TE Connectivity Ltd. $TEL Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its TE Connectivity stake by 12.6% in the third quarter, selling 70,269 shares; it retained 485,368 shares valued at about $102.5 million.
• TE Connectivity reported quarterly EPS of $3.14, beating estimates of $3.07, while revenue of $5.31 billion also topped forecasts and rose 11.9% year over year.
• Analysts’ consensus rating was Moderate Buy, with a $255.50 average price target. The company declared a quarterly dividend of $0.78 per share.

Pzena Investment Management LLC cut its position in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 12.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 485,368 shares of the electronics maker's stock after selling 70,269 shares during the period. Pzena Investment Management LLC owned 0.17% of TE Connectivity worth $102,451,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of TE Connectivity by 48.2% in the second quarter. Wellington Management Group LLP now owns 7,709,235 shares of the electronics maker's stock valued at $1,554,259,000 after buying an additional 2,507,569 shares during the period. Hsbc Holdings PLC raised its holdings in TE Connectivity by 385.0% during the 1st quarter. Hsbc Holdings PLC now owns 1,115,692 shares of the electronics maker's stock worth $232,677,000 after purchasing an additional 885,658 shares during the last quarter. State Street Corp lifted its stake in shares of TE Connectivity by 5.7% in the 2nd quarter. State Street Corp now owns 13,639,381 shares of the electronics maker's stock valued at $2,750,079,000 after purchasing an additional 730,084 shares during the period. Alyeska Investment Group L.P. increased its stake in TE Connectivity by 415.4% in the second quarter. Alyeska Investment Group L.P. now owns 849,218 shares of the electronics maker's stock valued at $171,211,000 after purchasing an additional 684,463 shares in the last quarter. Finally, Amundi lifted its holdings in shares of TE Connectivity by 37.2% in the 1st quarter. Amundi now owns 2,256,878 shares of the electronics maker's stock worth $471,733,000 after purchasing an additional 612,180 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company's stock.

TE Connectivity Trading Up 0.4%

NYSE TEL opened at $220.54 on Thursday. TE Connectivity Ltd. has a 12 month low of $190.27 and a 12 month high of $252.56. The stock has a market cap of $63.85 billion, a P/E ratio of 19.92, a P/E/G ratio of 1.39 and a beta of 1.15. The stock's fifty day moving average price is $212.04 and its 200-day moving average price is $212.84. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38.

TE Connectivity (NYSE:TEL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The electronics maker reported $3.14 earnings per share for the quarter, beating the consensus estimate of $3.07 by $0.07. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. TE Connectivity had a return on equity of 25.55% and a net margin of 16.36%. The company's revenue was up 11.9% on a year-over-year basis. During the same period last year, the company earned $2.44 earnings per share. As a group, equities analysts forecast that TE Connectivity Ltd. will post 13.33 EPS for the current fiscal year.

TE Connectivity Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 20th will be given a $0.78 dividend. The ex-dividend date is Friday, November 20th. This represents a $3.12 annualized dividend and a yield of 1.4%. TE Connectivity's dividend payout ratio (DPR) is presently 28.18%.

Analyst Ratings Changes

TEL has been the subject of several recent analyst reports. Truist Financial reduced their target price on shares of TE Connectivity from $240.00 to $215.00 and set a "hold" rating for the company in a research note on Thursday, July 23rd. The Goldman Sachs Group increased their price objective on TE Connectivity from $284.00 to $288.00 and gave the stock a "buy" rating in a research report on Tuesday, October 6th. UBS Group upped their target price on TE Connectivity from $253.00 to $263.00 and gave the stock a "buy" rating in a research note on Thursday, October 29th. Jefferies Financial Group reduced their price objective on TE Connectivity from $265.00 to $235.00 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. Finally, Wall Street Zen upgraded TE Connectivity from a "hold" rating to a "buy" rating in a report on Sunday, October 18th. Eleven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $255.50.

TE Connectivity Profile

TE Connectivity Ltd. NYSE: TEL is a global technology and manufacturing company that designs and produces connectivity and sensor solutions. Its products help transmit power, data and signals across a range of applications, including vehicles, industrial equipment, communications networks, aerospace systems, medical devices and consumer electronics.

The company's product portfolio includes connectors, terminals, relays, sensors, antennas, circuit-protection products, wire and cable assemblies, and related application tooling.

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