Pendal Group Ltd cut its stake in TE Connectivity Ltd (NYSE:TEL) by 74.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,887 shares of the electronics maker’s stock after selling 8,265 shares during the quarter. Pendal Group Ltd’s holdings in TE Connectivity were worth $277,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of TEL. Thor Advisors LLC purchased a new position in TE Connectivity in the 1st quarter valued at about $26,000. Synovus Financial Corp lifted its stake in TE Connectivity by 97.2% in the 1st quarter. Synovus Financial Corp now owns 355 shares of the electronics maker’s stock valued at $28,000 after buying an additional 175 shares in the last quarter. Weaver Consulting Group purchased a new position in TE Connectivity in the 1st quarter valued at about $28,000. First Interstate Bank purchased a new position in TE Connectivity in the 1st quarter valued at about $32,000. Finally, CX Institutional lifted its stake in TE Connectivity by 220.2% in the 2nd quarter. CX Institutional now owns 365 shares of the electronics maker’s stock valued at $35,000 after buying an additional 251 shares in the last quarter. 91.55% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on TEL shares. HC Wainwright reaffirmed a “sell” rating on shares of TE Connectivity in a research note on Friday, May 3rd. Longbow Research downgraded shares of TE Connectivity from a “buy” rating to a “neutral” rating and set a $90.66 price objective for the company. in a report on Monday, June 17th. Goldman Sachs Group upgraded shares of TE Connectivity from a “neutral” rating to a “buy” rating and increased their price objective for the company from $92.00 to $105.00 in a report on Thursday, June 20th. Morgan Stanley cut their price objective on shares of TE Connectivity from $100.00 to $98.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Finally, Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $107.00 price objective for the company in a report on Monday, April 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $92.21.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $1.50 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.08. The business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.43 billion. TE Connectivity had a net margin of 22.94% and a return on equity of 18.33%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.43 EPS. As a group, research analysts expect that TE Connectivity Ltd will post 5.52 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 23rd will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.04%. TE Connectivity’s dividend payout ratio is currently 32.80%.
In other news, Director Thomas J. Lynch sold 124,400 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $93.41, for a total transaction of $11,620,204.00. Following the completion of the sale, the director now owns 290,316 shares in the company, valued at approximately $27,118,417.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven T. Merkt sold 65,650 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $93.55, for a total transaction of $6,141,557.50. Following the sale, the insider now owns 89,854 shares of the company’s stock, valued at approximately $8,405,841.70. The disclosure for this sale can be found here. 0.80% of the stock is owned by company insiders.
TE Connectivity Profile
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the Asia?Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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