NorthCoast Asset Management LLC bought a new stake in TE Connectivity Ltd. (NYSE:TEL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 181,640 shares of the electronics maker’s stock, valued at approximately $14,291,000. TE Connectivity accounts for approximately 1.7% of NorthCoast Asset Management LLC’s investment portfolio, making the stock its 25th largest holding. NorthCoast Asset Management LLC owned approximately 0.05% of TE Connectivity at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in TEL. BlackRock Inc. boosted its position in TE Connectivity by 1,777.1% during the first quarter. BlackRock Inc. now owns 17,203,935 shares of the electronics maker’s stock worth $1,282,551,000 after purchasing an additional 16,287,414 shares in the last quarter. First Eagle Investment Management LLC boosted its position in TE Connectivity by 112,210.6% during the second quarter. First Eagle Investment Management LLC now owns 1,684,659 shares of the electronics maker’s stock worth $132,549,000 after purchasing an additional 1,683,159 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in TE Connectivity by 234,499.1% during the first quarter. UBS Asset Management Americas Inc. now owns 1,616,388 shares of the electronics maker’s stock worth $120,502,000 after purchasing an additional 1,615,699 shares in the last quarter. Vanguard Group Inc. boosted its position in TE Connectivity by 3.6% during the first quarter. Vanguard Group Inc. now owns 22,790,216 shares of the electronics maker’s stock worth $1,699,010,000 after purchasing an additional 796,516 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in TE Connectivity by 171.0% during the first quarter. AQR Capital Management LLC now owns 1,101,509 shares of the electronics maker’s stock worth $82,117,000 after purchasing an additional 695,092 shares in the last quarter. 90.10% of the stock is currently owned by hedge funds and other institutional investors.
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In other TE Connectivity news, COO Joseph B. Donahue sold 52,575 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $80.03, for a total value of $4,207,577.25. Following the transaction, the chief operating officer now directly owns 93,484 shares in the company, valued at $7,481,524.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas J. Lynch sold 186,033 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $79.29, for a total transaction of $14,750,556.57. Following the completion of the transaction, the insider now owns 298,851 shares in the company, valued at $23,695,895.79. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 749,165 shares of company stock worth $59,522,187. 1.30% of the stock is owned by corporate insiders.
Shares of TE Connectivity Ltd. (NYSE TEL) traded up 1.07% during trading on Friday, hitting $82.15. The stock had a trading volume of 1,633,504 shares. The stock’s 50 day moving average is $79.62 and its 200 day moving average is $77.57. TE Connectivity Ltd. has a 52 week low of $60.59 and a 52 week high of $85.20. The stock has a market capitalization of $29.03 billion, a price-to-earnings ratio of 17.44 and a beta of 1.05.
TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, topping the consensus estimate of $1.17 by $0.07. The company had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $3.28 billion. TE Connectivity had a net margin of 12.98% and a return on equity of 19.76%. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.08 earnings per share. On average, equities research analysts expect that TE Connectivity Ltd. will post $4.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 25th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.95%. The ex-dividend date was Wednesday, August 23rd. TE Connectivity’s dividend payout ratio (DPR) is presently 33.97%.
Several analysts have recently issued reports on the company. Zacks Investment Research lowered TE Connectivity from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada restated an “outperform” rating and set a $86.00 price target on shares of TE Connectivity in a research note on Tuesday, June 6th. Cowen and Company reiterated an “outperform” rating and issued a $95.00 target price (up previously from $90.00) on shares of TE Connectivity in a research note on Monday, June 5th. Finally, BidaskClub lowered TE Connectivity from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $83.43.
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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