TE Connectivity (TEL) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of TE Connectivity (NYSE:TEL) from a hold rating to a buy rating in a research note published on Monday morning. Zacks Investment Research currently has $111.00 target price on the electronics maker’s stock.

According to Zacks, “TE Connectivity has a striking earnings surprise history over the four trailing quarters, beating estimates all through. Strong progress on strategic priorities, solid execution and impressive top-line growth are proving conducive to the company’s profitability. Moreover, the stock has outperformed the industry average over the past three months. It expects transportation business to experience significant organic growth, fueled by rise in global auto production and impressive heavy truck business in key end markets. Further, its Communications and Industrial segments are witnessing strong performance, thus stoking growth. However on the negative side, sluggish industrial markets and derivative impact of lower oil prices are posing as major headwinds, thwarting growth. This apart, adverse currency fluctuations and high restructuring expenses might hurt the company’s performance.”

Several other brokerages have also weighed in on TEL. Stifel Nicolaus reaffirmed a buy rating and set a $98.00 price objective on shares of TE Connectivity in a research report on Friday, November 3rd. Royal Bank of Canada cut their price objective on shares of TE Connectivity from $100.00 to $95.00 and set an outperform rating on the stock in a research report on Thursday, November 2nd. Robert W. Baird initiated coverage on shares of TE Connectivity in a research report on Friday, November 3rd. They set an outperform rating and a $105.00 price objective on the stock. ValuEngine raised shares of TE Connectivity from a hold rating to a buy rating in a research report on Sunday, December 31st. Finally, Wells Fargo & Co initiated coverage on shares of TE Connectivity in a research report on Friday, November 10th. They issued an outperform rating and a $105.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $159.31.

Shares of TE Connectivity (NYSE TEL) traded up $0.46 on Monday, reaching $100.57. 1,683,700 shares of the company traded hands, compared to its average volume of 1,744,646. The company has a market capitalization of $35,202.40, a price-to-earnings ratio of 21.35, a PEG ratio of 1.74 and a beta of 1.08. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.07 and a current ratio of 1.54. TE Connectivity has a 52-week low of $69.22 and a 52-week high of $101.00.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, November 1st. The electronics maker reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.09. The firm had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.28 billion. TE Connectivity had a net margin of 12.84% and a return on equity of 18.97%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 earnings per share. research analysts expect that TE Connectivity will post 5.27 EPS for the current year.

TE Connectivity announced that its board has authorized a share buyback program on Friday, December 8th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the electronics maker to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

In related news, SVP Mario Calastri sold 8,539 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $93.27, for a total transaction of $796,432.53. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas J. Lynch sold 130,617 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $91.29, for a total transaction of $11,924,025.93. Following the transaction, the insider now owns 429,500 shares in the company, valued at approximately $39,209,055. The disclosure for this sale can be found here. Insiders have sold 705,373 shares of company stock worth $65,870,755 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. raised its holdings in TE Connectivity by 5.2% during the 2nd quarter. Victory Capital Management Inc. now owns 8,643 shares of the electronics maker’s stock worth $680,000 after purchasing an additional 430 shares during the last quarter. Schroder Investment Management Group bought a new stake in TE Connectivity during the 2nd quarter worth about $206,000. CIBC World Markets Inc. bought a new stake in TE Connectivity during the 2nd quarter worth about $718,000. AXA raised its holdings in TE Connectivity by 21.8% during the 2nd quarter. AXA now owns 4,132 shares of the electronics maker’s stock worth $325,000 after purchasing an additional 740 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of TE Connectivity by 38.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock valued at $109,000 after acquiring an additional 384 shares during the last quarter. Institutional investors and hedge funds own 90.16% of the company’s stock.

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TE Connectivity Company Profile

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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