Alliancebernstein L.P. lessened its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 4.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 581,399 shares of the electronics maker’s stock after selling 24,826 shares during the period. Alliancebernstein L.P. owned 0.17% of TE Connectivity worth $55,256,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its position in shares of TE Connectivity by 10.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 227,441 shares of the electronics maker’s stock valued at $18,890,000 after acquiring an additional 22,345 shares during the period. Hartford Investment Management Co. acquired a new position in shares of TE Connectivity during the 3rd quarter valued at $6,443,000. First Republic Investment Management Inc. lifted its position in shares of TE Connectivity by 1.0% during the 3rd quarter. First Republic Investment Management Inc. now owns 147,512 shares of the electronics maker’s stock valued at $12,253,000 after acquiring an additional 1,516 shares during the period. Teacher Retirement System of Texas lifted its position in shares of TE Connectivity by 4.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 194,459 shares of the electronics maker’s stock valued at $16,152,000 after acquiring an additional 8,735 shares during the period. Finally, Stifel Financial Corp lifted its position in shares of TE Connectivity by 20.5% during the 3rd quarter. Stifel Financial Corp now owns 399,324 shares of the electronics maker’s stock valued at $33,151,000 after acquiring an additional 67,891 shares during the period. Institutional investors own 88.70% of the company’s stock.
In other news, insider Thomas J. Lynch sold 76,183 shares of the company’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $101.48, for a total value of $7,731,050.84. Following the completion of the sale, the insider now owns 254,715 shares in the company, valued at approximately $25,848,478.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John S. Jenkins sold 36,550 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $103.35, for a total transaction of $3,777,442.50. Following the completion of the sale, the executive vice president now owns 53,287 shares of the company’s stock, valued at approximately $5,507,211.45. The disclosure for this sale can be found here. In the last quarter, insiders sold 428,934 shares of company stock valued at $43,693,283. Company insiders own 0.70% of the company’s stock.
TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, January 24th. The electronics maker reported $1.40 earnings per share for the quarter, topping 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 firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. The business’s revenue was up 13.6% on a year-over-year basis. equities analysts forecast that TE Connectivity Ltd will post 5.49 EPS for the current year.
TE Connectivity announced that its board has initiated a stock buyback program on Friday, December 8th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the electronics maker to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 23rd were paid a $0.40 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $1.60 annualized dividend and a dividend yield of 1.52%. TE Connectivity’s payout ratio is 46.51%.
TEL has been the topic of a number of research reports. Stifel Nicolaus boosted their target price on shares of TE Connectivity from $98.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, December 14th. Cross Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a research report on Friday, December 8th. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $112.00 price objective on the stock in a report on Monday, January 8th. ValuEngine upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Royal Bank of Canada restated a “buy” rating and set a $116.00 price objective on shares of TE Connectivity in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $137.09.
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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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