Sit Investment Associates Inc. Increases Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Key Points

• Sit Investment Associates Inc. increased its holdings in TE Connectivity Ltd. by 3.1% during the 1st quarter, owning 98,149 shares valued at approximately $13.87 million.
• TE Connectivity's quarterly earnings report showed an EPS of $2.27, surpassing estimates, with revenue growth of 13.9% year-over-year.
• The company announced a quarterly dividend of $0.71, offering a 1.4% yield, with the ex-dividend date set for August 22nd.

Sit Investment Associates Inc. increased its holdings in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,149 shares of the electronics maker's stock after buying an additional 2,977 shares during the quarter. Sit Investment Associates Inc.'s holdings in TE Connectivity were worth $13,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC purchased a new stake in TE Connectivity during the 4th quarter valued at about $820,000. Federated Hermes Inc. boosted its stake in shares of TE Connectivity by 863.4% in the fourth quarter. Federated Hermes Inc. now owns 1,185 shares of the electronics maker's stock worth $169,000 after buying an additional 1,062 shares during the last quarter. Townsquare Capital LLC boosted its position in TE Connectivity by 16.9% during the fourth quarter. Townsquare Capital LLC now owns 2,007 shares of the electronics maker's stock worth $287,000 after purchasing an additional 290 shares in the last quarter. Sagespring Wealth Partners LLC purchased a new position in TE Connectivity during the fourth quarter worth approximately $366,000. Finally, Barclays PLC boosted its position in TE Connectivity by 41.4% during the fourth quarter. Barclays PLC now owns 850,457 shares of the electronics maker's stock worth $121,590,000 after purchasing an additional 249,113 shares in the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Hsbc Global Res upgraded TE Connectivity from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. HSBC raised TE Connectivity from a "hold" rating to a "buy" rating and set a $175.00 target price for the company in a report on Thursday, April 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 report on Thursday, July 24th. KGI Securities raised TE Connectivity to a "hold" rating in a report on Thursday, July 24th. Finally, Citigroup increased their target price on TE Connectivity from $200.00 to $230.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $197.55.

Insiders Place Their Bets

In related news, insider Aaron Kyle Stucki sold 52,900 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $192.78, for a total value of $10,198,062.00. Following the completion of the transaction, the insider directly owned 23,667 shares in the company, valued at approximately $4,562,524.26. This represents a 69.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John S. Jenkins sold 45,850 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $209.33, for a total value of $9,597,780.50. Following the completion of the transaction, the executive vice president owned 24,625 shares of the company's stock, valued at $5,154,751.25. The trade was a 65.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 138,795 shares of company stock valued at $26,401,597. 0.90% of the stock is currently owned by insiders.

TE Connectivity Price Performance

NYSE:TEL opened at $206.20 on Thursday. TE Connectivity Ltd. has a one year low of $116.30 and a one year high of $212.76. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.52. The stock has a market cap of $60.93 billion, a PE ratio of 42.69, a P/E/G ratio of 2.44 and a beta of 1.23. The stock has a 50 day moving average price of $180.97 and a 200 day moving average price of $158.89.

TE Connectivity (NYSE:TEL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electronics maker reported $2.27 EPS for the quarter, beating the consensus estimate of $2.08 by $0.19. The firm had revenue of $4.53 billion during the quarter, compared to analysts' expectations of $4.30 billion. TE Connectivity had a return on equity of 20.22% and a net margin of 8.78%. The business's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.91 earnings per share. Equities 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 disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, August 22nd. TE Connectivity's dividend payout ratio is presently 58.80%.

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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