TE Connectivity (NYSE:TEL) had its price objective raised by stock analysts at Morgan Stanley from $102.00 to $111.00 in a research note issued to investors on Thursday. The brokerage currently has an “overweight” rating on the electronics maker’s stock. Morgan Stanley’s price target suggests a potential upside of 8.41% from the stock’s current price.
Other research analysts also recently issued research reports about the company. Royal Bank of Canada cut their price target on TE Connectivity from $100.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, November 2nd. Citigroup increased their price target on TE Connectivity from $106.00 to $119.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Co increased their price target on TE Connectivity from $112.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday. Stifel Nicolaus reissued a “buy” rating and issued a $115.00 price target on shares of TE Connectivity in a research note on Wednesday. Finally, Robert W. Baird began coverage on TE Connectivity in a research note on Friday, November 3rd. They issued an “outperform” rating and a $105.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $151.75.
Shares of TE Connectivity (NYSE TEL) traded up $1.69 on Thursday, reaching $102.39. The company’s stock had a trading volume of 4,131,300 shares, compared to its average volume of 1,954,231. The company has a market cap of $36,450.00, a price-to-earnings ratio of 29.76, a price-to-earnings-growth ratio of 1.75 and a beta of 1.08. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.54 and a quick ratio of 1.07. TE Connectivity has a 52-week low of $71.93 and a 52-week high of $108.23.
TE Connectivity announced that its Board of Directors has approved a stock buyback program on Friday, December 8th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the electronics maker to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
In related news, COO Joseph B. Donahue sold 1,238 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $93.23, for a total transaction of $115,418.74. Following the sale, the chief operating officer now owns 52,134 shares of the company’s stock, valued at approximately $4,860,452.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas J. Lynch sold 130,617 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $91.29, for a total value of $11,924,025.93. Following the sale, the insider now directly owns 429,500 shares in the company, valued at approximately $39,209,055. The disclosure for this sale can be found here. Insiders have sold a total of 705,373 shares of company stock worth $65,870,755 in the last ninety days. 1.30% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the stock. Moors & Cabot Inc. raised its stake in TE Connectivity by 0.8% during the 2nd quarter. Moors & Cabot Inc. now owns 2,813 shares of the electronics maker’s stock worth $222,000 after buying an additional 21 shares during the period. Veritable L.P. raised its stake in TE Connectivity by 1.1% during the 2nd quarter. Veritable L.P. now owns 8,027 shares of the electronics maker’s stock worth $632,000 after buying an additional 87 shares during the period. Thrivent Financial For Lutherans raised its stake in TE Connectivity by 2.3% during the 2nd quarter. Thrivent Financial For Lutherans now owns 13,520 shares of the electronics maker’s stock worth $1,064,000 after buying an additional 310 shares during the period. Quadrant Capital Group LLC raised its stake in TE Connectivity by 9.1% during the 2nd quarter. Quadrant Capital Group LLC now owns 4,575 shares of the electronics maker’s stock worth $356,000 after buying an additional 380 shares during the period. Finally, Naples Global Advisors LLC raised its stake in TE Connectivity by 8.6% during the 4th quarter. Naples Global Advisors LLC now owns 7,499 shares of the electronics maker’s stock worth $713,000 after buying an additional 592 shares during the period. 90.08% of the stock is currently owned by institutional investors and hedge funds.
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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.
