Voloridge Investment Management LLC Trims Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Voloridge Investment Management LLC lowered its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 40.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 497,474 shares of the electronics maker’s stock after selling 341,735 shares during the period. Voloridge Investment Management LLC owned approximately 0.17% of TE Connectivity worth $71,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. SRS Capital Advisors Inc. raised its position in TE Connectivity by 117.6% in 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 period. Fairway Wealth LLC purchased a new stake in TE Connectivity in the 4th quarter valued at about $43,000. Golden State Wealth Management LLC acquired a new position in TE Connectivity in the fourth quarter valued at about $44,000. Deseret Mutual Benefit Administrators acquired a new stake in shares of TE Connectivity during the fourth quarter valued at about $57,000. Finally, Webster Bank N. A. acquired a new position in shares of TE Connectivity in the 4th quarter worth approximately $61,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Insider Transactions at TE Connectivity

In other TE Connectivity news, CFO Heath A. Mitts sold 53,306 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $159.21, for a total transaction of $8,486,848.26. Following the transaction, the chief financial officer now directly owns 45,503 shares of the company’s stock, valued at approximately $7,244,532.63. This trade represents a 53.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP John S. Jenkins sold 20,400 shares of TE Connectivity stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $162.85, for a total transaction of $3,322,140.00. Following the completion of the transaction, the executive vice president now owns 24,625 shares in the company, valued at approximately $4,010,181.25. This represents a 45.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 174,675 shares of company stock worth $27,062,559. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Bank of America boosted their target price on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Wells Fargo & Company lifted their target price on TE Connectivity from $148.00 to $156.00 and gave the company an “equal weight” rating in a research report on Monday. The Goldman Sachs Group lowered their price objective 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. StockNews.com cut shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. Finally, Vertical Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Friday, April 25th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, TE Connectivity has an average rating of “Moderate Buy” and a consensus target price of $160.30.

TE Connectivity Trading Down 0.1%

TEL opened at $162.69 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. TE Connectivity Ltd. has a one year low of $116.30 and a one year high of $164.11. The company has a market cap of $48.25 billion, a P/E ratio of 25.99, a PEG ratio of 2.11 and a beta of 1.24. The business’s 50-day simple moving average is $142.84 and its 200-day simple moving average is $146.80.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.14. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company had revenue of $4.14 billion for the quarter, compared to analysts’ expectations of $3.97 billion. During the same quarter last year, the company earned $1.86 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, equities research analysts expect that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.

TE Connectivity Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be given a dividend of $0.71 per share. The ex-dividend date is Wednesday, May 21st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.75%. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s payout ratio is 62.42%.

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.