Sumitomo Mitsui Trust Group Inc. Sells 6,537 Shares of TE Connectivity Ltd. $TEL

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 0.9% during the second quarter, HoldingsChannel reports. The firm owned 746,405 shares of the electronics maker’s stock after selling 6,537 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in TE Connectivity were worth $125,896,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of TEL. Martingale Asset Management L P boosted its position in shares of TE Connectivity by 3.6% during the first quarter. Martingale Asset Management L P now owns 1,807 shares of the electronics maker’s stock valued at $255,000 after buying an additional 63 shares during the period. Nelson Capital Management LLC boosted its holdings in TE Connectivity by 0.4% during the 2nd quarter. Nelson Capital Management LLC now owns 15,464 shares of the electronics maker’s stock valued at $2,608,000 after acquiring an additional 63 shares during the period. Salomon & Ludwin LLC grew its position in TE Connectivity by 58.9% in the 2nd quarter. Salomon & Ludwin LLC now owns 178 shares of the electronics maker’s stock valued at $31,000 after acquiring an additional 66 shares during the last quarter. Ballentine Partners LLC lifted its position in shares of TE Connectivity by 1.4% during the first quarter. Ballentine Partners LLC now owns 4,975 shares of the electronics maker’s stock worth $703,000 after purchasing an additional 68 shares during the last quarter. Finally, Hickory Point Bank & Trust boosted its stake in shares of TE Connectivity by 2.6% during the second quarter. Hickory Point Bank & Trust now owns 2,938 shares of the electronics maker’s stock valued at $496,000 after purchasing an additional 75 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 23,850 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $202.99, for a total value of $4,841,311.50. Following the completion of the transaction, the insider owned 25,976 shares of the company’s stock, valued at approximately $5,272,868.24. This trade represents a 47.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John S. Jenkins sold 45,850 shares of the business’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $209.33, for a total transaction of $9,597,780.50. Following the sale, the executive vice president directly owned 24,625 shares in the company, valued at $5,154,751.25. This trade represents a 65.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,645 shares of company stock worth $14,842,096. 0.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Truist Financial upped their target price on shares of TE Connectivity from $156.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, July 24th. Evercore ISI increased their price objective on TE Connectivity from $225.00 to $250.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Citigroup lifted their target price on TE Connectivity from $230.00 to $250.00 and gave the company a “buy” rating in a research report on Wednesday, September 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of TE Connectivity in a research report on Friday. Finally, UBS Group raised their price target on TE Connectivity from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, TE Connectivity presently has a consensus rating of “Moderate Buy” and a consensus price target of $222.00.

TE Connectivity Price Performance

Shares of TEL opened at $235.66 on Friday. TE Connectivity Ltd. has a twelve month low of $116.30 and a twelve month high of $237.63. The company has a 50 day moving average of $215.12 and a two-hundred day moving average of $183.71. The company has a quick ratio of 0.96, a current ratio of 1.52 and a debt-to-equity ratio of 0.39. The company has a market cap of $69.63 billion, a price-to-earnings ratio of 48.79, a price-to-earnings-growth ratio of 2.54 and a beta of 1.26.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.19. TE Connectivity had a return on equity of 20.22% and a net margin of 8.78%.The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same period in the prior year, the company posted $1.91 EPS. The firm’s quarterly revenue was up 13.9% compared to the same quarter last year. As a group, analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 21st will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, November 21st. TE Connectivity’s payout ratio is currently 58.80%.

TE Connectivity Profile

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.