Third Point LLC Sells 40,000 Shares of TE Connectivity Ltd. (NYSE:TEL)

Third Point LLC decreased its position in TE Connectivity Ltd. (NYSE:TEL) by 2.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,510,000 shares of the electronics maker’s stock after selling 40,000 shares during the quarter. TE Connectivity comprises 1.2% of Third Point LLC’s holdings, making the stock its 29th largest position. Third Point LLC’s holdings in TE Connectivity were worth $204,167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in TE Connectivity by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 27,358,318 shares of the electronics maker’s stock worth $3,699,118,000 after buying an additional 84,230 shares during the last quarter. Ameriprise Financial Inc. lifted its position in TE Connectivity by 21.5% in the 1st quarter. Ameriprise Financial Inc. now owns 10,614,548 shares of the electronics maker’s stock worth $1,370,557,000 after buying an additional 1,875,492 shares during the last quarter. Janus Henderson Group PLC lifted its position in TE Connectivity by 14.7% in the 1st quarter. Janus Henderson Group PLC now owns 7,513,393 shares of the electronics maker’s stock worth $970,068,000 after buying an additional 964,977 shares during the last quarter. Geode Capital Management LLC lifted its position in TE Connectivity by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 4,700,887 shares of the electronics maker’s stock worth $633,459,000 after buying an additional 121,488 shares during the last quarter. Finally, Boston Partners lifted its position in TE Connectivity by 3.2% in the 2nd quarter. Boston Partners now owns 3,438,245 shares of the electronics maker’s stock worth $464,901,000 after buying an additional 107,735 shares during the last quarter. Institutional investors own 89.51% of the company’s stock.

A number of equities analysts have commented on TEL shares. Robert W. Baird lifted their price target on TE Connectivity from $145.00 to $158.00 and gave the stock an “outperform” rating in a research note on Thursday, July 29th. Morgan Stanley lifted their price target on TE Connectivity from $135.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 29th. Truist Securities lifted their price target on TE Connectivity from $139.00 to $149.00 and gave the stock a “hold” rating in a research note on Thursday, July 29th. Royal Bank of Canada lifted their price target on TE Connectivity from $160.00 to $166.00 and gave the stock an “outperform” rating in a research note on Thursday, July 29th. Finally, Jefferies Financial Group started coverage on TE Connectivity in a research note on Thursday, July 29th. They issued a “buy” rating and a $170.00 price target on the stock. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $152.21.

TEL stock traded down $3.05 during midday trading on Wednesday, hitting $143.86. The stock had a trading volume of 40,093 shares, compared to its average volume of 1,578,339. The firm has a market cap of $47.19 billion, a price-to-earnings ratio of 28.92, a price-to-earnings-growth ratio of 2.15 and a beta of 1.36. The business has a 50-day moving average of $146.47 and a two-hundred day moving average of $139.74. TE Connectivity Ltd. has a 52-week low of $94.16 and a 52-week high of $153.54. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.59 and a quick ratio of 1.07.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, July 28th. The electronics maker reported $1.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.58 by $0.21. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.73 billion. TE Connectivity had a return on equity of 20.47% and a net margin of 11.81%. Research analysts predict that TE Connectivity Ltd. will post 6.48 earnings per share for the current year.

In related news, Director Daniel J. Phelan bought 231 shares of the company’s stock in a transaction on Tuesday, August 10th. The shares were acquired at an average cost of $150.25 per share, with a total value of $34,707.75. Following the completion of the acquisition, the director now owns 34,151 shares of the company’s stock, valued at approximately $5,131,187.75. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas J. Lynch sold 100,000 shares of the business’s stock in a transaction on Thursday, August 5th. The stock was sold at an average price of $148.31, for a total value of $14,831,000.00. The disclosure for this sale can be found here. 0.79% of the stock is owned by corporate insiders.

TE Connectivity Profile

TE Connectivity Ltd. engages in the design and manufacture of connectivity and sensors solutions. It operates through the following segments: Transportation, Industrial, and Communications Solutions. The Transportation Solutions segment offers products that are used in the automotive, commercial transportation, and sensors markets.

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

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