TE Connectivity Ltd. $TEL Shares Acquired by Man Group plc

Key Points

• Man Group plc sharply increased its TE Connectivity stake by 259.9% in the fourth quarter, adding 904,468 shares to reach 1,252,434 shares valued at about $284.9 million.
• TE Connectivity reported solid quarterly results, posting EPS of $2.73 versus estimates of $2.70 and revenue of $4.74 billion versus expectations of $4.72 billion, with revenue up 14.4% year over year.
• The company returned cash to shareholders and supported its stock by announcing a quarterly dividend of $0.78 per share and a $3 billion share repurchase authorization covering up to 5% of outstanding shares.

Man Group plc lifted its stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 259.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,252,434 shares of the electronics maker's stock after buying an additional 904,468 shares during the quarter. TE Connectivity makes up about 0.5% of Man Group plc's investment portfolio, making the stock its 27th largest holding. Man Group plc owned approximately 0.43% of TE Connectivity worth $284,941,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of TE Connectivity by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 38,421,283 shares of the electronics maker's stock worth $8,741,226,000 after buying an additional 168,142 shares in the last quarter. State Street Corp boosted its holdings in TE Connectivity by 0.6% in the fourth quarter. State Street Corp now owns 13,105,219 shares of the electronics maker's stock worth $2,981,572,000 after purchasing an additional 76,292 shares during the period. Geode Capital Management LLC boosted its holdings in TE Connectivity by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 6,284,933 shares of the electronics maker's stock worth $1,425,669,000 after purchasing an additional 161,967 shares during the period. Bank of America Corp DE boosted its holdings in TE Connectivity by 27.5% in the second quarter. Bank of America Corp DE now owns 6,274,917 shares of the electronics maker's stock worth $1,058,390,000 after purchasing an additional 1,352,152 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in TE Connectivity by 3.4% in the fourth quarter. Bank of New York Mellon Corp now owns 4,403,794 shares of the electronics maker's stock worth $1,001,907,000 after purchasing an additional 144,353 shares during the period. Institutional investors and hedge funds own 91.43% of the company's stock.

TE Connectivity Stock Performance

TEL stock opened at $211.73 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.20 and a current ratio of 1.89. The stock has a market capitalization of $61.80 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 1.54 and a beta of 1.16. TE Connectivity Ltd. has a 1 year low of $162.17 and a 1 year high of $252.56. The stock's fifty day moving average is $214.83 and its two-hundred day moving average is $220.44.

TE Connectivity (NYSE:TEL - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The electronics maker reported $2.73 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.70 by $0.03. The company had revenue of $4.74 billion for the quarter, compared to analysts' expectations of $4.72 billion. TE Connectivity had a return on equity of 23.56% and a net margin of 15.54%.The firm's quarterly revenue was up 14.4% compared to the same quarter last year. During the same period last year, the business posted $2.10 earnings per share. TE Connectivity has set its Q3 2026 guidance at 2.830-2.830 EPS. On average, research analysts predict that TE Connectivity Ltd. will post 11.28 EPS for the current year.

TE Connectivity Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 21st will be paid a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, August 21st. TE Connectivity's dividend payout ratio (DPR) is presently 31.87%.

TE Connectivity announced that its board has initiated a share repurchase plan on Wednesday, March 11th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have commented on TEL. Wells Fargo & Company lifted their price objective on shares of TE Connectivity from $214.00 to $226.00 and gave the stock an "equal weight" rating in a report on Thursday, April 23rd. Barclays lifted their price objective on shares of TE Connectivity from $297.00 to $300.00 and gave the stock an "overweight" rating in a report on Monday. Zacks Research downgraded shares of TE Connectivity from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. HSBC downgraded shares of TE Connectivity from a "buy" rating to a "hold" rating and set a $234.00 price objective for the company. in a report on Thursday, April 23rd. Finally, UBS Group decreased their price objective on shares of TE Connectivity from $272.00 to $261.00 and set a "buy" rating for the company in a report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $256.79.

Insider Transactions at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 9,400 shares of the firm's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $215.00, for a total value of $2,021,000.00. Following the sale, the insider directly owned 25,976 shares in the company, valued at approximately $5,584,840. This trade represents a 26.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 28,200 shares of company stock valued at $6,140,644 in the last quarter. Company insiders own 0.60% of the company's stock.

TE Connectivity Profile

TE Connectivity NYSE: TEL is a global industrial technology company that designs and manufactures connectivity and sensor solutions used to enable the flow of power and data in a wide range of applications. Its product portfolio includes electrical connectors, cable and wire harness assemblies, sensors, relays and switches, fiber-optic and coaxial interconnects, and other passive and active components that provide mechanical and electrical connections in complex systems.

The company's products and engineered solutions serve diverse end markets such as automotive and transportation, industrial equipment, data communications and networks, aerospace and defense, medical devices, and energy.

Want to see what other hedge funds are holding TEL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TE Connectivity Ltd. (NYSE:TEL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.