Great Lakes Retirement Inc. Has $320,000 Stake in TE Connectivity Ltd. (NYSE:TEL)

Great Lakes Retirement Inc. reduced its holdings in TE Connectivity Ltd. (NYSE:TEL) by 9.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,280 shares of the electronics maker’s stock after selling 241 shares during the quarter. Great Lakes Retirement Inc.’s holdings in TE Connectivity were worth $320,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in TE Connectivity during the fourth quarter worth about $584,131,000. Moneta Group Investment Advisors LLC grew its stake in TE Connectivity by 119,784.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,247,666 shares of the electronics maker’s stock valued at $372,832,000 after purchasing an additional 3,244,957 shares in the last quarter. State Street Corp grew its holdings in TE Connectivity by 19.5% during the first quarter. State Street Corp now owns 14,149,636 shares of the electronics maker’s stock worth $1,851,648,000 after purchasing an additional 2,309,835 shares during the period. Qube Research & Technologies Ltd acquired a new stake in TE Connectivity during the 3rd quarter valued at $165,640,000. Finally, Morgan Stanley grew its stake in TE Connectivity by 56.5% in the 4th quarter. Morgan Stanley now owns 3,569,840 shares of the electronics maker’s stock valued at $409,818,000 after buying an additional 1,289,023 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TEL. Citigroup assumed coverage on TE Connectivity in a research note on Friday, January 5th. They set a “neutral” rating and a $146.00 target price on the stock. Wells Fargo & Company assumed coverage on shares of TE Connectivity in a research report on Friday, December 15th. They issued an “equal weight” rating and a $144.00 target price for the company. Robert W. Baird raised their price target on shares of TE Connectivity from $147.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Truist Financial lifted their price target on shares of TE Connectivity from $148.00 to $153.00 and gave the company a “hold” rating in a research report on Thursday, January 25th. Finally, Stifel Nicolaus increased their price target on TE Connectivity from $140.00 to $145.00 and gave the stock a “hold” rating in a research report on Thursday, January 25th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $146.67.

TE Connectivity Price Performance

NYSE TEL traded up $0.31 during trading on Thursday, hitting $145.24. 1,543,502 shares of the company’s stock were exchanged, compared to its average volume of 2,170,847. The company has a market cap of $45.14 billion, a PE ratio of 13.73, a P/E/G ratio of 2.02 and a beta of 1.40. The company has a current ratio of 1.86, a quick ratio of 1.16 and a debt-to-equity ratio of 0.27. TE Connectivity Ltd. has a fifty-two week low of $115.00 and a fifty-two week high of $146.84. The stock’s 50 day moving average price is $141.26 and its two-hundred day moving average price is $133.28.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.13. The company had revenue of $3.83 billion for the quarter, compared to analysts’ expectations of $3.87 billion. TE Connectivity had a return on equity of 18.93% and a net margin of 20.69%. The business’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.53 earnings per share. Research analysts expect that TE Connectivity Ltd. will post 7.57 EPS for the current year.

TE Connectivity Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Friday, February 21st. TE Connectivity’s dividend payout ratio is currently 22.39%.

TE Connectivity announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 12th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the electronics maker to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Steven T. Merkt sold 99,777 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $144.00, for a total transaction of $14,367,888.00. Following the completion of the sale, the insider now directly owns 30,459 shares in the company, valued at $4,386,096. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.86% 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.