TE Connectivity Ltd. (TEL) Upgraded to Buy by Zacks Investment Research
TE Connectivity Ltd. (NYSE:TEL) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report released on Thursday. The firm presently has a $103.00 target price on the electronics maker’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 13.22% from the company’s current price.
According to Zacks, “TE Connectivity reported fourth-quarter fiscal 2017 earnings per share of $1.25 cents, which topped the Zacks Consensus Estimate by 7.8%, owing to the decent top-line performance. TE Connectivity has a striking earnings surprise history over the four trailing quarters, beating estimates all through. Moreover, the stock has outperformed the industry average in a year. It expects transportation business to experience significant organic growth, fueled by rise in global auto production and impressive heavy truck business in key end markets. Further, its Communications and Industrial segments are witnessing strong performance, thus stoking growth. However, sluggish industrial markets and derivative impact of lower oil prices are posing as major headwinds, thwarting growth. Moreover, adverse currency fluctuations and high restructuring expenses might hurt the company’s performance.”
Other equities analysts have also issued research reports about the company. BidaskClub lowered TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $95.00 price objective (up previously from $90.00) on shares of TE Connectivity in a report on Monday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $87.00 price objective on shares of TE Connectivity in a report on Tuesday, October 17th. Citigroup Inc. lifted their price objective on TE Connectivity from $92.00 to $106.00 and gave the company a “buy” rating in a report on Thursday. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $95.00 price objective on shares of TE Connectivity in a report on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. TE Connectivity currently has an average rating of “Hold” and a consensus target price of $90.11.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, November 1st. The electronics maker reported $1.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.09. TE Connectivity had a return on equity of 19.76% and a net margin of 12.98%. The firm had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same quarter last year, the company posted $1.22 earnings per share. The business’s revenue was up 3.7% on a year-over-year basis.
In other news, COO Joseph B. Donahue sold 6,300 shares of TE Connectivity stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $80.70, for a total transaction of $508,410.00. Following the completion of the sale, the chief operating officer now directly owns 34,609 shares in the company, valued at approximately $2,792,946.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Thomas J. Lynch sold 130,616 shares of TE Connectivity stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $83.37, for a total transaction of $10,889,455.92. Following the sale, the insider now owns 429,499 shares of the company’s stock, valued at $35,807,331.63. The disclosure for this sale can be found here. Insiders sold a total of 322,949 shares of company stock worth $26,148,422 in the last ninety days. 1.30% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of the company. State of Wisconsin Investment Board lifted its position in shares of TE Connectivity by 26.3% during the 3rd quarter. State of Wisconsin Investment Board now owns 325,656 shares of the electronics maker’s stock valued at $27,049,000 after acquiring an additional 67,740 shares during the period. Mn Services Vermogensbeheer B.V. lifted its position in shares of TE Connectivity by 1.6% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 58,583 shares of the electronics maker’s stock valued at $4,866,000 after acquiring an additional 900 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in shares of TE Connectivity by 3.0% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 52,572 shares of the electronics maker’s stock valued at $4,367,000 after acquiring an additional 1,537 shares during the period. Forsta AP Fonden lifted its position in shares of TE Connectivity by 12.1% during the 3rd quarter. Forsta AP Fonden now owns 36,986 shares of the electronics maker’s stock valued at $3,072,000 after acquiring an additional 4,000 shares during the period. Finally, Csenge Advisory Group acquired a new stake in shares of TE Connectivity during the 3rd quarter valued at approximately $640,000. Institutional investors own 90.33% of the company’s stock.
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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