Balyasny Asset Management L.P. increased its stake in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 184.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,992 shares of the electronics maker's stock after purchasing an additional 11,664 shares during the period. Balyasny Asset Management L.P.'s holdings in TE Connectivity were worth $2,572,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Meyer Handelman Co. boosted its stake in shares of TE Connectivity by 9.9% during the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker's stock valued at $14,531,000 after acquiring an additional 9,175 shares during the last quarter. abrdn plc acquired a new stake in shares of TE Connectivity during the 4th quarter worth about $15,739,000. Truist Financial Corp grew its holdings in shares of TE Connectivity by 32.8% during the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker's stock worth $18,509,000 after buying an additional 31,991 shares in the last quarter. Carnegie Investment Counsel raised its position in shares of TE Connectivity by 4.3% in the fourth quarter. Carnegie Investment Counsel now owns 119,041 shares of the electronics maker's stock valued at $17,019,000 after buying an additional 4,913 shares during the last quarter. Finally, Merit Financial Group LLC purchased a new position in shares of TE Connectivity during the fourth quarter valued at approximately $237,000. Hedge funds and other institutional investors own 91.43% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on TEL. StockNews.com lowered TE Connectivity from a "strong-buy" rating to a "buy" rating in a research note on Friday, February 28th. Bank of America increased their target price on TE Connectivity from $167.00 to $170.00 and gave the stock a "buy" rating in a research report on Thursday, January 23rd. Robert W. Baird upped their price objective on shares of TE Connectivity from $147.00 to $153.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. HSBC raised shares of TE Connectivity from a "hold" rating to a "buy" rating and set a $175.00 target price on the stock in a research report on Thursday, April 24th. Finally, UBS Group reiterated a "buy" rating and issued a $163.00 price target (up previously from $155.00) on shares of TE Connectivity in a report on Thursday, April 24th. Four research 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. According to data from MarketBeat, TE Connectivity has a consensus rating of "Moderate Buy" and a consensus target price of $159.50.
Read Our Latest Analysis on TE Connectivity
TE Connectivity Stock Up 1.8%
NYSE TEL traded up $2.84 during trading hours on Thursday, hitting $163.58. The company had a trading volume of 2,049,465 shares, compared to its average volume of 1,695,508. The firm's 50 day moving average is $141.31 and its 200 day moving average is $146.47. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. TE Connectivity Ltd. has a fifty-two week low of $116.30 and a fifty-two week high of $165.00. The company has a market capitalization of $48.51 billion, a price-to-earnings ratio of 26.13, a P/E/G ratio of 2.11 and a beta of 1.24.
TE Connectivity (NYSE:TEL - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analyst estimates of $3.97 billion. During the same quarter last year, the firm earned $1.86 earnings per share. The company's revenue for the quarter was up 4.4% compared to the same quarter last year. Sell-side analysts anticipate that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.
TE Connectivity Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be paid a dividend of $0.71 per share. This is an increase from TE Connectivity's previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $2.84 annualized dividend and a yield of 1.74%. TE Connectivity's payout ratio is 62.42%.
Insiders Place Their Bets
In related news, CFO Heath A. Mitts sold 37,844 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $153.33, for a total value of $5,802,620.52. Following the transaction, the chief financial officer now owns 45,503 shares in the company, valued at approximately $6,976,974.99. The trade was a 45.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John S. Jenkins sold 20,400 shares of TE Connectivity stock in a transaction that occurred on 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 sale, the executive vice president now owns 24,625 shares in the company, valued at $4,010,181.25. This represents a 45.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 174,675 shares of company stock worth $27,062,559 in the last quarter. 0.90% of the stock is owned by corporate insiders.
TE Connectivity Company Profile
(
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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