Investment Management Corp of Ontario raised its stake in TE Connectivity Ltd. (NYSE:TEL - Free Report) by 29.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,454 shares of the electronics maker's stock after purchasing an additional 1,900 shares during the period. Investment Management Corp of Ontario's holdings in TE Connectivity were worth $1,209,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of TEL. Meyer Handelman Co. lifted its stake in TE Connectivity by 9.9% in the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker's stock valued at $14,531,000 after buying an additional 9,175 shares during the last quarter. abrdn plc purchased a new stake in TE Connectivity in the 4th quarter valued at $15,739,000. Truist Financial Corp raised its position in TE Connectivity by 32.8% in the 4th quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker's stock valued at $18,509,000 after purchasing an additional 31,991 shares during the last quarter. Carnegie Investment Counsel boosted its stake in TE Connectivity by 4.3% during the 4th quarter. Carnegie Investment Counsel now owns 119,041 shares of the electronics maker's stock worth $17,019,000 after purchasing an additional 4,913 shares during the period. Finally, Merit Financial Group LLC purchased a new position in TE Connectivity during the 4th quarter worth $237,000. Hedge funds and other institutional investors own 91.43% of the company's stock.
Insider Buying and Selling
In related news, insider Shadrak W. Kroeger sold 25,000 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $146.77, for a total value of $3,669,250.00. Following the completion of the transaction, the insider now directly owns 25,976 shares in the company, valued at approximately $3,812,497.52. This represents a 49.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John S. Jenkins sold 20,400 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $162.85, for a total value of $3,322,140.00. Following the completion of the sale, the executive vice president now directly owns 24,625 shares in the company, valued at approximately $4,010,181.25. The trade was a 45.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 174,675 shares of company stock worth $27,062,559. 0.90% of the stock is owned by insiders.
TE Connectivity Price Performance
Shares of NYSE TEL traded up $0.91 during midday trading on Friday, hitting $164.03. The company had a trading volume of 1,411,880 shares, compared to its average volume of 1,695,787. The business has a 50-day simple moving average of $141.62 and a two-hundred day simple moving average of $146.56. The firm has a market capitalization of $48.64 billion, a price-to-earnings ratio of 26.20, a price-to-earnings-growth ratio of 2.11 and a beta of 1.24. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. TE Connectivity Ltd. has a twelve month low of $116.30 and a twelve month high of $164.45.
TE Connectivity (NYSE:TEL - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.14. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the previous year, the company posted $1.86 EPS. The business's revenue was up 4.4% on a year-over-year basis. Equities research analysts anticipate that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.
TE Connectivity Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Wednesday, May 21st. This is a positive change from TE Connectivity's previous quarterly dividend of $0.65. TE Connectivity's payout ratio is currently 62.42%.
Analyst Ratings Changes
TEL has been the subject of several recent research reports. Robert W. Baird increased their target price on shares of TE Connectivity from $147.00 to $153.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Truist Financial dropped their target price on TE Connectivity from $163.00 to $156.00 and set a "hold" rating on the stock in a report on Thursday, April 24th. UBS Group restated a "buy" rating and set a $163.00 price target (up previously from $155.00) on shares of TE Connectivity in a research note on Thursday, April 24th. Bank of America lifted their price objective on shares of TE Connectivity from $167.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, January 23rd. Finally, Citigroup dropped their price objective on shares of TE Connectivity from $165.00 to $142.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $159.50.
Read Our Latest Research Report on TEL
TE Connectivity Company 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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