TE Connectivity Ltd. (NYSE:TEL) Shares Sold by Smithfield Trust Co

Smithfield Trust Co lessened its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 11.7% during the 3rd quarter, Holdings Channel reports. The firm owned 6,382 shares of the electronics maker’s stock after selling 847 shares during the quarter. Smithfield Trust Co’s holdings in TE Connectivity were worth $965,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 worth $2,265,218,000 after purchasing an additional 5,526,230 shares during the last quarter. Ameriprise Financial Inc. grew its position in TE Connectivity by 26.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after purchasing an additional 1,304,199 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of TE Connectivity by 7.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,118,636 shares of the electronics maker’s stock valued at $469,113,000 after buying an additional 223,842 shares during the last quarter. Cooke & Bieler LP lifted its holdings in shares of TE Connectivity by 3.3% in the 2nd quarter. Cooke & Bieler LP now owns 1,753,850 shares of the electronics maker’s stock valued at $263,832,000 after buying an additional 55,777 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in shares of TE Connectivity by 13.1% in the second quarter. Canada Pension Plan Investment Board now owns 1,434,642 shares of the electronics maker’s stock worth $215,813,000 after buying an additional 166,339 shares during the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on TEL. The Goldman Sachs Group decreased their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Wolfe Research raised shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. Truist Financial lifted their price objective on shares of TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Wells Fargo & Company lowered their target price on shares of 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. Finally, HSBC cut TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price target for the company. in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, TE Connectivity currently has a consensus rating of “Hold” and an average price target of $159.55.

TE Connectivity Stock Performance

NYSE TEL opened at $150.73 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. The stock’s 50 day simple moving average is $148.83 and its 200-day simple moving average is $149.45. The company has a market cap of $45.09 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 2.00 and a beta of 1.33. TE Connectivity Ltd. has a 1-year low of $128.52 and a 1-year high of $159.98.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. During the same quarter last year, the firm posted $1.78 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. As a group, equities research analysts anticipate that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.

TE Connectivity declared that its board has authorized a share buyback program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is 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.