Millennium Management LLC decreased its position in TE Connectivity Ltd (NYSE:TEL) by 31.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 321,153 shares of the electronics maker’s stock after selling 149,259 shares during the quarter. Millennium Management LLC’s holdings in TE Connectivity were worth $30,522,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of TEL. Janus Henderson Group PLC increased its stake in shares of TE Connectivity by 17.7% during the 3rd quarter. Janus Henderson Group PLC now owns 8,247,518 shares of the electronics maker’s stock valued at $685,033,000 after acquiring an additional 1,239,920 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of TE Connectivity by 279.9% during the 4th quarter. TIAA CREF Investment Management LLC now owns 1,647,497 shares of the electronics maker’s stock valued at $156,578,000 after acquiring an additional 1,213,860 shares during the last quarter. BlackRock Inc. increased its stake in shares of TE Connectivity by 4.2% during the 4th quarter. BlackRock Inc. now owns 17,425,074 shares of the electronics maker’s stock valued at $1,656,081,000 after acquiring an additional 694,901 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in shares of TE Connectivity by 1,777.2% during the 3rd quarter. Asset Management One Co. Ltd. now owns 545,390 shares of the electronics maker’s stock valued at $45,300,000 after acquiring an additional 516,337 shares during the last quarter. Finally, Allianz Asset Management GmbH increased its stake in shares of TE Connectivity by 56.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,181,469 shares of the electronics maker’s stock valued at $98,132,000 after acquiring an additional 424,335 shares during the last quarter. 91.75% of the stock is owned by institutional investors.
A number of research analysts have recently commented on TEL shares. Cowen reaffirmed an “outperform” rating and set a $110.00 price objective (up previously from $95.00) on shares of TE Connectivity in a research note on Thursday, December 7th. Cross Research raised shares of TE Connectivity from a “hold” rating to a “buy” rating in a research note on Friday, December 8th. Morgan Stanley upped their price objective on shares of TE Connectivity from $97.00 to $102.00 and gave the company an “overweight” rating in a research note on Wednesday, December 13th. Stifel Nicolaus upped their price objective 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. Finally, Zacks Investment Research downgraded shares of TE Connectivity from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $137.09.
Shares of TE Connectivity Ltd (NYSE TEL) opened at $96.84 on Monday. The company has a current ratio of 1.58, a quick ratio of 1.03 and a debt-to-equity ratio of 0.34. TE Connectivity Ltd has a fifty-two week low of $71.93 and a fifty-two week high of $108.23. The stock has a market capitalization of $34,010.79, a PE ratio of 27.99, a PEG ratio of 1.61 and a beta of 1.06.
TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, January 24th. The electronics maker reported $1.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.15. TE Connectivity had a return on equity of 19.49% and a net margin of 9.12%. The business had revenue of $3.48 billion during the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the previous year, the business earned $1.15 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. research analysts expect that TE Connectivity Ltd will post 5.49 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 23rd were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Thursday, February 22nd. TE Connectivity’s payout ratio is currently 46.24%.
TE Connectivity declared that its board has authorized a share buyback program on Friday, December 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the electronics maker to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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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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