Pictet Asset Management Holding SA lessened its holdings in shares of TE Connectivity Ltd. (NYSE:TEL – Free Report) by 12.9% during the 3rd quarter, Holdings Channel reports. The firm owned 276,177 shares of the electronics maker’s stock after selling 40,885 shares during the period. Pictet Asset Management Holding SA’s holdings in TE Connectivity were worth $58,298,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Independence Bank of Kentucky purchased a new stake in TE Connectivity during the 3rd quarter worth approximately $26,000. Center for Financial Planning Inc. boosted its position in TE Connectivity by 113.6% in the 3rd quarter. Center for Financial Planning Inc. now owns 126 shares of the electronics maker’s stock valued at $27,000 after buying an additional 67 shares during the period. JNBA Financial Advisors boosted its position in TE Connectivity by 67.1% in the 2nd quarter. JNBA Financial Advisors now owns 127 shares of the electronics maker’s stock valued at $26,000 after buying an additional 51 shares during the period. Bell Investment Advisors Inc boosted its position in TE Connectivity by 56.1% in the 3rd quarter. Bell Investment Advisors Inc now owns 128 shares of the electronics maker’s stock valued at $27,000 after buying an additional 46 shares during the period. Finally, Pin Oak Investment Advisors Inc. acquired a new position in shares of TE Connectivity in the second quarter worth $34,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on the company. Robert W. Baird upped their price objective on TE Connectivity from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 6th. JPMorgan Chase & Co. lowered their target price on TE Connectivity from $260.00 to $235.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Sanford C. Bernstein assumed coverage on TE Connectivity in a report on Wednesday, September 23rd. They set an “outperform” rating and a $243.00 price target on the stock. Truist Financial reduced their price target on TE Connectivity from $240.00 to $215.00 and set a “hold” rating on the stock in a research report on Thursday, July 23rd. Finally, Jefferies Financial Group decreased their price objective on TE Connectivity from $265.00 to $235.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Eleven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $255.50.
View Our Latest Research Report on TEL
TE Connectivity Price Performance
Shares of TEL opened at $218.85 on Tuesday. The firm has a market capitalization of $63.36 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.39 and a beta of 1.15. The firm’s fifty day simple moving average is $212.49 and its 200-day simple moving average is $212.48. TE Connectivity Ltd. has a twelve month low of $190.27 and a twelve month high of $252.56. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38.
TE Connectivity (NYSE:TEL – Get Free Report) last issued its earnings results on Wednesday, October 28th. The electronics maker reported $3.14 EPS for the quarter, topping analysts’ consensus estimates of $3.07 by $0.07. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. TE Connectivity had a net margin of 16.36% and a return on equity of 25.55%. The company’s revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.44 earnings per share. Equities analysts forecast that TE Connectivity Ltd. will post 13.43 EPS for the current fiscal year.
TE Connectivity Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 20th will be given a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, November 20th. TE Connectivity’s dividend payout ratio is currently 28.18%.
TE Connectivity Company Profile
TE Connectivity (NYSE: TEL) designs and manufactures connectivity and sensor solutions used to transmit data, power and signals. Its products include connectors, terminals, relays, antennas and sensors, as well as related components and systems.
The company serves customers in industries including automotive, industrial equipment, communications, aerospace and defense, medical technology, and energy. Its products are used in applications ranging from vehicles and factory automation to telecommunications infrastructure and aircraft.
TE Connectivity operates internationally and traces its history to Tyco Electronics, which became an independent company following its separation from Tyco International in 2007.
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