Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in TE Connectivity by 10.9% in Q1, owning about 526,029 shares valued at approximately $74.3 million.
• TE Connectivity reported Q2 earnings of $2.27 per share, exceeding expectations and showing a 13.9% year-over-year revenue increase to $4.53 billion.
• The company declared a quarterly dividend of $0.71 per share, with a yield of 1.4%, scheduled for payment on September 12.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 10.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 526,029 shares of the electronics maker's stock after acquiring an additional 51,508 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of TE Connectivity worth $74,338,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TEL. Vanguard Group Inc. increased its position in shares of TE Connectivity by 17.0% in the first quarter. Vanguard Group Inc. now owns 37,881,410 shares of the electronics maker's stock valued at $5,353,401,000 after acquiring an additional 5,502,415 shares during the period. Woodline Partners LP purchased a new position in shares of TE Connectivity during the fourth quarter valued at about $127,351,000. GAMMA Investing LLC increased its position in shares of TE Connectivity by 21,927.9% during the first quarter. GAMMA Investing LLC now owns 703,350 shares of the electronics maker's stock valued at $99,397,000 after buying an additional 700,157 shares during the period. Point72 Asset Management L.P. increased its position in shares of 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 buying an additional 669,435 shares during the period. Finally, Royal Bank of Canada increased its position in shares of 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 valued at $182,618,000 after buying an additional 623,652 shares during the period. Hedge funds and other institutional investors own 91.43% of the company's stock.

Analysts Set New Price Targets

TEL has been the topic of several research analyst reports. Hsbc Global Res upgraded shares of TE Connectivity from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Wells Fargo & Company upped their price objective on shares of TE Connectivity from $170.00 to $198.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. KGI Securities upgraded shares of TE Connectivity to a "hold" rating in a report on Thursday, July 24th. UBS Group upped their price objective on shares of TE Connectivity from $185.00 to $201.00 and gave the stock a "buy" rating in a report on Monday, July 14th. Finally, Evercore ISI upped their price objective on shares of TE Connectivity from $200.00 to $225.00 and gave the stock an "outperform" rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, TE Connectivity currently has an average rating of "Moderate Buy" and an average price target of $197.55.

Insider Buying and Selling at TE Connectivity

In other news, insider Aaron Kyle Stucki sold 52,900 shares of the firm's stock in a transaction on Wednesday, July 23rd. The shares were 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John S. Jenkins sold 45,850 shares of the firm's 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 owned 24,625 shares in the company, 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. Insiders have sold a total of 138,795 shares of company stock valued at $26,401,597 over the last three months. Insiders own 0.90% of the company's stock.

TE Connectivity Stock Performance

TE Connectivity stock traded up $1.18 during midday trading on Wednesday, reaching $205.32. 543,686 shares of the company traded hands, compared to its average volume of 1,846,243. The firm has a market capitalization of $60.67 billion, a price-to-earnings ratio of 42.54, a price-to-earnings-growth ratio of 2.39 and a beta of 1.23. The business has a 50 day moving average of $180.09 and a two-hundred day moving average of $158.56. TE Connectivity Ltd. has a 12 month low of $116.30 and a 12 month high of $212.76. 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 data on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share for the quarter, beating analysts' consensus estimates of $2.08 by $0.19. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.91 earnings per share. As a group, research analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 22nd will be given 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 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.