TE Connectivity (NYSE:TEL) Price Target Lowered to $156.00 at Truist Financial

TE Connectivity (NYSE:TEL) had its price objective lowered by Truist Financial from $163.00 to $156.00 in a research report released on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the electronics maker’s stock.

Several other research analysts have also recently weighed in on the company. StockNews.com cut TE Connectivity from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 28th. HSBC raised shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $175.00 price objective on the stock in a research note on Thursday. The Goldman Sachs Group cut their target price on shares of TE Connectivity from $190.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Wells Fargo & Company lifted their price target on shares of TE Connectivity from $130.00 to $148.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 23rd. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, TE Connectivity has an average rating of “Moderate Buy” and an average target price of $158.00.

TE Connectivity Price Performance

NYSE TEL opened at $143.46 on Thursday. The company has a 50-day moving average price of $141.65 and a two-hundred day moving average price of $146.09. The stock has a market cap of $42.80 billion, a price-to-earnings ratio of 22.92, a price-to-earnings-growth ratio of 2.11 and a beta of 1.25. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. TE Connectivity has a 52 week low of $116.30 and a 52 week high of $159.98.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.14. The firm had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $3.97 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. Analysts forecast that TE Connectivity will post 8.05 EPS for the current year.

TE Connectivity Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 1.98%. The ex-dividend date is Wednesday, May 21st. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s payout ratio is presently 45.37%.

Insider Buying and Selling at TE Connectivity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $151.13, for a total transaction of $587,744.57. Following the transaction, the insider now owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On TE Connectivity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Central Pacific Bank Trust Division acquired a new position in TE Connectivity in the 4th quarter valued at $2,920,000. Meyer Handelman Co. grew its position in shares of TE Connectivity by 9.9% in the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock valued at $14,531,000 after purchasing an additional 9,175 shares during the last quarter. abrdn plc acquired a new position in shares of TE Connectivity during the 4th quarter worth about $15,739,000. Truist Financial Corp boosted its stake in TE Connectivity by 32.8% during the 4th quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker’s stock valued at $18,509,000 after purchasing an additional 31,991 shares during the period. Finally, Carnegie Investment Counsel grew its holdings in TE Connectivity by 4.3% in the 4th quarter. Carnegie Investment Counsel now owns 119,041 shares of the electronics maker’s stock valued at $17,019,000 after buying an additional 4,913 shares during the last quarter. 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.