TE Connectivity (TEL) Given New $102.00 Price Target at Morgan Stanley
TE Connectivity (NYSE:TEL) had its price objective raised by equities research analysts at Morgan Stanley from $97.00 to $102.00 in a research report issued to clients and investors on Wednesday. The brokerage currently has an “overweight” rating on the electronics maker’s stock. Morgan Stanley’s target price would indicate a potential upside of 6.64% from the stock’s previous close.
A number of other equities research analysts have also weighed in on TEL. Royal Bank of Canada decreased their target price on TE Connectivity from $100.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, November 2nd. Zacks Investment Research lowered TE Connectivity from a “buy” rating to a “hold” rating in a research report on Tuesday, September 5th. Citigroup lifted their target price on TE Connectivity from $92.00 to $106.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. Robert W. Baird started coverage on TE Connectivity in a research report on Friday, November 3rd. They set an “outperform” rating and a $105.00 target price for the company. Finally, Cross Research raised TE Connectivity from a “hold” rating to a “buy” rating in a research report on Friday, December 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $151.43.
TE Connectivity (TEL) traded up $0.61 on Wednesday, reaching $95.65. The company had a trading volume of 2,005,400 shares, compared to its average volume of 1,445,480. TE Connectivity has a one year low of $66.20 and a one year high of $96.68. The company has a current ratio of 1.54, a quick ratio of 1.07 and a debt-to-equity ratio of 0.37. The stock has a market cap of $33,419.60, a PE ratio of 19.68, a P/E/G ratio of 1.65 and a beta of 1.08.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, November 1st. The electronics maker reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.09. TE Connectivity had a return on equity of 18.97% and a net margin of 12.84%. The company had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter in the previous year, the business earned $1.22 EPS. TE Connectivity’s revenue was up 3.7% compared to the same quarter last year. sell-side analysts anticipate that TE Connectivity will post 5.27 EPS for the current fiscal year.
TE Connectivity declared that its Board of Directors has initiated a stock buyback plan on Friday, December 8th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the electronics maker to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, insider Thomas J. Lynch sold 130,617 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $91.29, for a total transaction of $11,924,025.93. Following the transaction, the insider now directly owns 429,500 shares of the company’s stock, valued at approximately $39,209,055. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas J. Lynch sold 130,616 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were 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 disclosure for this sale can be found here. Insiders have sold a total of 759,805 shares of company stock worth $69,542,539 over the last ninety days. 1.49% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in TE Connectivity by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 23,312,100 shares of the electronics maker’s stock valued at $1,834,196,000 after purchasing an additional 521,884 shares during the last quarter. Boston Partners grew its stake in TE Connectivity by 8.1% during the 3rd quarter. Boston Partners now owns 12,428,336 shares of the electronics maker’s stock valued at $1,032,298,000 after purchasing an additional 934,796 shares during the last quarter. Janus Henderson Group PLC grew its stake in TE Connectivity by 17.7% during the 3rd quarter. Janus Henderson Group PLC now owns 8,247,518 shares of the electronics maker’s stock valued at $685,033,000 after purchasing an additional 1,239,920 shares during the last quarter. FMR LLC grew its stake in TE Connectivity by 9.7% during the 2nd quarter. FMR LLC now owns 5,339,755 shares of the electronics maker’s stock valued at $420,131,000 after purchasing an additional 472,037 shares during the last quarter. Finally, EdgePoint Investment Group Inc. grew its stake in TE Connectivity by 9.4% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 4,015,693 shares of the electronics maker’s stock valued at $315,955,000 after purchasing an additional 346,093 shares during the last quarter. 90.22% of the stock is currently owned by institutional investors.
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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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