Profund Advisors LLC raised its stake in TE Connectivity Ltd (NYSE:TEL) by 32.0% during the 4th quarter, Holdings Channel reports. The firm owned 12,152 shares of the electronics maker’s stock after buying an additional 2,945 shares during the period. Profund Advisors LLC’s holdings in TE Connectivity were worth $1,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently added to or reduced their stakes in the business. MANA Advisors LLC acquired a new position in shares of TE Connectivity in the fourth quarter valued at $881,000. Anchor Bolt Capital LP acquired a new position in shares of TE Connectivity in the fourth quarter valued at $12,504,000. Renaissance Technologies LLC increased its holdings in shares of TE Connectivity by 75.6% in the fourth quarter. Renaissance Technologies LLC now owns 296,400 shares of the electronics maker’s stock valued at $28,170,000 after purchasing an additional 127,600 shares during the last quarter. Koch Industries Inc. acquired a new position in shares of TE Connectivity in the fourth quarter valued at $421,000. Finally, Invictus RG acquired a new position in shares of TE Connectivity in the fourth quarter valued at $673,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.
In related news, insider Thomas J. Lynch sold 76,183 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $101.48, for a total transaction of $7,731,050.84. Following the completion of the sale, the insider now owns 254,715 shares of the company’s stock, valued at $25,848,478.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas J. Lynch sold 76,184 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $94.74, for a total transaction of $7,217,672.16. Following the sale, the insider now directly owns 254,689 shares of the company’s stock, valued at approximately $24,129,235.86. The disclosure for this sale can be found here. Insiders sold 428,934 shares of company stock worth $43,693,283 over the last 90 days. 0.70% of the stock is currently owned by corporate insiders.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.15. TE Connectivity had a net margin of 9.12% and a return on equity of 19.49%. The business had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the prior year, the company posted $1.15 earnings per share. TE Connectivity’s revenue was up 13.6% compared to the same quarter last year. research analysts anticipate that TE Connectivity Ltd will post 5.49 EPS for the current fiscal year.
TE Connectivity announced that its board has authorized a stock buyback program on Friday, December 8th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the electronics maker to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 9th. Investors of record on Friday, February 23rd were paid a $0.40 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.60 annualized dividend and a dividend yield of 1.53%. TE Connectivity’s dividend payout ratio (DPR) is presently 46.51%.
Several research firms have commented on TEL. SunTrust Banks reiterated a “hold” rating and issued a $102.00 price objective on shares of TE Connectivity in a report on Thursday, January 25th. Zacks Investment Research downgraded shares of TE Connectivity from a “buy” rating to a “hold” rating in a report on Wednesday, January 10th. ValuEngine upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Royal Bank of Canada restated a “buy” rating and issued a $116.00 price target on shares of TE Connectivity in a research note on Wednesday, January 24th. Finally, Stifel Nicolaus upped their price target on shares of TE Connectivity from $98.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, December 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $137.09.
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.
Want to see what other hedge funds are holding TEL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TE Connectivity Ltd (NYSE:TEL).
Receive News & Ratings for TE Connectivity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TE Connectivity and related companies with MarketBeat.com's FREE daily email newsletter.