadrak W. Kroeger.
• TE Connectivity's stock is currently priced at $229.89, having a market cap of $67.93 billion, with earnings per share recently reported at $2.27—beating estimates by $0.19.

First Citizens Bank & Trust Co. decreased its stake in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 28.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,724 shares of the electronics maker's stock after selling 10,789 shares during the period. First Citizens Bank & Trust Co.'s holdings in TE Connectivity were worth $4,676,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in TE Connectivity by 17.0% during the first quarter. Vanguard Group Inc. now owns 37,881,410 shares of the electronics maker's stock worth $5,353,401,000 after buying an additional 5,502,415 shares during the last quarter. Valeo Financial Advisors LLC grew its position in shares of TE Connectivity by 39,846.0% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,775,598 shares of the electronics maker's stock valued at $299,490,000 after acquiring an additional 1,771,153 shares during the period. Nuveen LLC acquired a new position in shares of TE Connectivity during the 1st quarter worth about $174,700,000. Wellington Management Group LLP raised its holdings in shares of TE Connectivity by 17.2% in the 1st quarter. Wellington Management Group LLP now owns 7,459,195 shares of the electronics maker's stock valued at $1,054,133,000 after purchasing an additional 1,097,035 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of TE Connectivity by 17.1% in the 1st quarter. Ameriprise Financial Inc. now owns 6,563,527 shares of the electronics maker's stock valued at $927,571,000 after purchasing an additional 960,276 shares during the period. Institutional investors own 91.43% of the company's stock.

Insiders Place Their Bets

In related news, EVP John S. Jenkins sold 45,850 shares of TE Connectivity stock in a transaction on Monday, July 28th. The stock was sold at an average price of $209.33, for a total transaction 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 approximately $5,154,751.25. This trade represents a 65.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shadrak W. Kroeger sold 23,850 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $202.99, for a total value of $4,841,311.50. Following the completion of the transaction, the insider owned 25,976 shares in the company, valued at $5,272,868.24. This represents a 47.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,645 shares of company stock worth $14,842,096 in the last three months. 0.90% of the stock is currently owned by corporate insiders.

TE Connectivity Stock Performance

TE Connectivity stock opened at $229.89 on Thursday. TE Connectivity Ltd. has a 12-month low of $116.30 and a 12-month high of $237.50. The stock has a market cap of $67.93 billion, a PE ratio of 47.60, a P/E/G ratio of 2.46 and a beta of 1.26. 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 business's 50-day moving average price is $213.92 and its two-hundred day moving average price is $181.74.

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 for the quarter, beating the consensus estimate of $2.08 by $0.19. TE Connectivity had a return on equity of 20.22% and a net margin of 8.78%.The firm had revenue of $4.53 billion for the quarter, compared to analysts' expectations of $4.30 billion. During the same period in the prior year, the business posted $1.91 earnings per share. The company's revenue was up 13.9% on a year-over-year basis. As a group, analysts expect that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 21st will be paid a $0.71 dividend. The ex-dividend date is Friday, November 21st. This represents a $2.84 annualized dividend and a yield of 1.2%. TE Connectivity's dividend payout ratio is currently 58.80%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TEL. Wall Street Zen downgraded TE Connectivity from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 31st. Citigroup lifted their price objective on shares of TE Connectivity from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Weiss Ratings reiterated a "hold (c+)" rating on shares of TE Connectivity in a report on Wednesday, October 8th. Barclays began coverage on shares of TE Connectivity in a report on Tuesday, October 7th. They set an "overweight" rating and a $249.00 target price for the company. Finally, Truist Financial increased their price target on shares of TE Connectivity from $156.00 to $200.00 and gave the company a "hold" rating in a report on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $222.00.

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.

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