LSV Asset Management cut its stake in TE Connectivity Ltd (NYSE:TEL) by 5.7% during the first quarter, Holdings Channel reports. The fund owned 2,396,508 shares of the electronics maker’s stock after selling 143,760 shares during the period. LSV Asset Management owned 0.67% of TE Connectivity worth $178,659,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Daiwa SB Investments Ltd. purchased a new position in shares of TE Connectivity during the first quarter valued at about $101,000. Portfolio Solutions LLC purchased a new position in shares of TE Connectivity during the first quarter valued at about $104,000. Virtus Investment Advisers Inc. purchased a new position in shares of TE Connectivity during the third quarter valued at about $105,000. Intellectus Partners LLC purchased a new position in shares of TE Connectivity during the fourth quarter valued at about $107,000. Finally, Webster Bank N. A. boosted its position in shares of TE Connectivity by 675.0% in the first quarter. Webster Bank N. A. now owns 1,550 shares of the electronics maker’s stock valued at $116,000 after buying an additional 1,350 shares during the last quarter. Hedge funds and other institutional investors own 91.08% of the company’s stock.
Shares of TE Connectivity Ltd (NYSE:TEL) traded down 0.26% during mid-day trading on Friday, reaching $75.45. The company’s stock had a trading volume of 1,163,250 shares. TE Connectivity Ltd has a 1-year low of $54.54 and a 1-year high of $79.69. The company has a market capitalization of $26.81 billion, a price-to-earnings ratio of 12.96 and a beta of 1.16. The company’s 50 day moving average price is $74.47 and its 200-day moving average price is $71.19.
TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, April 26th. The electronics maker reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.11. TE Connectivity had a return on equity of 19.26% and a net margin of 16.56%. The firm earned $3.23 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same period last year, the business posted $0.90 EPS. TE Connectivity’s quarterly revenue was up 9.3% on a year-over-year basis. Analysts predict that TE Connectivity Ltd will post $4.62 earnings per share for the current fiscal year.
Several brokerages recently weighed in on TEL. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price target (up from $82.00) on shares of TE Connectivity in a research report on Saturday, April 29th. Morgan Stanley lifted their price target on TE Connectivity from $85.00 to $87.00 and gave the company an “overweight” rating in a research report on Friday, April 28th. Deutsche Bank AG lifted their price target on TE Connectivity from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Zacks Investment Research upgraded TE Connectivity from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Thursday, March 2nd. Finally, Stifel Nicolaus lifted their price target on TE Connectivity from $75.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, January 26th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. TE Connectivity currently has a consensus rating of “Buy” and an average price target of $82.00.
In related news, CEO Thomas J. Lynch sold 131,875 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $75.93, for a total value of $10,013,268.75. Following the completion of the transaction, the chief executive officer now directly owns 318,787 shares of the company’s stock, valued at approximately $24,205,496.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tim Murphy sold 1,752 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $74.46, for a total value of $130,453.92. Following the completion of the transaction, the senior vice president now directly owns 4,084 shares of the company’s stock, valued at $304,094.64. The disclosure for this sale can be found here. Insiders sold a total of 573,209 shares of company stock valued at $43,201,286 over the last ninety days. 1.49% of the stock is currently owned by company insiders.
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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