Pinnacle Associates Ltd. Decreases Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Pinnacle Associates Ltd. lessened its position in TE Connectivity Ltd. (NYSE:TELFree Report) by 10.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,557 shares of the electronics maker’s stock after selling 311 shares during the quarter. Pinnacle Associates Ltd.’s holdings in TE Connectivity were worth $359,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in TE Connectivity during the fourth quarter worth approximately $584,131,000. Moneta Group Investment Advisors LLC lifted its position in TE Connectivity by 119,784.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,247,666 shares of the electronics maker’s stock worth $372,832,000 after buying an additional 3,244,957 shares in the last quarter. State Street Corp lifted its position in TE Connectivity by 19.5% during the first quarter. State Street Corp now owns 14,149,636 shares of the electronics maker’s stock worth $1,851,648,000 after buying an additional 2,309,835 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in TE Connectivity during the third quarter worth approximately $165,640,000. Finally, Morgan Stanley lifted its position in TE Connectivity by 56.5% during the fourth quarter. Morgan Stanley now owns 3,569,840 shares of the electronics maker’s stock worth $409,818,000 after buying an additional 1,289,023 shares in the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on TEL shares. StockNews.com started coverage on TE Connectivity in a research report on Friday, March 29th. They set a “buy” rating on the stock. Stifel Nicolaus raised their target price on TE Connectivity from $140.00 to $145.00 and gave the stock a “hold” rating in a research note on Thursday, January 25th. Wells Fargo & Company began coverage on TE Connectivity in a research note on Friday, December 15th. They set an “equal weight” rating and a $144.00 target price for the company. Robert W. Baird raised their target price on TE Connectivity from $147.00 to $155.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of TE Connectivity in a research note on Monday. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $146.67.

Get Our Latest Report on TE Connectivity

Insiders Place Their Bets

In other TE Connectivity news, insider Steven T. Merkt sold 99,777 shares of TE Connectivity stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $144.00, for a total transaction of $14,367,888.00. Following the completion of the sale, the insider now directly owns 30,459 shares of the company’s stock, valued at approximately $4,386,096. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.86% of the stock is owned by company insiders.

TE Connectivity Trading Up 2.1 %

TEL opened at $145.68 on Thursday. TE Connectivity Ltd. has a 12 month low of $115.00 and a 12 month high of $146.84. The stock has a market capitalization of $45.28 billion, a price-to-earnings ratio of 13.82, a PEG ratio of 2.05 and a beta of 1.39. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.86 and a quick ratio of 1.16. The business has a fifty day moving average price of $142.50 and a 200 day moving average price of $133.85.

TE Connectivity (NYSE:TELGet Free Report) last announced its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.13. The company had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.87 billion. TE Connectivity had a return on equity of 18.93% and a net margin of 20.69%. TE Connectivity’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the previous year, the business earned $1.53 EPS. Sell-side analysts expect that TE Connectivity Ltd. will post 7.57 earnings per share for the current fiscal year.

TE Connectivity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Friday, February 21st. TE Connectivity’s dividend payout ratio (DPR) is 22.39%.

TE Connectivity announced that its board has authorized a stock buyback plan on Tuesday, December 12th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the electronics maker to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

About TE Connectivity

(Free Report)

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.

See Also

Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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