Teacher Retirement System of Texas trimmed its stake in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 54.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 206,835 shares of the electronics maker's stock after selling 245,232 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.07% of TE Connectivity worth $29,230,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of TE Connectivity by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker's stock valued at $4,629,225,000 after buying an additional 4,029,596 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of TE Connectivity in the 4th quarter valued at about $909,598,000. Geode Capital Management LLC increased its stake in shares of TE Connectivity by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 6,015,210 shares of the electronics maker's stock worth $857,499,000 after purchasing an additional 33,340 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of TE Connectivity by 11.8% in the 4th quarter. Ameriprise Financial Inc. now owns 5,603,251 shares of the electronics maker's stock valued at $801,101,000 after purchasing an additional 592,072 shares during the period. Finally, Clearbridge Investments LLC lifted its stake in TE Connectivity by 72.1% in the 4th quarter. Clearbridge Investments LLC now owns 4,064,822 shares of the electronics maker's stock valued at $581,148,000 after purchasing an additional 1,702,825 shares during the last quarter. Institutional investors and hedge funds own 91.43% of the company's stock.
Analyst Ratings Changes
A number of brokerages have weighed in on TEL. Wall Street Zen downgraded TE Connectivity from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. JPMorgan Chase & Co. boosted their target price on TE Connectivity from $146.00 to $148.00 and gave the stock a "neutral" rating in a report on Thursday, April 24th. Robert W. Baird raised their price target on TE Connectivity from $147.00 to $153.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Truist Financial reduced their price objective on shares of TE Connectivity from $163.00 to $156.00 and set a "hold" rating for the company in a research report on Thursday, April 24th. Finally, The Goldman Sachs Group dropped their price objective on shares of TE Connectivity from $190.00 to $170.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $163.90.
Check Out Our Latest Stock Analysis on TE Connectivity
TE Connectivity Price Performance
NYSE:TEL opened at $174.29 on Friday. TE Connectivity Ltd. has a 52 week low of $116.30 and a 52 week high of $175.03. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.51. The firm's 50-day simple moving average is $160.53 and its 200 day simple moving average is $149.64. The firm has a market cap of $51.69 billion, a price-to-earnings ratio of 38.31, a P/E/G ratio of 2.27 and a beta of 1.23.
TE Connectivity (NYSE:TEL - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 EPS for the quarter, topping the consensus estimate of $1.96 by $0.14. TE Connectivity had a net margin of 8.67% and a return on equity of 19.40%. The company had revenue of $4.14 billion for the quarter, compared to analysts' expectations of $3.97 billion. During the same period last year, the firm earned $1.86 earnings per share. The business's revenue for the quarter was up 4.4% on a year-over-year basis. As a group, sell-side analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.
TE Connectivity Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, August 22nd. TE Connectivity's dividend payout ratio (DPR) is currently 62.42%.
Insider Buying and Selling
In other TE Connectivity news, insider Aaron Kyle Stucki sold 13,100 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $170.00, for a total transaction of $2,227,000.00. Following the sale, the insider directly owned 23,657 shares in the company, valued at $4,021,690. This represents a 35.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Malavika Sagar sold 3,125 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $160.00, for a total transaction of $500,000.00. Following the completion of the transaction, the senior vice president directly owned 5,927 shares in the company, valued at approximately $948,320. This represents a 34.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 187,775 shares of company stock valued at $29,596,059 in the last ninety days. Insiders own 0.90% of the company's stock.
TE Connectivity Profile
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Free Report)
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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