Zacks Investment Research upgraded shares of TE Connectivity (NYSE:TEL) from a hold rating to a buy rating in a research note published on Thursday. Zacks Investment Research currently has $105.00 price target on the electronics maker’s stock.
According to Zacks, “TE Connectivity continues to ride on strong segmental performance. The company’s harsh environment businesses also aid significantly to the top-line growth. Strong progress on strategic priorities, solid execution and impressive top-line growth will continue to benefit the company’s profitability. Moreover, the company remains confident on its Transportation and Industrial Solutions segments. Additionally, contributions of Communication Solutions to the company’s margin expansion remain positive. Notably, the stock has outperformed the industry it belongs to over a year. However, TE Connectivity is experiencing inefficiencies in its supply chain as it is struggling to meet the demands of its customers. Also, weakness in Subsea communications is a headwind. Further, adverse currency fluctuations and high restructuring expenses might hurt the company’s performance.”
Several other research firms also recently commented on TEL. Goldman Sachs Group upgraded TE Connectivity from a sell rating to a neutral rating and set a $101.00 price objective for the company in a report on Wednesday, April 18th. Robert W. Baird restated a buy rating and set a $123.00 price target on shares of TE Connectivity in a research note on Tuesday, April 17th. Oppenheimer assumed coverage on TE Connectivity in a research note on Monday, March 26th. They set an outperform rating and a $120.00 price target for the company. Morgan Stanley boosted their price target on TE Connectivity from $111.00 to $117.00 and gave the company an overweight rating in a research note on Thursday, April 26th. Finally, ValuEngine downgraded TE Connectivity from a buy rating to a hold rating in a research note on Tuesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. TE Connectivity presently has an average rating of Buy and a consensus target price of $113.45.
TE Connectivity traded down $0.32, hitting $89.13, during trading hours on Thursday, according to MarketBeat. The company’s stock had a trading volume of 22,674 shares, compared to its average volume of 1,642,466. TE Connectivity has a 12 month low of $77.15 and a 12 month high of $108.23. The company has a market capitalization of $32.15 billion, a price-to-earnings ratio of 18.52, a PEG ratio of 1.51 and a beta of 1.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.43.
TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, April 25th. The electronics maker reported $1.42 EPS for the quarter, topping the consensus estimate of $1.36 by $0.06. TE Connectivity had a return on equity of 19.89% and a net margin of 9.39%. The company had revenue of $3.75 billion during the quarter, compared to the consensus estimate of $3.61 billion. During the same period last year, the company earned $1.19 EPS. TE Connectivity’s revenue for the quarter was up 16.1% on a year-over-year basis. equities analysts predict that TE Connectivity will post 5.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 8th. Investors of record on Friday, May 25th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, May 24th. This is an increase from TE Connectivity’s previous quarterly dividend of $0.40. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.97%. TE Connectivity’s payout ratio is 36.44%.
In related news, SVP Tim Murphy sold 17,100 shares of the business’s stock in a transaction that occurred on Monday, May 21st. The stock was sold at an average price of $96.20, for a total transaction of $1,645,020.00. Following the completion of the transaction, the senior vice president now directly owns 14,652 shares in the company, valued at approximately $1,409,522.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.70% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its stake in shares of TE Connectivity by 3.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,077,914 shares of the electronics maker’s stock valued at $197,484,000 after acquiring an additional 69,706 shares during the period. Mackenzie Financial Corp purchased a new position in TE Connectivity in the 4th quarter worth approximately $2,645,000. Deutsche Bank AG lifted its holdings in TE Connectivity by 6.4% in the 4th quarter. Deutsche Bank AG now owns 1,170,806 shares of the electronics maker’s stock worth $111,269,000 after purchasing an additional 70,324 shares in the last quarter. Burney Co. purchased a new position in TE Connectivity in the 4th quarter worth approximately $299,000. Finally, Jefferies Group LLC lifted its holdings in TE Connectivity by 641.5% in the 4th quarter. Jefferies Group LLC now owns 29,016 shares of the electronics maker’s stock worth $2,758,000 after purchasing an additional 25,103 shares in the last quarter. Institutional investors own 90.10% of the company’s stock.
About TE Connectivity
TE Connectivity Ltd., together with its subsidiaries, engages in the design, manufacture, and sale of connectivity and sensors solutions in the Americas, Europe, the Middle East, Africa, and the Asia?Pacific. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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