TE Connectivity (NYSE:TEL) Cut to “Neutral” at Citigroup

Citigroup downgraded shares of TE Connectivity (NYSE:TEL) from a buy rating to a neutral rating in a research note published on Wednesday morning, BenzingaRatingsTable reports. Citigroup currently has $95.00 price target on the electronics maker’s stock, down from their prior price target of $105.00.

A number of other analysts have also weighed in on the company. Morgan Stanley lowered TE Connectivity from an overweight rating to an equal weight rating and lowered their target price for the company from $98.00 to $95.00 in a research note on Monday, September 23rd. Wells Fargo & Co lowered TE Connectivity from an outperform rating to a market perform rating in a research note on Thursday, July 25th. Wolfe Research assumed coverage on TE Connectivity in a research note on Tuesday. They issued a market perform rating and a $91.00 target price for the company. Cross Research lowered TE Connectivity from a buy rating to a hold rating in a research note on Tuesday, July 16th. Finally, Goldman Sachs Group upgraded TE Connectivity from a neutral rating to a buy rating and raised their target price for the company from $92.00 to $105.00 in a research note on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. TE Connectivity presently has a consensus rating of Hold and a consensus target price of $92.07.

Shares of NYSE:TEL opened at $90.15 on Wednesday. TE Connectivity has a twelve month low of $69.84 and a twelve month high of $97.99. The firm has a market cap of $29.27 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 1.40 and a beta of 1.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.94 and a current ratio of 1.47. The business has a fifty day moving average of $91.99 and a 200-day moving average of $90.66.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, July 24th. The electronics maker reported $1.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.42 by $0.08. TE Connectivity had a return on equity of 18.33% and a net margin of 22.94%. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same period last year, the company posted $1.43 earnings per share. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, analysts anticipate that TE Connectivity will post 5.52 EPS for the current fiscal year.

In related news, insider Steven T. Merkt sold 65,650 shares of TE Connectivity stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $93.55, for a total value of $6,141,557.50. Following the completion of the sale, the insider now directly owns 89,854 shares in the company, valued at $8,405,841.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Steven T. Merkt sold 5,000 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $89.02, for a total value of $445,100.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 255,500 shares of company stock valued at $23,737,285. Corporate insiders own 0.80% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Thor Advisors LLC acquired a new position in shares of TE Connectivity during the 1st quarter worth about $26,000. Weaver Consulting Group acquired a new position in shares of TE Connectivity during the 1st quarter worth about $28,000. CX Institutional grew its position in shares of TE Connectivity by 220.2% during the 2nd quarter. CX Institutional now owns 365 shares of the electronics maker’s stock worth $35,000 after buying an additional 251 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of TE Connectivity during the 2nd quarter worth about $41,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in shares of TE Connectivity by 102.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 515 shares of the electronics maker’s stock worth $49,000 after buying an additional 260 shares during the period. Institutional investors own 89.88% of the company’s stock.

TE Connectivity Company Profile

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

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Analyst Recommendations for TE Connectivity (NYSE:TEL)

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