Cornerstone Advisors LLC purchased a new stake in TE Connectivity Ltd. (NYSE:TEL – Free Report) during the 3rd quarter, HoldingsChannel reports. The fund purchased 44,778 shares of the electronics maker’s stock, valued at approximately $9,452,000.
A number of other institutional investors also recently modified their holdings of the business. Independence Bank of Kentucky bought a new position in TE Connectivity in the 3rd quarter worth approximately $26,000. Center for Financial Planning Inc. grew its stake 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 in the last quarter. JNBA Financial Advisors raised its holdings in TE Connectivity by 67.1% during the 2nd quarter. JNBA Financial Advisors now owns 127 shares of the electronics maker’s stock valued at $26,000 after acquiring an additional 51 shares during the period. Bell Investment Advisors Inc raised its holdings in TE Connectivity by 56.1% during the 3rd quarter. Bell Investment Advisors Inc now owns 128 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 46 shares during the period. Finally, Pin Oak Investment Advisors Inc. bought a new stake in TE Connectivity during the 2nd quarter valued at $34,000. 91.43% of the stock is currently owned by hedge funds and other institutional investors.
TE Connectivity Price Performance
Shares of NYSE:TEL opened at $216.22 on Friday. The company has a 50 day moving average of $213.45 and a 200 day moving average of $212.28. The stock has a market cap of $61.99 billion, a P/E ratio of 19.53, a P/E/G ratio of 1.36 and a beta of 1.15. TE Connectivity Ltd. has a 12 month low of $190.27 and a 12 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 posted its earnings results on Wednesday, October 28th. The electronics maker reported $3.14 earnings per share for the quarter, topping analysts’ consensus estimates of $3.07 by $0.07. TE Connectivity had a net margin of 16.36% and a return on equity of 25.55%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the prior year, the firm posted $2.44 EPS. TE Connectivity’s revenue was up 11.9% on a year-over-year basis. As a group, sell-side analysts forecast that TE Connectivity Ltd. will post 13.52 EPS for the current fiscal year.
TE Connectivity Announces Dividend
The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, November 20th. TE Connectivity’s payout ratio is 28.18%.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the company. Truist Financial cut their price target on TE Connectivity from $240.00 to $215.00 and set a “hold” rating for the company in a report on Thursday, July 23rd. Jefferies Financial Group reduced their price target on TE Connectivity from $265.00 to $235.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Barclays boosted their price objective on TE Connectivity from $300.00 to $304.00 and gave the company an “overweight” rating in a research note on Monday, November 2nd. Wells Fargo & Company increased their price objective on TE Connectivity from $209.00 to $220.00 and gave the stock a “cautious” rating in a report on Friday, September 11th. Finally, Citigroup raised their target price on TE Connectivity from $230.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. Eleven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, TE Connectivity currently has a consensus rating of “Moderate Buy” and an average target price of $255.50.
Check Out Our Latest Stock Analysis on TE Connectivity
About TE Connectivity
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.
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