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Nuveen LLC Makes New Investment in TE Connectivity Ltd. (NYSE:TEL)

TE Connectivity logo with Computer and Technology background

Key Points

  • Nuveen LLC acquired over 1.2 million shares of TE Connectivity Ltd. valued at approximately $174.7 million, representing a 0.42% ownership in the company.
  • TE Connectivity announced a quarterly dividend of $0.71 per share, set to be paid on September 12, translating to an annualized dividend of $2.84 with a yield of 1.4%.
  • Institutional ownership of TE Connectivity stands at 91.43%, with significant recent stake increases from firms like Vanguard Group and GAMMA Investing LLC.
  • Want stock alerts on TE Connectivity? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Nuveen LLC acquired a new position in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,236,198 shares of the electronics maker's stock, valued at approximately $174,700,000. Nuveen LLC owned 0.42% of TE Connectivity as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TEL. Vanguard Group Inc. grew its stake 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 period. Woodline Partners LP purchased a new stake in TE Connectivity during the fourth quarter worth approximately $127,351,000. GAMMA Investing LLC grew its stake in TE Connectivity by 21,927.9% during the first quarter. GAMMA Investing LLC now owns 703,350 shares of the electronics maker's stock worth $99,397,000 after buying an additional 700,157 shares during the period. Point72 Asset Management L.P. grew its stake in TE Connectivity by 1,089.8% during the fourth quarter. Point72 Asset Management L.P. now owns 730,864 shares of the electronics maker's stock worth $104,492,000 after buying an additional 669,435 shares during the period. Finally, Royal Bank of Canada grew its stake in TE Connectivity by 95.4% during the fourth quarter. Royal Bank of Canada now owns 1,277,319 shares of the electronics maker's stock worth $182,618,000 after buying an additional 623,652 shares during the period. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Trading Down 1.1%

TEL opened at $199.73 on Tuesday. The stock has a market capitalization of $59.02 billion, a PE ratio of 41.35, a P/E/G ratio of 2.42 and a beta of 1.23. The firm's fifty day moving average price is $179.25 and its 200 day moving average price is $158.24. 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 12-month low of $116.30 and a 12-month high of $212.76.

TE Connectivity (NYSE:TEL - Get Free Report) last issued its earnings results 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. The company had revenue of $4.53 billion for the quarter, compared to analysts' expectations of $4.30 billion. TE Connectivity had a net margin of 8.78% and a return on equity of 20.22%. The firm's revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.91 earnings per share. As a group, research analysts expect that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.

TE Connectivity Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be issued a dividend of $0.71 per share. 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 dividend payout ratio is 58.80%.

Insider Buying and Selling at TE Connectivity

In other TE Connectivity news, EVP John S. Jenkins sold 45,850 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $209.33, for a total transaction of $9,597,780.50. Following the sale, the executive vice president directly owned 24,625 shares of the company's stock, valued at approximately $5,154,751.25. This represents a 65.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Aaron Kyle Stucki sold 52,900 shares of the stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $192.78, for a total transaction of $10,198,062.00. Following the sale, the insider directly owned 23,667 shares in the company, valued at $4,562,524.26. This trade represents a 69.09% 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 valued at $26,401,597 over the last three months. 0.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TEL. KGI Securities upgraded shares of TE Connectivity to a "hold" rating in a research note on Thursday, July 24th. HSBC raised shares of TE Connectivity from a "hold" rating to a "buy" rating and set a $175.00 target price on the stock in a research report on Thursday, April 24th. Citigroup boosted their target price 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. Hsbc Global Res raised shares of TE Connectivity from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Finally, 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. Four research 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 data from MarketBeat.com, TE Connectivity has an average rating of "Moderate Buy" and a consensus price target of $194.80.

Read Our Latest Stock Report on TE Connectivity

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.

Further Reading

Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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