TE Connectivity (NYSE:TEL) Cut to Buy at StockNews.com

StockNews.com downgraded shares of TE Connectivity (NYSE:TEL) from a strong-buy rating to a buy rating in a report released on Tuesday morning.

Several other brokerages also recently weighed in on TEL. Hsbc Global Res upgraded shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Truist Financial decreased their price objective on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research report on Thursday, January 23rd. Robert W. Baird increased their price objective on TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Bank of America boosted their price target on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Finally, HSBC raised shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target on the stock in a research note on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $167.00.

TE Connectivity Stock Down 0.6 %

TE Connectivity stock opened at $148.82 on Tuesday. TE Connectivity has a twelve month low of $137.61 and a twelve month high of $159.98. The firm has a market capitalization of $44.40 billion, a P/E ratio of 23.77, a P/E/G ratio of 2.01 and a beta of 1.32. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. The stock’s fifty day simple moving average is $146.96 and its 200-day simple moving average is $148.26.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.06. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the prior year, the firm posted $1.84 EPS. The business’s quarterly revenue was up .1% compared to the same quarter last year. As a group, equities analysts expect that TE Connectivity will post 7.95 earnings per share for the current fiscal year.

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

Insider Buying and Selling at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of TE Connectivity stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the completion of the transaction, the insider now directly owns 25,976 shares in the company, valued at approximately $3,925,752.88. This trade represents a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.90% of the stock is owned by insiders.

Hedge Funds Weigh In On TE Connectivity

Hedge funds have recently added to or reduced their stakes in the business. Pinnacle Bancorp Inc. acquired a new position in shares of TE Connectivity during the fourth quarter valued at $26,000. SRS Capital Advisors Inc. lifted its holdings in shares of TE Connectivity by 117.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 107 shares during the last quarter. Armstrong Advisory Group Inc. increased its position in shares of TE Connectivity by 208.3% in the third quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock worth $34,000 after acquiring an additional 150 shares in the last quarter. Wolff Wiese Magana LLC boosted its position in shares of TE Connectivity by 2,450.0% in the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after buying an additional 245 shares during the period. Finally, Fairway Wealth LLC purchased a new position in TE Connectivity during the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 91.43% of the company’s stock.

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.