Sumitomo Mitsui Trust Group Inc. trimmed its stake in TE Connectivity Ltd. (NYSE:TEL – Free Report) by 4.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 618,173 shares of the electronics maker’s stock after selling 28,549 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.21% of TE Connectivity worth $130,484,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of TEL. Wellington Management Group LLP increased its holdings in shares of TE Connectivity by 48.2% in the 2nd quarter. Wellington Management Group LLP now owns 7,709,235 shares of the electronics maker’s stock worth $1,554,259,000 after acquiring an additional 2,507,569 shares during the period. Hsbc Holdings PLC lifted its position in TE Connectivity by 385.0% in the 1st quarter. Hsbc Holdings PLC now owns 1,115,692 shares of the electronics maker’s stock valued at $232,677,000 after purchasing an additional 885,658 shares during the last quarter. State Street Corp grew its position in TE Connectivity by 5.7% in the 2nd quarter. State Street Corp now owns 13,639,381 shares of the electronics maker’s stock worth $2,750,079,000 after purchasing an additional 730,084 shares during the last quarter. Alyeska Investment Group L.P. grew its position in TE Connectivity by 415.4% in the 2nd quarter. Alyeska Investment Group L.P. now owns 849,218 shares of the electronics maker’s stock worth $171,211,000 after purchasing an additional 684,463 shares during the last quarter. Finally, Amundi increased its stake in shares of TE Connectivity by 37.2% in the first quarter. Amundi now owns 2,256,878 shares of the electronics maker’s stock valued at $471,733,000 after purchasing an additional 612,180 shares during the period. Institutional investors and hedge funds own 91.43% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. HSBC cut their price target on TE Connectivity from $234.00 to $216.00 and set a “hold” rating on the stock in a report on Thursday, July 23rd. The Goldman Sachs Group increased their price objective on TE Connectivity from $284.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, October 6th. Truist Financial lowered their target price 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. Fox Advisors downgraded TE Connectivity from an “overweight” rating to an “equal weight” rating in a research note on Monday. Finally, Wall Street Zen upgraded TE Connectivity from a “hold” rating to a “buy” rating in a research report on Sunday, October 18th. Eleven research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $255.50.
Check Out Our Latest Report on TE Connectivity
TE Connectivity Stock Performance
Shares of TEL opened at $217.37 on Tuesday. The firm has a market capitalization of $62.93 billion, a PE ratio of 19.64, a P/E/G ratio of 1.29 and a beta of 1.14. The company has a quick ratio of 1.23, a current ratio of 1.73 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $211.32 and a 200 day moving average price of $213.03. TE Connectivity Ltd. has a 52-week low of $190.27 and a 52-week high of $252.56.
TE Connectivity (NYSE:TEL – Get Free Report) last released its quarterly 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 company had revenue of $5.31 billion for 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%. TE Connectivity’s revenue was up 11.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.44 EPS. On average, sell-side analysts anticipate that TE Connectivity Ltd. will post 13.32 earnings per share for the current fiscal year.
TE Connectivity Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 20th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, November 20th. TE Connectivity’s dividend payout ratio (DPR) is currently 28.18%.
TE Connectivity Company Profile
TE Connectivity Ltd. (NYSE: TEL) is a global technology and manufacturing company that designs and produces connectivity and sensor solutions. Its products help transmit power, data and signals across a range of applications, including vehicles, industrial equipment, communications networks, aerospace systems, medical devices and consumer electronics.
The company’s product portfolio includes connectors, terminals, relays, sensors, antennas, circuit-protection products, wire and cable assemblies, and related application tooling.
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