Marshall Wace LLP cut its position in shares of TE Connectivity Ltd. (NYSE:TEL - Free Report) by 98.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,493 shares of the electronics maker's stock after selling 133,630 shares during the quarter. Marshall Wace LLP's holdings in TE Connectivity were worth $213,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP purchased a new position in TE Connectivity during the 4th quarter valued at about $909,598,000. Vanguard Group Inc. grew its position in TE Connectivity by 14.2% during 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 purchasing an additional 4,029,596 shares in the last quarter. Norges Bank acquired a new position in TE Connectivity in the 4th quarter valued at approximately $508,199,000. Clearbridge Investments LLC lifted its position 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 worth $581,148,000 after buying an additional 1,702,825 shares in the last quarter. Finally, Amundi purchased a new position in shares of TE Connectivity during the 4th quarter valued at $159,992,000. 91.43% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
TEL has been the subject of a number of research reports. Wells Fargo & Company lifted their price objective on TE Connectivity from $130.00 to $148.00 and gave the company an "equal weight" rating in a research report on Thursday, April 24th. StockNews.com downgraded shares of TE Connectivity from a "strong-buy" rating to a "buy" rating in a research report on Friday, February 28th. 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 note on Thursday, January 23rd. Robert W. Baird raised their price objective on TE Connectivity from $147.00 to $153.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, Truist Financial dropped their price objective on TE Connectivity from $163.00 to $156.00 and set a "hold" rating on the stock in a research note on Thursday, April 24th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $159.50.
View Our Latest Report on TE Connectivity
Insider Buying and Selling at TE Connectivity
In other news, EVP John S. Jenkins sold 30,000 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $149.39, for a total value of $4,481,700.00. Following the sale, the executive vice president now owns 24,625 shares of the company's stock, valued at approximately $3,678,728.75. This represents a 54.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shadrak W. Kroeger sold 25,000 shares of TE Connectivity stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the transaction, the insider now directly owns 25,976 shares of the company's stock, valued at $3,812,497.52. This represents a 49.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.90% of the company's stock.
TE Connectivity Trading Down 0.0 %
Shares of TE Connectivity stock opened at $149.91 on Tuesday. TE Connectivity Ltd. has a 52-week low of $116.30 and a 52-week high of $159.98. The firm has a market capitalization of $44.46 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 2.11 and a beta of 1.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. The company's fifty day moving average price is $140.63 and its two-hundred day moving average price is $146.06.
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 for the quarter, beating analysts' consensus estimates of $1.96 by $0.14. The business had revenue of $4.14 billion for the quarter, compared to analysts' expectations of $3.97 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.86 earnings per share. On average, analysts expect that TE Connectivity Ltd. will post 8.05 EPS for the current year.
TE Connectivity Increases Dividend
The business 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 $0.71 dividend. This is a positive change 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 1.89%. TE Connectivity's payout ratio is currently 62.42%.
About TE Connectivity
(
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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