TE Connectivity (NYSE:TEL) Cut to “Buy” at StockNews.com

StockNews.com lowered shares of TE Connectivity (NYSE:TEL) from a strong-buy rating to a buy rating in a research report sent to investors on Tuesday morning.

A number of other research analysts also recently issued reports on the stock. Citigroup boosted their price target on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Wells Fargo & Company boosted their price target on shares of TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 23rd. Bank of America boosted their price target on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target on the stock in a research report on Thursday, January 23rd. Finally, Truist Financial dropped their target price on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, TE Connectivity has a consensus rating of “Hold” and a consensus target price of $167.00.

TE Connectivity Trading Up 4.6 %

TEL opened at $153.27 on Tuesday. TE Connectivity has a fifty-two week low of $137.61 and a fifty-two week high of $159.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. The firm has a market capitalization of $45.73 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 2.01 and a beta of 1.32. The company’s 50 day moving average price is $146.76 and its two-hundred day moving average price is $148.19.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.06. The firm had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.84 EPS. As a group, research analysts predict that TE Connectivity will post 7.95 earnings per share for the current year.

TE Connectivity declared that its board has authorized a stock buyback program on Wednesday, October 30th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other TE Connectivity news, insider Shadrak W. Kroeger sold 3,889 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $151.13, for a total transaction of $587,744.57. Following the transaction, the insider now owns 25,976 shares in the company, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Institutional Trading of TE Connectivity

Several institutional investors have recently made changes to their positions in TEL. Exchange Traded Concepts LLC bought a new stake in shares of TE Connectivity in the 3rd quarter worth $235,000. Armstrong Advisory Group Inc. grew its stake 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 acquiring an additional 150 shares in the last quarter. Creative Planning grew its stake in shares of TE Connectivity by 3.0% in the 3rd quarter. Creative Planning now owns 42,019 shares of the electronics maker’s stock worth $6,345,000 after acquiring an additional 1,237 shares in the last quarter. Swedbank AB grew its position in TE Connectivity by 1.0% during the third quarter. Swedbank AB now owns 70,792 shares of the electronics maker’s stock valued at $10,689,000 after buying an additional 684 shares during the period. Finally, SeaCrest Wealth Management LLC grew its position in TE Connectivity by 5.7% during the third quarter. SeaCrest Wealth Management LLC now owns 3,343 shares of the electronics maker’s stock valued at $505,000 after buying an additional 180 shares during the period. Institutional investors own 91.43% of the company’s stock.

About TE Connectivity

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.