Huntington National Bank Purchases 204 Shares of TE Connectivity Ltd. (NYSE:TEL)

Huntington National Bank grew its position in TE Connectivity Ltd. (NYSE:TEL) by 5.6% during the third quarter, HoldingsChannel reports. The firm owned 3,870 shares of the electronics maker’s stock after buying an additional 204 shares during the period. Huntington National Bank’s holdings in TE Connectivity were worth $585,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in TE Connectivity by 54.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock valued at $2,265,218,000 after acquiring an additional 5,526,230 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of TE Connectivity by 26.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after purchasing an additional 1,304,199 shares in the last quarter. Point72 Asset Management L.P. grew its stake in TE Connectivity by 238.4% during the second quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock worth $108,212,000 after purchasing an additional 506,754 shares during the period. Bank of Montreal Can increased its holdings in TE Connectivity by 43.0% in the second quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock worth $174,955,000 after purchasing an additional 347,315 shares in the last quarter. Finally, Toronto Dominion Bank lifted its stake in TE Connectivity by 141.3% in the second quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock valued at $70,445,000 after buying an additional 274,206 shares during the period. 91.43% of the stock is currently owned by institutional investors and hedge funds.

TE Connectivity Trading Down 3.2 %

TE Connectivity stock opened at $148.35 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. TE Connectivity Ltd. has a fifty-two week low of $128.52 and a fifty-two week high of $159.98. The stock has a market cap of $44.38 billion, a P/E ratio of 14.44, a PEG ratio of 2.10 and a beta of 1.33. The firm’s fifty day moving average price is $148.50 and its 200-day moving average price is $149.24.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.95. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.78 EPS. Equities research analysts forecast that TE Connectivity Ltd. will post 8.13 earnings per share 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 outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. The Goldman Sachs Group reduced their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a research report on Thursday, October 31st. Vertical Research started coverage on TE Connectivity in a report on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 target price for the company. Wells Fargo & Company decreased their price objective on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a report on Friday, September 20th. Finally, Truist Financial upped their price objective on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, 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.