PDT Partners LLC Cuts Stock Position in TE Connectivity Ltd. (NYSE:TEL)

PDT Partners LLC trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 19.9% during the third quarter, HoldingsChannel reports. The firm owned 3,250 shares of the electronics maker’s stock after selling 809 shares during the quarter. PDT Partners LLC’s holdings in TE Connectivity were worth $491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc increased its holdings in TE Connectivity by 209.8% during the second quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock worth $28,000 after buying an additional 128 shares during the last quarter. Olistico Wealth LLC purchased a new stake in shares of TE Connectivity during the 2nd quarter worth approximately $30,000. Armstrong Advisory Group Inc. raised its holdings in shares of TE Connectivity by 208.3% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock worth $34,000 after purchasing an additional 150 shares during the period. Wolff Wiese Magana LLC lifted its stake in TE Connectivity by 2,450.0% in the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock valued at $39,000 after purchasing an additional 245 shares during the last quarter. Finally, Family Firm Inc. bought a new position in TE Connectivity during the second quarter valued at $43,000. 91.43% of the stock is currently owned by institutional investors.

TE Connectivity Price Performance

NYSE:TEL opened at $154.33 on Tuesday. The firm has a market capitalization of $46.17 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 2.05 and a beta of 1.33. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. The stock has a fifty day moving average of $149.34 and a 200 day moving average of $149.70. TE Connectivity Ltd. has a 52-week low of $128.52 and a 52-week high of $159.98.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting the consensus estimate of $1.95. The company had revenue of $4.07 billion during 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%. TE Connectivity’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.78 earnings per share. On average, research analysts expect that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.

TE Connectivity declared that its board has initiated a share repurchase program on Wednesday, October 30th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the electronics maker to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

TEL has been the topic of a number of recent research reports. Hsbc Global Res cut TE Connectivity from a “hold” rating to a “moderate sell” rating in a research report on Thursday, October 31st. StockNews.com initiated coverage on shares of TE Connectivity in a report on Sunday, November 24th. They set a “buy” rating on the stock. Bank of America reduced 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. The Goldman Sachs Group dropped their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Finally, HSBC lowered shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a research note 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 assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $159.55.

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.