HM Payson & Co. Decreases Position in TE Connectivity Ltd. (NYSE:TEL)

HM Payson & Co. cut its position in TE Connectivity Ltd. (NYSE:TEL) by 3.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,321 shares of the electronics maker’s stock after selling 112 shares during the quarter. HM Payson & Co.’s holdings in TE Connectivity were worth $501,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in TEL. Russell Investments Group Ltd. lifted its holdings in TE Connectivity by 25.3% in the first quarter. Russell Investments Group Ltd. now owns 287,942 shares of the electronics maker’s stock valued at $41,811,000 after acquiring an additional 58,219 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted 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 acquiring an additional 52,824 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of TE Connectivity by 72.8% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 321,687 shares of the electronics maker’s stock worth $46,537,000 after buying an additional 135,548 shares during the period. Manning & Napier Advisors LLC bought a new position in shares of TE Connectivity in the second quarter worth about $15,847,000. Finally, Headlands Technologies LLC raised its stake in shares of TE Connectivity by 2,037.3% in the first quarter. Headlands Technologies LLC now owns 3,612 shares of the electronics maker’s stock worth $525,000 after buying an additional 3,443 shares during the period. Institutional investors own 91.43% of the company’s stock.

Analyst Upgrades and Downgrades

TEL has been the topic of several recent research reports. Bank of America decreased their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Wells Fargo & Company decreased their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a research note on Friday, September 20th. Vertical Research initiated coverage on TE Connectivity in a research note on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 price objective on the stock. Robert W. Baird raised their price objective on TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, StockNews.com initiated coverage on TE Connectivity in a research note on Thursday. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, TE Connectivity presently has a consensus rating of “Hold” and an average target price of $159.55.

TE Connectivity Stock Performance

NYSE TEL opened at $150.02 on Friday. The stock has a market capitalization of $45.59 billion, a PE ratio of 14.61, a P/E/G ratio of 1.95 and a beta of 1.33. The business has a 50 day simple moving average of $147.94 and a two-hundred day simple moving average of $148.45. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 0.99. TE Connectivity Ltd. has a 1-year low of $122.30 and a 1-year high of $159.98.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting the consensus estimate of $1.95. The business had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the business posted $1.78 EPS. On average, research analysts predict that TE Connectivity Ltd. will post 8.15 EPS for the current fiscal year.

TE Connectivity declared that its Board of Directors has approved a share buyback program on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

TE Connectivity 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.