California Public Employees Retirement System Cuts Holdings in TE Connectivity Ltd. (TEL)

California Public Employees Retirement System cut its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 943,405 shares of the electronics maker’s stock after selling 15,700 shares during the period. California Public Employees Retirement System owned 0.27% of TE Connectivity worth $74,227,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Prudential Financial Inc. lifted its position in TE Connectivity by 4.6% during the second quarter. Prudential Financial Inc. now owns 511,865 shares of the electronics maker’s stock worth $40,273,000 after acquiring an additional 22,478 shares during the last quarter. Swiss National Bank lifted its position in TE Connectivity by 3.0% during the second quarter. Swiss National Bank now owns 1,297,509 shares of the electronics maker’s stock worth $102,088,000 after acquiring an additional 38,400 shares during the last quarter. Morgan Stanley lifted its position in TE Connectivity by 55.6% during the first quarter. Morgan Stanley now owns 1,552,290 shares of the electronics maker’s stock worth $115,724,000 after acquiring an additional 554,403 shares during the last quarter. Eqis Capital Management Inc. lifted its position in TE Connectivity by 116.7% during the second quarter. Eqis Capital Management Inc. now owns 7,086 shares of the electronics maker’s stock worth $558,000 after acquiring an additional 3,816 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in TE Connectivity by 20.5% during the second quarter. Principal Financial Group Inc. now owns 595,432 shares of the electronics maker’s stock worth $46,848,000 after acquiring an additional 101,458 shares during the last quarter. Hedge funds and other institutional investors own 90.08% of the company’s stock.

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In related news, COO Joseph B. Donahue sold 52,575 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $80.03, for a total transaction of $4,207,577.25. Following the sale, the chief operating officer now directly owns 93,484 shares in the company, valued at approximately $7,481,524.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas J. Lynch sold 186,033 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $79.29, for a total transaction of $14,750,556.57. Following the sale, the insider now owns 298,851 shares in the company, valued at $23,695,895.79. The disclosure for this sale can be found here. Insiders have sold a total of 749,165 shares of company stock worth $59,522,187 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

TE Connectivity Ltd. (NYSE:TEL) traded down 0.02% during midday trading on Friday, hitting $82.19. 70,498 shares of the stock were exchanged. The firm has a market capitalization of $29.04 billion, a P/E ratio of 17.45 and a beta of 1.05. TE Connectivity Ltd. has a 1-year low of $60.59 and a 1-year high of $85.20. The firm’s 50-day moving average price is $79.70 and its 200 day moving average price is $77.71.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.07. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.28 billion. TE Connectivity had a net margin of 12.98% and a return on equity of 19.76%. TE Connectivity’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.08 EPS. Analysts expect that TE Connectivity Ltd. will post $4.75 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 25th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Wednesday, August 23rd. TE Connectivity’s payout ratio is currently 33.97%.

Several equities research analysts have issued reports on TEL shares. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a research report on Friday, June 16th. Royal Bank Of Canada raised their price objective on shares of TE Connectivity from $86.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 27th. BidaskClub downgraded shares of TE Connectivity from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Finally, Morgan Stanley restated an “overweight” rating and set a $89.00 price objective on shares of TE Connectivity in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $84.14.

About TE Connectivity

TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.

Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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