State of Michigan Retirement System Grows Position in TE Connectivity Ltd. (NYSE:TEL)

State of Michigan Retirement System increased its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 1.2% in the second quarter, Holdings Channel reports. The firm owned 99,323 shares of the electronics maker’s stock after acquiring an additional 1,200 shares during the period. State of Michigan Retirement System’s holdings in TE Connectivity were worth $14,941,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of TEL. Catalyst Financial Partners LLC bought a new stake in shares of TE Connectivity in the second quarter worth $281,000. Atlantic Union Bankshares Corp lifted its holdings in TE Connectivity by 420.0% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 11,836 shares of the electronics maker’s stock worth $1,780,000 after buying an additional 9,560 shares during the last quarter. LRI Investments LLC increased its holdings in shares of TE Connectivity by 1,613.8% in the 2nd quarter. LRI Investments LLC now owns 497 shares of the electronics maker’s stock valued at $75,000 after acquiring an additional 468 shares during the last quarter. EdgeRock Capital LLC acquired a new position in TE Connectivity in the second quarter worth $56,000. Finally, Family Firm Inc. acquired a new stake in TE Connectivity during the second quarter worth about $43,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Insider Buying and Selling at TE Connectivity

In other news, CFO Heath A. Mitts sold 59,700 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $154.70, for a total transaction of $9,235,590.00. Following the completion of the sale, the chief financial officer now owns 38,073 shares in the company, valued at $5,889,893.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other TE Connectivity news, CFO Heath A. Mitts sold 59,700 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $154.70, for a total value of $9,235,590.00. Following the transaction, the chief financial officer now directly owns 38,073 shares of the company’s stock, valued at $5,889,893.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Aaron Kyle Stucki sold 8,750 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $155.00, for a total transaction of $1,356,250.00. Following the sale, the insider now owns 20,556 shares of the company’s stock, valued at approximately $3,186,180. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,363 shares of company stock worth $11,791,461. Insiders own 0.86% of the company’s stock.

TE Connectivity Price Performance

NYSE:TEL opened at $152.55 on Tuesday. The company has a market capitalization of $46.36 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 2.05 and a beta of 1.33. The company has a 50-day moving average of $150.67 and a 200-day moving average of $146.78. TE Connectivity Ltd. has a 52 week low of $115.00 and a 52 week high of $159.98. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 1.51.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.86 by $0.05. TE Connectivity had a net margin of 21.94% and a return on equity of 18.53%. The business had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the company earned $1.77 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, equities research analysts anticipate that TE Connectivity Ltd. will post 7.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on TEL. Truist Financial upped their target price on shares of TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Vertical Research started coverage on shares of TE Connectivity in a report on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 price objective for the company. HSBC cut shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $162.00 price target on the stock. in a research report on Wednesday, July 24th. Bank of America raised their price objective on shares of TE Connectivity from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, Robert W. Baird raised their target price on shares of TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $158.45.

About TE Connectivity

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.