Suntrust Banks Inc. lowered its position in shares of TE Connectivity Ltd (NYSE:TEL) by 21.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 35,352 shares of the electronics maker’s stock after selling 9,882 shares during the period. Suntrust Banks Inc.’s holdings in TE Connectivity were worth $3,359,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. AllSquare Wealth Management LLC bought a new position in TE Connectivity in the 3rd quarter valued at about $113,000. Robecosam AG bought a new position in TE Connectivity in the 3rd quarter valued at about $155,000. BB&T Investment Services Inc. grew its position in TE Connectivity by 87.3% in the 3rd quarter. BB&T Investment Services Inc. now owns 2,038 shares of the electronics maker’s stock valued at $168,000 after buying an additional 950 shares in the last quarter. NuWave Investment Management LLC bought a new position in TE Connectivity in the 4th quarter valued at about $192,000. Finally, Courier Capital LLC bought a new position in TE Connectivity in the 4th quarter valued at about $207,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.
Shares of TE Connectivity Ltd (NYSE TEL) opened at $104.44 on Tuesday. TE Connectivity Ltd has a 1-year low of $71.93 and a 1-year high of $108.23. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.58 and a quick ratio of 1.03. The firm has a market cap of $35,917.88, a PE ratio of 20.13, a price-to-earnings-growth ratio of 1.71 and a beta of 1.11.
TE Connectivity announced that its board has approved a share repurchase plan on Friday, December 8th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the electronics maker to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 9th. Shareholders of record on Friday, February 23rd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Thursday, February 22nd. TE Connectivity’s payout ratio is 46.24%.
In other TE Connectivity news, insider Thomas J. Lynch sold 52,650 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $94.32, for a total value of $4,965,948.00. Following the completion of the sale, the insider now directly owns 136,336 shares of the company’s stock, valued at approximately $12,859,211.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John S. Jenkins sold 36,550 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $103.35, for a total transaction of $3,777,442.50. Following the completion of the sale, the executive vice president now directly owns 53,287 shares of the company’s stock, valued at $5,507,211.45. The disclosure for this sale can be found here. Insiders sold a total of 525,318 shares of company stock valued at $51,994,973 over the last three months. 0.70% of the stock is owned by corporate insiders.
A number of equities analysts recently issued reports on TEL shares. Stifel Nicolaus reiterated a “buy” rating and issued a $98.00 target price on shares of TE Connectivity in a research report on Friday, November 3rd. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $113.00 target price for the company in a research report on Tuesday, January 23rd. Royal Bank of Canada decreased their target price on shares of TE Connectivity from $100.00 to $95.00 and set an “outperform” rating for the company in a research report on Thursday, November 2nd. Wells Fargo & Co increased their target price on shares of TE Connectivity from $112.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Finally, Robert W. Baird started coverage on shares of TE Connectivity in a research report on Friday, November 3rd. They issued an “outperform” rating and a $105.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $137.09.
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TE Connectivity 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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