Seelaus Asset Management LLC Acquires Shares of 3,196 TE Connectivity Ltd. (NYSE:TEL)

Key Points

• Seelaus Asset Management LLC acquired a new stake in TE Connectivity, purchasing 3,196 shares valued at approximately $452,000 during the first quarter.
• TE Connectivity's recent quarterly earnings beat analysts' expectations with $2.27 earnings per share, surpassing the consensus estimate of $2.08 and showing a 13.9% increase in revenue compared to the previous year.
• A quarterly dividend of $0.71 per share will be paid on September 12th, representing an annualized payout of $2.84 and a dividend yield of 1.4%.

Seelaus Asset Management LLC purchased a new position in TE Connectivity Ltd. (NYSE:TEL - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,196 shares of the electronics maker's stock, valued at approximately $452,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of TEL. Woodline Partners LP bought a new position in TE Connectivity in the 4th quarter valued at about $127,351,000. GAMMA Investing LLC increased its stake in TE Connectivity by 21,927.9% in the first quarter. GAMMA Investing LLC now owns 703,350 shares of the electronics maker's stock valued at $99,397,000 after acquiring an additional 700,157 shares during the last quarter. Point72 Asset Management L.P. raised its position 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 valued at $104,492,000 after purchasing an additional 669,435 shares in the last quarter. Royal Bank of Canada lifted 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 purchasing an additional 623,652 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of TE Connectivity by 29.3% in the 4th quarter. Northern Trust Corp now owns 2,691,050 shares of the electronics maker's stock valued at $384,739,000 after purchasing an additional 610,571 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company's stock.

TE Connectivity Stock Down 1.2%

Shares of TEL stock traded down $2.53 during trading hours on Tuesday, reaching $201.47. The company had a trading volume of 2,062,220 shares, compared to its average volume of 2,260,855. The business has a fifty day simple moving average of $175.25 and a 200-day simple moving average of $156.54. TE Connectivity Ltd. has a 12 month low of $116.30 and a 12 month high of $212.76. The company has a market cap of $59.53 billion, a price-to-earnings ratio of 41.71, a price-to-earnings-growth ratio of 2.44 and a beta of 1.23. 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 (NYSE:TEL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The electronics maker reported $2.27 EPS for the quarter, topping analysts' consensus estimates of $2.08 by $0.19. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.30 billion. TE Connectivity had a return on equity of 20.22% and a net margin of 8.78%. TE Connectivity's quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the company posted $1.91 earnings per share. On average, research 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 paid a $0.71 dividend. The ex-dividend date 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 currently 58.80%.

Insiders Place Their Bets

In other news, CFO Heath A. Mitts sold 53,306 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $159.21, for a total value of $8,486,848.26. Following the transaction, the chief financial officer owned 45,503 shares of the company's stock, valued at $7,244,532.63. This represents a 53.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Shadrak W. Kroeger sold 25,000 shares of TE Connectivity stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $159.03, for a total value of $3,975,750.00. Following the sale, the insider directly owned 25,976 shares of the company's stock, valued at approximately $4,130,963.28. This trade represents a 49.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,470 shares of company stock worth $45,313,205 over the last quarter. Insiders own 0.90% of the company's stock.

Analysts Set New Price Targets

TEL has been the subject of several research analyst reports. Vertical Research raised TE Connectivity from a "hold" rating to a "buy" rating and set a $170.00 target price for the company in a research note on Friday, April 25th. Citigroup increased their price target on TE Connectivity from $200.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. KGI Securities upgraded TE Connectivity to a "hold" rating in a research report on Thursday, July 24th. Truist Financial increased their target price on TE Connectivity from $156.00 to $200.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. Finally, UBS Group boosted their price target on TE Connectivity from $185.00 to $201.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, TE Connectivity presently has a consensus rating of "Moderate Buy" and an average price target of $194.80.

About TE Connectivity

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.