Ontario Teachers Pension Plan Board Purchases 3,189 Shares of TE Connectivity Ltd. (NYSE:TEL)

Key Points

• The Ontario Teachers Pension Plan Board increased its holdings in TE Connectivity Ltd. by 75.3% in the first quarter, now owning shares worth approximately $1.05 million.
• Insider sales have been significant, with over 220,000 shares sold by insiders in the last ninety days, amounting to about $39.5 million.
• TE Connectivity recently reported earnings of $2.27 per share, surpassing estimates and indicating a 13.9% revenue growth year-over-year.

Ontario Teachers Pension Plan Board increased its stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 75.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,426 shares of the electronics maker's stock after acquiring an additional 3,189 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in TE Connectivity were worth $1,049,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TEL. Ballentine Partners LLC grew its holdings in shares of TE Connectivity by 1.4% in the 1st quarter. Ballentine Partners LLC now owns 4,975 shares of the electronics maker's stock valued at $703,000 after acquiring an additional 68 shares in the last quarter. Vista Investment Management grew its holdings in TE Connectivity by 0.5% in the 4th quarter. Vista Investment Management now owns 13,225 shares of the electronics maker's stock valued at $1,891,000 after buying an additional 70 shares in the last quarter. Silvercrest Asset Management Group LLC grew its holdings in shares of TE Connectivity by 2.1% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 3,732 shares of the electronics maker's stock worth $534,000 after purchasing an additional 75 shares in the last quarter. Wedmont Private Capital raised its stake in TE Connectivity by 4.3% in the first quarter. Wedmont Private Capital now owns 1,944 shares of the electronics maker's stock valued at $275,000 after purchasing an additional 80 shares in the last quarter. Finally, AllSquare Wealth Management LLC increased its holdings in TE Connectivity by 7.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 1,274 shares of the electronics maker's stock valued at $180,000 after buying an additional 83 shares during the period. Institutional investors and hedge funds own 91.43% of the company's stock.

Insider Buying and Selling

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 Aaron Kyle Stucki sold 52,900 shares of TE Connectivity 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 of the company's stock, valued at $4,562,524.26. This represents a 69.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 159,195 shares of company stock worth $29,723,737 over the last quarter. 0.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TEL has been the subject of several recent analyst reports. Wells Fargo & Company upped their price objective on TE Connectivity from $170.00 to $198.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Robert W. Baird upped their target price on TE Connectivity from $185.00 to $210.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Vertical Research raised shares of TE Connectivity from a "hold" rating to a "buy" rating and set a $170.00 price objective on the stock in a research note on Friday, April 25th. Truist Financial boosted their target price 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. Finally, Citigroup lifted their target price on TE Connectivity from $200.00 to $230.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.80.

TE Connectivity Stock Performance

Shares of TEL stock traded down $2.25 on Monday, hitting $199.73. 1,311,285 shares of the stock were exchanged, compared to its average volume of 1,858,530. The firm 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. TE Connectivity Ltd. has a one year low of $116.30 and a one year high of $212.76. The company has a current ratio of 1.52, a quick ratio of 0.96 and a debt-to-equity ratio of 0.39. The firm's 50 day moving average is $178.45 and its two-hundred day moving average is $157.93.

TE Connectivity (NYSE:TEL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The electronics maker reported $2.27 EPS for the quarter, topping the consensus estimate of $2.08 by $0.19. TE Connectivity had a net margin of 8.78% and a return on equity of 20.22%. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same period last year, the firm earned $1.91 EPS. TE Connectivity's revenue for the quarter was up 13.9% on a year-over-year basis. Sell-side analysts expect that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Announces Dividend

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 issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 22nd. TE Connectivity's payout ratio is presently 58.80%.

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.