Caprock Group LLC Sells 2,293 Shares of TE Connectivity Ltd. (NYSE:TEL)

Caprock Group LLC trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 21.8% in the third quarter, Holdings Channel.com reports. The firm owned 8,237 shares of the electronics maker’s stock after selling 2,293 shares during the quarter. Caprock Group LLC’s holdings in TE Connectivity were worth $1,244,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Simplicity Wealth LLC grew its stake in shares of TE Connectivity by 2.7% during the 2nd quarter. Simplicity Wealth LLC now owns 2,509 shares of the electronics maker’s stock worth $377,000 after acquiring an additional 67 shares in the last quarter. Silvercrest Asset Management Group LLC grew its stake in shares of TE Connectivity by 2.3% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 2,977 shares of the electronics maker’s stock worth $432,000 after acquiring an additional 68 shares in the last quarter. Optas LLC grew its stake in shares of TE Connectivity by 4.2% during the 3rd quarter. Optas LLC now owns 1,778 shares of the electronics maker’s stock worth $268,000 after acquiring an additional 71 shares in the last quarter. Gradient Investments LLC grew its stake in shares of TE Connectivity by 2.2% during the 2nd quarter. Gradient Investments LLC now owns 3,602 shares of the electronics maker’s stock worth $542,000 after acquiring an additional 76 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI grew its stake in shares of TE Connectivity by 3.4% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 2,297 shares of the electronics maker’s stock worth $346,000 after acquiring an additional 76 shares in the last quarter. 91.43% of the stock is owned by institutional investors.

TE Connectivity Stock Performance

TE Connectivity stock opened at $147.88 on Thursday. TE Connectivity Ltd. has a 12-month low of $128.52 and a 12-month high of $159.98. The company has a quick ratio of 1.08, a current ratio of 1.61 and a debt-to-equity ratio of 0.27. The business’s 50-day moving average price is $148.70 and its two-hundred day moving average price is $149.44. The stock has a market cap of $44.24 billion, a PE ratio of 14.40, a P/E/G ratio of 2.02 and a beta of 1.33.

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

TE Connectivity Announces Dividend

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

TE Connectivity declared that its board has approved a share buyback program on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TEL. Truist Financial raised their target price on shares of TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. StockNews.com began coverage on shares of TE Connectivity in a research note on Saturday, November 16th. They issued a “buy” rating for the company. The Goldman Sachs Group decreased their target price on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Wells Fargo & Company decreased their target price on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research note on Friday, September 20th. Finally, Bank of America decreased their target price on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.