Cambiar Investors LLC Lowers Stake in TE Connectivity Ltd. (NYSE:TEL)

Cambiar Investors LLC cut its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 2.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 369,047 shares of the electronics maker’s stock after selling 9,860 shares during the quarter. TE Connectivity accounts for approximately 2.1% of Cambiar Investors LLC’s holdings, making the stock its 13th biggest position. Cambiar Investors LLC’s holdings in TE Connectivity were worth $55,722,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. lifted its holdings in shares of TE Connectivity by 25.3% in the 1st quarter. Russell Investments Group Ltd. now owns 287,942 shares of the electronics maker’s stock valued at $41,811,000 after buying an additional 58,219 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in TE Connectivity by 17.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 361,166 shares of the electronics maker’s stock valued at $52,456,000 after purchasing an additional 52,824 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its position in TE Connectivity by 72.8% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 321,687 shares of the electronics maker’s stock worth $46,537,000 after purchasing an additional 135,548 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in TE Connectivity during the second quarter worth approximately $15,847,000. Finally, Headlands Technologies LLC grew its stake in shares of TE Connectivity by 2,037.3% during the 1st quarter. Headlands Technologies LLC now owns 3,612 shares of the electronics maker’s stock valued at $525,000 after buying an additional 3,443 shares during the period. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Stock Performance

NYSE:TEL opened at $150.02 on Friday. The firm’s fifty day simple moving average is $147.94 and its 200 day simple moving average is $148.45. TE Connectivity Ltd. has a 1 year low of $122.30 and a 1 year high of $159.98. The company has a current ratio of 1.61, a quick ratio of 0.99 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $45.59 billion, a PE ratio of 14.61, a PEG ratio of 2.00 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The company had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4 billion. During the same quarter in the previous year, the company earned $1.78 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. On average, sell-side analysts anticipate that TE Connectivity Ltd. will post 8.16 EPS for the current year.

TE Connectivity declared that its board has authorized a stock repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Vertical Research initiated coverage on TE Connectivity in a report on Tuesday, July 23rd. They set a “hold” rating and a $155.00 target price for the company. HSBC downgraded shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a report on Thursday. The Goldman Sachs Group cut their target price on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Bank of America cut their target price on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, Wells Fargo & Company reduced their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, TE Connectivity currently has a consensus rating of “Hold” and an average price target of $159.55.

TE Connectivity Company Profile

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.