Teachers Retirement System of The State of Kentucky reduced its stake in TE Connectivity Ltd (NYSE:TEL) by 4.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 311,200 shares of the electronics maker’s stock after selling 13,500 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.09% of TE Connectivity worth $29,576,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Luminus Management LLC bought a new stake in TE Connectivity during the fourth quarter worth $23,304,000. Two Sigma Investments LP bought a new stake in TE Connectivity during the fourth quarter worth $26,890,000. Avestar Capital LLC bought a new position in shares of TE Connectivity in the 4th quarter valued at $116,000. Robecosam AG lifted its stake in shares of TE Connectivity by 87.7% in the 4th quarter. Robecosam AG now owns 3,517 shares of the electronics maker’s stock valued at $335,000 after acquiring an additional 1,643 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of TE Connectivity by 3.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,077,914 shares of the electronics maker’s stock valued at $197,484,000 after acquiring an additional 69,706 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.
In other TE Connectivity news, SVP Robert J. Ott sold 10,700 shares of TE Connectivity stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $105.14, for a total transaction of $1,124,998.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas J. Lynch sold 76,184 shares of TE Connectivity stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $94.74, for a total transaction of $7,217,672.16. Following the transaction, the insider now directly owns 254,689 shares in the company, valued at approximately $24,129,235.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 428,934 shares of company stock worth $43,693,283. Insiders own 0.70% of the company’s stock.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.15. TE Connectivity had a net margin of 9.12% and a return on equity of 19.49%. The business had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter last year, the firm earned $1.15 EPS. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. equities analysts expect that TE Connectivity Ltd will post 5.49 earnings per share for the current year.
TE Connectivity declared that its board has approved a stock buyback program on Friday, December 8th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the electronics maker to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, March 9th. Shareholders of record on Friday, February 23rd were given a dividend of $0.40 per share. The ex-dividend date was Thursday, February 22nd. This represents a $1.60 annualized dividend and a dividend yield of 1.51%. TE Connectivity’s dividend payout ratio is currently 46.24%.
A number of research firms recently weighed in on TEL. SunTrust Banks restated a “hold” rating and issued a $102.00 price objective on shares of TE Connectivity in a report on Thursday, January 25th. Zacks Investment Research downgraded TE Connectivity from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. ValuEngine upgraded TE Connectivity from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Royal Bank of Canada restated a “buy” rating and issued a $116.00 price objective on shares of TE Connectivity in a report on Wednesday, January 24th. Finally, Stifel Nicolaus increased their price objective on TE Connectivity from $98.00 to $105.00 and gave the company a “buy” rating in a report on Thursday, December 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $137.09.
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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