Sumitomo Mitsui Trust Group Inc. Sells 6,537 Shares of TE Connectivity Ltd. $TEL

Key Points

• Sumitomo Mitsui Trust Group Inc. reduced its stake in TE Connectivity Ltd. by 0.9%, selling 6,537 shares, bringing their total ownership to 746,405 shares valued at approximately $125.9 million.
• TE Connectivity reported an EPS of $2.27 for the most recent quarter, exceeding analysts' expectations, with revenues hitting $4.53 billion, a 13.9% increase year-over-year.
• The company announced a quarterly dividend of $0.71 per share, with the dividend yield standing at 1.2%, and the payout ratio is at 58.80%.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 0.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 746,405 shares of the electronics maker's stock after selling 6,537 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.25% of TE Connectivity worth $125,896,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in TE Connectivity by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 37,881,410 shares of the electronics maker's stock valued at $5,353,401,000 after purchasing an additional 5,502,415 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of TE Connectivity by 39,846.0% during the second quarter. Valeo Financial Advisors LLC now owns 1,775,598 shares of the electronics maker's stock valued at $299,490,000 after purchasing an additional 1,771,153 shares in the last quarter. Nuveen LLC purchased a new stake in shares of TE Connectivity during the first quarter valued at $174,700,000. Wellington Management Group LLP increased its holdings in 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 worth $1,054,133,000 after buying an additional 1,097,035 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in TE Connectivity by 17.1% in the 1st quarter. Ameriprise Financial Inc. now owns 6,563,527 shares of the electronics maker's stock worth $927,571,000 after buying an additional 960,276 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors.

TE Connectivity Stock Up 0.7%

TEL stock opened at $235.66 on Friday. The business's 50-day moving average price is $215.12 and its 200-day moving average price is $183.71. The stock has a market cap of $69.63 billion, a P/E ratio of 48.79, a PEG ratio of 2.54 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. TE Connectivity Ltd. has a twelve month low of $116.30 and a twelve month high of $237.63.

TE Connectivity (NYSE:TEL - Get Free Report) last released its 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 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 quarter last year, the business earned $1.91 EPS. On average, equities research analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Dividend Announcement

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

Insider Buying and Selling

In related news, SVP Malavika Sagar sold 1,945 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $207.20, for a total transaction of $403,004.00. Following the completion of the transaction, the senior vice president owned 4,716 shares in the company, valued at approximately $977,155.20. This represents a 29.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Shadrak W. Kroeger sold 23,850 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $202.99, for a total transaction of $4,841,311.50. Following the transaction, the insider directly owned 25,976 shares of the company's stock, valued at $5,272,868.24. This trade represents a 47.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,645 shares of company stock valued at $14,842,096. Company insiders own 0.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TEL. Barclays began coverage on shares of TE Connectivity in a report on Tuesday, October 7th. They set an "overweight" rating and a $249.00 price target on the stock. Citigroup increased their price target on TE Connectivity from $230.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of TE Connectivity in a report on Friday. JPMorgan Chase & Co. increased their target price on TE Connectivity from $186.00 to $204.00 and gave the company a "neutral" rating in a report on Thursday, July 24th. Finally, The Goldman Sachs Group boosted their price target on TE Connectivity from $228.00 to $263.00 and gave the company a "buy" rating in a research note on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, TE Connectivity has a consensus rating of "Moderate Buy" and an average target price of $222.00.

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.

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.