Verition Fund Management LLC lifted its stake in shares of TE Connectivity Ltd. (NYSE:TEL – Free Report) by 67.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 95,688 shares of the electronics maker’s stock after acquiring an additional 38,690 shares during the quarter. Verition Fund Management LLC’s holdings in TE Connectivity were worth $21,770,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of TE Connectivity by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 38,421,283 shares of the electronics maker’s stock worth $8,741,226,000 after buying an additional 168,142 shares during the last quarter. State Street Corp lifted its stake in shares of TE Connectivity by 0.6% in the fourth quarter. State Street Corp now owns 13,105,219 shares of the electronics maker’s stock worth $2,981,572,000 after buying an additional 76,292 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of TE Connectivity by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 6,284,933 shares of the electronics maker’s stock worth $1,425,669,000 after buying an additional 161,967 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of TE Connectivity by 27.5% in the second quarter. Bank of America Corp DE now owns 6,274,917 shares of the electronics maker’s stock worth $1,058,390,000 after buying an additional 1,352,152 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of TE Connectivity by 3.4% in the fourth quarter. Bank of New York Mellon Corp now owns 4,403,794 shares of the electronics maker’s stock worth $1,001,907,000 after buying an additional 144,353 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.
TE Connectivity Price Performance
Shares of NYSE:TEL opened at $215.88 on Tuesday. The business has a 50 day moving average price of $214.64 and a 200 day moving average price of $220.59. TE Connectivity Ltd. has a twelve month low of $162.17 and a twelve month high of $252.56. The company has a market cap of $63.02 billion, a price-to-earnings ratio of 22.05, a PEG ratio of 1.49 and a beta of 1.16. The company has a quick ratio of 1.20, a current ratio of 1.89 and a debt-to-equity ratio of 0.42.
TE Connectivity announced that its Board of Directors has approved a share buyback program on Wednesday, March 11th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the electronics maker to buy up to 5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
TE Connectivity Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 21st will be given a $0.78 dividend. The ex-dividend date is Friday, August 21st. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.4%. TE Connectivity’s dividend payout ratio (DPR) is currently 31.87%.
Insider Activity at TE Connectivity
In other TE Connectivity news, insider Shadrak W. Kroeger sold 9,400 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $215.00, for a total value of $2,021,000.00. Following the completion of the sale, the insider owned 25,976 shares in the company, valued at approximately $5,584,840. This trade represents a 26.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 28,200 shares of company stock valued at $6,140,644. 0.60% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on TEL. Zacks Research cut shares of TE Connectivity from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Truist Financial decreased their target price on TE Connectivity from $244.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, April 23rd. Barclays increased their target price on TE Connectivity from $297.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday. The Goldman Sachs Group set a $286.00 target price on TE Connectivity in a research note on Wednesday, April 22nd. Finally, Weiss Ratings upgraded TE Connectivity from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, TE Connectivity presently has an average rating of “Moderate Buy” and a consensus price target of $256.79.
Read Our Latest Stock Analysis on TE Connectivity
About TE Connectivity
TE Connectivity (NYSE: TEL) is a global industrial technology company that designs and manufactures connectivity and sensor solutions used to enable the flow of power and data in a wide range of applications. Its product portfolio includes electrical connectors, cable and wire harness assemblies, sensors, relays and switches, fiber-optic and coaxial interconnects, and other passive and active components that provide mechanical and electrical connections in complex systems.
The company’s products and engineered solutions serve diverse end markets such as automotive and transportation, industrial equipment, data communications and networks, aerospace and defense, medical devices, and energy.
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