TE Connectivity (TEL) Announces Stock Buyback Program

TE Connectivity (NYSE:TEL) declared that its board has authorized a stock buyback plan, which allows the company to buyback $1.50 billion in outstanding shares on Friday, December 8th, EventVestor reports. This buyback authorization allows the electronics maker to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Several equities analysts have weighed in on the company. Royal Bank Of Canada lowered their target price 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. Cross Research raised TE Connectivity from a “hold” rating to a “buy” rating in a research note on Friday. Zacks Investment Research cut TE Connectivity from a “buy” rating to a “hold” rating in a research note on Tuesday, September 5th. Cowen reaffirmed an “outperform” rating and set a $110.00 target price (up previously from $95.00) on shares of TE Connectivity in a research note on Thursday. Finally, Citigroup lifted their target price on TE Connectivity from $92.00 to $106.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $151.07.

Shares of TE Connectivity (NYSE TEL) opened at $94.82 on Friday. The company has a market capitalization of $32,449.08, a P/E ratio of 19.11, a P/E/G ratio of 1.61 and a beta of 1.08. TE Connectivity has a 12 month low of $66.20 and a 12 month high of $96.68. The company has a quick ratio of 1.07, a current ratio of 1.54 and a debt-to-equity ratio of 0.37.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, November 1st. The electronics maker reported $1.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.09. The business had revenue of $3.46 billion during the quarter, compared to analysts’ expectations of $3.28 billion. TE Connectivity had a return on equity of 18.97% and a net margin of 12.84%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.22 EPS. research analysts expect that TE Connectivity will post 5.27 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Friday, November 24th were paid a $0.40 dividend. The ex-dividend date was Wednesday, November 22nd. This represents a $1.60 annualized dividend and a dividend yield of 1.69%. TE Connectivity’s payout ratio is 33.97%.

In related news, insider Thomas J. Lynch sold 130,616 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $83.37, for a total value of $10,889,455.92. Following the completion of the sale, the insider now directly owns 429,499 shares in the company, valued at approximately $35,807,331.63. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Eric Resch sold 48,950 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $93.75, for a total value of $4,589,062.50. Following the completion of the sale, the senior vice president now owns 78,129 shares of the company’s stock, valued at $7,324,593.75. The disclosure for this sale can be found here. In the last three months, insiders sold 759,805 shares of company stock valued at $69,542,539. 1.30% of the stock is currently owned by company insiders.

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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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