Cullen Capital Management LLC reduced its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 31.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,620 shares of the electronics maker’s stock after selling 4,377 shares during the period. Cullen Capital Management LLC’s holdings in TE Connectivity were worth $757,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Duncker Streett & Co. Inc. boosted its position in shares of TE Connectivity by 17.8% during the second quarter. Duncker Streett & Co. Inc. now owns 1,325 shares of the electronics maker’s stock worth $104,000 after buying an additional 200 shares during the period. First Command Bank boosted its position in shares of TE Connectivity by 19.6% during the second quarter. First Command Bank now owns 1,348 shares of the electronics maker’s stock worth $106,000 after buying an additional 221 shares during the period. Guardian Life Insurance Co. of America boosted its position in shares of TE Connectivity by 0.7% during the first quarter. Guardian Life Insurance Co. of America now owns 1,370 shares of the electronics maker’s stock worth $102,000 after buying an additional 9 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of TE Connectivity by 38.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock worth $109,000 after buying an additional 384 shares during the period. Finally, Acrospire Investment Management LLC acquired a new position in shares of TE Connectivity during the second quarter worth about $126,000. 90.08% of the stock is owned by institutional investors.
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In other news, insider Thomas J. Lynch sold 130,616 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $83.37, for a total value of $10,889,455.92. Following the transaction, the insider now owns 429,499 shares of the company’s stock, valued at $35,807,331.63. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Mario Calastri sold 6,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $80.23, for a total transaction of $481,380.00. Following the completion of the transaction, the senior vice president now directly owns 23,078 shares in the company, valued at approximately $1,851,547.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 693,747 shares of company stock worth $55,780,069. Insiders own 1.30% of the company’s stock.
TEL has been the subject of several recent research reports. Zacks Investment Research raised TE Connectivity from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Monday, September 4th. Royal Bank Of Canada increased their price target on TE Connectivity from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, June 27th. Morgan Stanley reissued an “overweight” rating and set a $89.00 price target on shares of TE Connectivity in a research report on Wednesday, September 20th. BidaskClub cut TE Connectivity from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Finally, Cowen and Company reissued a “buy” rating and set a $95.00 price target on shares of TE Connectivity in a research report on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $84.14.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.07. The firm had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.28 billion. TE Connectivity had a net margin of 12.98% and a return on equity of 19.76%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 earnings per share.
About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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