StockNews.com Initiates Coverage on TE Connectivity (NYSE:TEL)

StockNews.com assumed coverage on shares of TE Connectivity (NYSE:TEL) in a note issued to investors on Tuesday. The brokerage set a “buy” rating on the electronics maker’s stock.

Other equities research analysts have also recently issued reports about the stock. Truist Financial raised their price objective 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. Robert W. Baird raised their price objective on shares of TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Hsbc Global Res upgraded shares of TE Connectivity to a “hold” rating in a research report on Wednesday, July 24th. Bank of America cut their price objective on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company cut their price objective on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. 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, TE Connectivity presently has an average rating of “Hold” and an average target price of $161.82.

TE Connectivity Stock Performance

NYSE:TEL opened at $144.80 on Tuesday. The company’s 50-day moving average price is $147.81 and its 200-day moving average price is $148.12. The company has a current ratio of 1.51, a quick ratio of 0.99 and a debt-to-equity ratio of 0.23. The company has a market cap of $44.01 billion, a P/E ratio of 13.02, a P/E/G ratio of 1.91 and a beta of 1.33. TE Connectivity has a twelve month low of $115.00 and a twelve month high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $1.91 earnings per share 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 firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period last year, the firm posted $1.77 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, sell-side analysts forecast that TE Connectivity will post 7.56 earnings per share for the current fiscal year.

Insider Activity at TE Connectivity

In related news, CFO Heath A. Mitts sold 59,700 shares of TE Connectivity 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 completion of the transaction, the chief financial officer now owns 38,073 shares in the company, valued at approximately $5,889,893.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, SVP Robert J. Ott sold 2,913 shares of TE Connectivity stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $154.59, for a total value of $450,320.67. Following the completion of the transaction, the senior vice president now owns 25,504 shares in the company, valued at approximately $3,942,663.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Heath A. Mitts sold 59,700 shares of TE Connectivity stock in a transaction that occurred 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 transaction, the chief financial officer now owns 38,073 shares of the company’s stock, valued at $5,889,893.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in 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 worth $2,265,218,000 after acquiring an additional 5,526,230 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of TE Connectivity by 26.2% during the 2nd 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 lifted its position in shares of TE Connectivity by 7.7% during the 2nd 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. Pzena Investment Management LLC increased its holdings in shares of TE Connectivity by 9.3% in the 1st quarter. Pzena Investment Management LLC now owns 2,798,532 shares of the electronics maker’s stock valued at $406,459,000 after acquiring an additional 238,370 shares during the period. Finally, First Pacific Advisors LP increased its holdings in shares of TE Connectivity by 0.4% in the 1st quarter. First Pacific Advisors LP now owns 2,776,505 shares of the electronics maker’s stock valued at $403,260,000 after acquiring an additional 10,167 shares during the period. Hedge funds and other institutional investors 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.