Insider Selling: TE Connectivity CEO Sells 62,500 Shares of Stock (TEL)
TE Connectivity (NYSE:TEL) CEO Thomas J. Lynch sold 62,500 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $58.92, for a total transaction of $3,682,500.00. Following the completion of the transaction, the chief executive officer now directly owns 339,365 shares in the company, valued at approximately $19,995,386. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of TE Connectivity (NYSE:TEL) traded down 1.01% during mid-day trading on Tuesday, hitting $58.69. 266,536 shares of the company’s stock traded hands. TE Connectivity has a 52 week low of $43.88 and a 52 week high of $62.16. The stock’s 50-day moving average is $59.6 and its 200-day moving average is $56.1. The company has a market cap of $23.988 billion and a P/E ratio of 17.29.
TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.95 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.91 by $0.04. The company had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.45 billion. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. On average, analysts predict that TE Connectivity will post $3.79 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on TEL shares. Analysts at Zacks reiterated a “neutral” rating on shares of TE Connectivity in a research note on Friday. They now have a $62.00 price target on the stock. Separately, analysts at Citigroup Inc. reiterated a “buy” rating on shares of TE Connectivity in a research note on Thursday, April 24th. They now have a $73.00 price target on the stock. Finally, analysts at BofA Merrill Lynch upgraded shares of TE Connectivity from a “neutral” rating to a “buy” rating in a research note on Friday, April 11th. They now have a $70.00 price target on the stock, up previously from $60.00. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $66.67.
TE Connectivity Ltd. (NYSE:TEL), formerly Tyco Electronics Ltd.
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