TE Connectivity Ltd. (TEL) Short Interest Update
TE Connectivity Ltd. (NYSE:TEL) was the target of a significant growth in short interest in the month of October. As of October 13th, there was short interest totalling 3,281,376 shares, a growth of 47.9% from the September 29th total of 2,219,003 shares. Based on an average daily volume of 994,140 shares, the short-interest ratio is currently 3.3 days. Currently, 0.9% of the shares of the company are short sold.
In other news, insider Thomas J. Lynch sold 130,616 shares of TE Connectivity stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $83.37, for a total value of $10,889,455.92. Following the transaction, the insider now directly owns 429,499 shares in the company, valued at $35,807,331.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mario Calastri sold 6,000 shares of TE Connectivity stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $80.23, for a total value of $481,380.00. Following the completion of the transaction, the senior vice president now owns 23,078 shares in the company, valued at $1,851,547.94. The disclosure for this sale can be found here. Insiders sold 507,714 shares of company stock worth $40,943,937 over the last quarter. 1.49% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in TEL. Duncker Streett & Co. Inc. increased its holdings in shares of TE Connectivity by 17.8% during the second quarter. Duncker Streett & Co. Inc. now owns 1,325 shares of the electronics maker’s stock worth $104,000 after purchasing an additional 200 shares during the period. First Command Bank increased its stake in TE Connectivity by 19.6% in the second quarter. First Command Bank now owns 1,348 shares of the electronics maker’s stock valued at $106,000 after acquiring an additional 221 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in TE Connectivity by 38.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock valued at $109,000 after acquiring an additional 384 shares during the last quarter. Acrospire Investment Management LLC bought a new position in TE Connectivity in the second quarter valued at approximately $126,000. Finally, Harfst & Associates Inc. increased its stake in TE Connectivity by 46.2% in the second quarter. Harfst & Associates Inc. now owns 1,722 shares of the electronics maker’s stock valued at $135,000 after acquiring an additional 544 shares during the last quarter. 90.33% of the stock is currently owned by institutional investors.
A number of research firms have recently commented on TEL. BidaskClub lowered TE Connectivity from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Morgan Stanley reiterated an “overweight” rating and issued a $89.00 price objective on shares of TE Connectivity in a research note on Wednesday, September 20th. Cowen and Company reiterated a “buy” rating and issued a $95.00 price objective on shares of TE Connectivity in a research note on Thursday, August 10th. Zacks Investment Research lowered TE Connectivity from a “hold” rating to a “sell” rating in a research note on Monday, October 23rd. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of TE Connectivity in a research note on Monday. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. TE Connectivity currently has an average rating of “Hold” and a consensus target price of $86.14.
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About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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