TE Connectivity Ltd. (NYSE:TEL) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in TE Connectivity Ltd. (NYSE:TEL) by 95.8% during the third quarter, Holdings Channel reports. The firm owned 31,007 shares of the electronics maker’s stock after selling 715,378 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in TE Connectivity were worth $4,682,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in shares of TE Connectivity by 54.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock valued at $2,265,218,000 after purchasing an additional 5,526,230 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of TE Connectivity by 26.2% in the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after buying an additional 1,304,199 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of TE Connectivity by 7.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,118,636 shares of the electronics maker’s stock worth $469,113,000 after buying an additional 223,842 shares during the last quarter. Cooke & Bieler LP boosted its stake in shares of TE Connectivity by 3.3% in the second quarter. Cooke & Bieler LP now owns 1,753,850 shares of the electronics maker’s stock worth $263,832,000 after buying an additional 55,777 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of TE Connectivity by 13.1% in the second quarter. Canada Pension Plan Investment Board now owns 1,434,642 shares of the electronics maker’s stock worth $215,813,000 after buying an additional 166,339 shares during the last quarter. 91.43% of the stock is owned by institutional investors and hedge funds.

TE Connectivity Price Performance

Shares of TE Connectivity stock opened at $148.36 on Tuesday. The business has a 50 day simple moving average of $148.57 and a two-hundred day simple moving average of $149.42. TE Connectivity Ltd. has a 12 month low of $128.52 and a 12 month high of $159.98. The stock has a market capitalization of $44.38 billion, a P/E ratio of 14.45, a PEG ratio of 2.02 and a beta of 1.33. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The firm had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. During the same quarter last year, the firm earned $1.78 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. As a group, analysts predict that TE Connectivity Ltd. will post 8.13 EPS for the current fiscal year.

TE Connectivity announced that its board has approved a stock repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

TE Connectivity Dividend Announcement

The business also recently declared a dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 25th will be issued a $0.65 dividend. The ex-dividend date is Friday, November 22nd. This represents a dividend yield of 1.75%. TE Connectivity’s dividend payout ratio is presently 25.32%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TEL. Wells Fargo & Company lowered their target price on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a research note on Friday, September 20th. StockNews.com initiated coverage on TE Connectivity in a research note on Saturday. They issued a “buy” rating on the stock. Vertical Research initiated coverage on TE Connectivity in a research report on Tuesday, July 23rd. They set a “hold” rating and a $155.00 price target on the stock. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Finally, Truist Financial increased their price target on TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, TE Connectivity currently has a consensus rating of “Hold” and an average price target of $159.55.

TE Connectivity Profile

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.