Chevy Chase Trust Holdings LLC Sells 2,863 Shares of TE Connectivity Ltd. (NYSE:TEL)

Chevy Chase Trust Holdings LLC cut its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 1.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 173,978 shares of the electronics maker’s stock after selling 2,863 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.06% of TE Connectivity worth $24,444,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in TEL. Vanguard Group Inc. increased its holdings in TE Connectivity by 1.1% during the first quarter. Vanguard Group Inc. now owns 27,621,186 shares of the electronics maker’s stock valued at $3,617,824,000 after buying an additional 308,580 shares during the period. State Street Corp increased its holdings in shares of TE Connectivity by 19.5% in the 1st quarter. State Street Corp now owns 14,149,636 shares of the electronics maker’s stock valued at $1,851,648,000 after acquiring an additional 2,309,835 shares during the period. Geode Capital Management LLC raised its position in shares of TE Connectivity by 1.2% in the 1st quarter. Geode Capital Management LLC now owns 5,332,553 shares of the electronics maker’s stock worth $697,471,000 after acquiring an additional 62,134 shares in the last quarter. Norges Bank bought a new position in shares of TE Connectivity in the 4th quarter worth $584,131,000. Finally, Invesco Ltd. lifted its stake in shares of TE Connectivity by 3.5% during the 3rd quarter. Invesco Ltd. now owns 4,572,117 shares of the electronics maker’s stock worth $564,794,000 after purchasing an additional 154,496 shares during the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Trading Up 0.1 %

Shares of NYSE:TEL opened at $144.65 on Friday. The business has a 50-day moving average price of $142.55 and a 200-day moving average price of $134.00. The stock has a market cap of $44.96 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 2.06 and a beta of 1.39. TE Connectivity Ltd. has a 52-week low of $115.00 and a 52-week high of $147.96. The company has a quick ratio of 1.16, a current ratio of 1.86 and a debt-to-equity ratio of 0.27.

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

TE Connectivity announced that its Board of Directors has initiated a share buyback program on Tuesday, December 12th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to purchase up to 3.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

TE Connectivity Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 1.80%. The ex-dividend date is Friday, February 21st. TE Connectivity’s dividend payout ratio (DPR) is 22.39%.

Insider Activity at TE Connectivity

In related news, insider Steven T. Merkt sold 99,777 shares of the firm’s 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 sale, the insider now owns 30,459 shares in the company, valued at $4,386,096. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.86% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

TEL has been the subject of a number of analyst reports. Citigroup started coverage on shares of TE Connectivity in a research report on Friday, January 5th. They set a “neutral” rating and a $146.00 target price for the company. The Goldman Sachs Group reissued a “buy” rating on shares of TE Connectivity in a research report on Monday, April 1st. Stifel Nicolaus boosted their target price on TE Connectivity from $140.00 to $145.00 and gave the stock a “hold” rating in a research note on Thursday, January 25th. Robert W. Baird increased their price target on TE Connectivity from $147.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Finally, Wells Fargo & Company started coverage on TE Connectivity in a research note on Friday, December 15th. They set an “equal weight” rating and a $144.00 price target on the stock. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, TE Connectivity has an average rating of “Moderate Buy” and a consensus price target of $146.67.

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.