Clark Capital Management Group Inc. lifted its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 24.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 455,605 shares of the electronics maker’s stock after purchasing an additional 89,757 shares during the quarter. TE Connectivity comprises about 1.3% of Clark Capital Management Group Inc.’s investment portfolio, making the stock its 18th largest holding. Clark Capital Management Group Inc. owned 0.13% of TE Connectivity worth $43,301,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Victory Capital Management Inc. grew its holdings in TE Connectivity by 5.7% during the fourth quarter. Victory Capital Management Inc. now owns 9,550 shares of the electronics maker’s stock worth $908,000 after acquiring an additional 516 shares during the period. Advisor Partners LLC grew its holdings in TE Connectivity by 7.7% during the fourth quarter. Advisor Partners LLC now owns 7,770 shares of the electronics maker’s stock worth $783,000 after acquiring an additional 556 shares during the period. Naples Global Advisors LLC grew its holdings in TE Connectivity by 8.6% during the fourth quarter. Naples Global Advisors LLC now owns 7,499 shares of the electronics maker’s stock worth $713,000 after acquiring an additional 592 shares during the period. Schroder Investment Management Group grew its holdings in TE Connectivity by 23.8% during the third quarter. Schroder Investment Management Group now owns 3,259 shares of the electronics maker’s stock worth $269,000 after acquiring an additional 626 shares during the period. Finally, Walter & Keenan Financial Consulting Co. MI ADV grew its holdings in TE Connectivity by 15.8% during the third quarter. Walter & Keenan Financial Consulting Co. MI ADV now owns 4,864 shares of the electronics maker’s stock worth $404,000 after acquiring an additional 665 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.
A number of research analysts recently issued reports on the company. SunTrust Banks reaffirmed a “hold” rating and set a $102.00 target price on shares of TE Connectivity in a report on Thursday, January 25th. Zacks Investment Research cut TE Connectivity from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. ValuEngine raised TE Connectivity from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Royal Bank of Canada reissued a “buy” rating and issued a $116.00 price target on shares of TE Connectivity in a research note on Wednesday, January 24th. Finally, Stifel Nicolaus lifted their price target on TE Connectivity from $98.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, December 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $137.09.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, January 24th. The electronics maker reported $1.40 EPS for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.15. TE Connectivity had a return on equity of 19.49% and a net margin of 9.12%. The firm had revenue of $3.48 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same period last year, the company posted $1.15 EPS. The business’s quarterly revenue was up 13.6% compared to the same quarter last year. equities analysts anticipate that TE Connectivity Ltd will post 5.49 EPS for the current year.
The firm also recently disclosed 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 dividend on an annualized basis and a yield of 1.53%. TE Connectivity’s payout ratio is presently 46.24%.
TE Connectivity announced that its Board of Directors has approved a share buyback program on Friday, December 8th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the electronics maker to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
In other TE Connectivity news, insider Steven T. Merkt sold 10,684 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $102.94, for a total transaction of $1,099,810.96. Following the completion of the sale, the insider now directly owns 1,983 shares in the company, valued at approximately $204,130.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Robert J. Ott sold 10,700 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $105.14, for a total value of $1,124,998.00. The disclosure for this sale can be found here. Insiders have sold a total of 428,934 shares of company stock valued at $43,693,283 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.
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TE Connectivity Company Profile
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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