Intercontinental Wealth Advisors LLC cut its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 18.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,681 shares of the electronics maker’s stock after selling 624 shares during the period. Intercontinental Wealth Advisors LLC’s holdings in TE Connectivity were worth $255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the business. BlackRock Inc. raised its position in TE Connectivity by 4.2% during the fourth quarter. BlackRock Inc. now owns 17,425,074 shares of the electronics maker’s stock valued at $1,656,081,000 after purchasing an additional 694,901 shares during the period. Boston Partners raised its position in TE Connectivity by 2.6% during the fourth quarter. Boston Partners now owns 12,746,402 shares of the electronics maker’s stock valued at $1,211,419,000 after purchasing an additional 318,066 shares during the period. Janus Henderson Group PLC raised its position in TE Connectivity by 17.7% during the third quarter. Janus Henderson Group PLC now owns 8,247,518 shares of the electronics maker’s stock valued at $685,033,000 after purchasing an additional 1,239,920 shares during the period. Wells Fargo & Company MN raised its position in TE Connectivity by 8.7% during the fourth quarter. Wells Fargo & Company MN now owns 3,900,641 shares of the electronics maker’s stock valued at $370,717,000 after purchasing an additional 313,244 shares during the period. Finally, Geode Capital Management LLC raised its position in TE Connectivity by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 3,605,770 shares of the electronics maker’s stock valued at $341,957,000 after purchasing an additional 105,388 shares during the period. Institutional investors and hedge funds own 91.75% of the company’s stock.
In related news, insider Thomas J. Lynch sold 76,184 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $94.74, for a total value of $7,217,672.16. Following the transaction, the insider now owns 254,689 shares of the company’s stock, valued at $24,129,235.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP John S. Jenkins sold 36,550 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $103.35, for a total value of $3,777,442.50. Following the completion of the transaction, the executive vice president now directly owns 53,287 shares in the company, valued at approximately $5,507,211.45. The disclosure for this sale can be found here. In the last three months, insiders sold 428,934 shares of company stock worth $43,693,283. 0.70% of the stock is owned by insiders.
A number of brokerages have issued reports on TEL. ValuEngine upgraded TE Connectivity from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. SunTrust Banks restated a “hold” rating and set a $102.00 price objective on shares of TE Connectivity in a research report on Thursday, January 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $115.00 target price on shares of TE Connectivity in a research note on Wednesday, January 24th. Royal Bank of Canada reaffirmed a “buy” rating and set a $116.00 target price on shares of TE Connectivity in a research note on Wednesday, January 24th. Finally, Citigroup upped their target price on TE Connectivity from $106.00 to $119.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $137.09.
TE Connectivity stock opened at $104.68 on Thursday. The company has a market capitalization of $36,715.12, a P/E ratio of 30.25, a PEG ratio of 1.74 and a beta of 1.06. TE Connectivity Ltd has a 52 week low of $71.93 and a 52 week high of $108.23. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.03 and a current ratio of 1.58.
TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, January 24th. The electronics maker reported $1.40 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the prior year, the firm posted $1.15 earnings per share. The company’s quarterly revenue was up 13.6% on a year-over-year basis. sell-side analysts forecast that TE Connectivity Ltd will post 5.49 EPS for the current year.
TE Connectivity declared that its Board of Directors has initiated a stock repurchase program on Friday, December 8th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 23rd were paid a $0.40 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.60 annualized dividend and a yield of 1.53%. TE Connectivity’s dividend payout ratio (DPR) is currently 46.24%.
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TE Connectivity 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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