TE Connectivity Hits New 52-Week High Following Analyst Upgrade (TEL)
TE Connectivity (NYSE:TEL) reached a new 52-week high during trading on Thursday after Goldman Sachs raised their price target on the stock to $66.00, StockRatingsNetwork.com reports. The stock traded as high as $62.63 and last traded at $62.55, with a volume of 1,248,888 shares trading hands. The stock had previously closed at $61.94.
A number of other firms have also recently commented on TEL. Analysts at Zacks reiterated a “neutral” rating on shares of TE Connectivity in a research note on Friday, May 2nd. 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 Bank of America 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 equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $67.60.
In other TE Connectivity news, CEO Thomas J. Lynch sold 62,500 shares of the company’s stock on the open market in a transaction dated Thursday, June 5th. The stock was sold at an average price of $60.90, for a total value of $3,806,250.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
The stock has a 50-day moving average of $59.42 and a 200-day moving average of $57.66. The company has a market cap of $25.540 billion and a price-to-earnings ratio of 18.06.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.95 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.76 earnings per share. TE Connectivity’s revenue was up 5.1% compared to the same quarter last year. On average, analysts predict that TE Connectivity will post $3.79 earnings per share for the current fiscal year.
TE Connectivity Ltd. (NYSE:TEL), formerly Tyco Electronics Ltd.
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