Cascadia Advisory Services LLC purchased a new position in shares of TE Connectivity Ltd. (NYSE:TEL) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,941 shares of the electronics maker’s stock, valued at approximately $533,000.
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. grew its stake in TE Connectivity by 5.3% during the first quarter. BlackRock Inc. now owns 19,157,736 shares of the electronics maker’s stock worth $2,473,457,000 after buying an additional 963,748 shares during the period. Clearbridge Investments LLC lifted its stake in shares of TE Connectivity by 13.0% during the first quarter. Clearbridge Investments LLC now owns 11,108,776 shares of the electronics maker’s stock worth $1,434,254,000 after purchasing an additional 1,275,052 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of TE Connectivity by 21.5% during the first quarter. Ameriprise Financial Inc. now owns 10,614,548 shares of the electronics maker’s stock worth $1,370,557,000 after purchasing an additional 1,875,492 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of TE Connectivity by 14.7% during the first quarter. Janus Henderson Group PLC now owns 7,513,393 shares of the electronics maker’s stock worth $970,068,000 after purchasing an additional 964,977 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of TE Connectivity by 3.3% during the first quarter. Geode Capital Management LLC now owns 4,579,399 shares of the electronics maker’s stock valued at $589,336,000 after purchasing an additional 147,196 shares during the period. Institutional investors own 89.51% of the company’s stock.
A number of analysts have recently issued reports on the stock. Truist Securities lifted their price objective on shares of TE Connectivity from $139.00 to $149.00 and gave the company a “hold” rating in a research note on Thursday, July 29th. Royal Bank of Canada increased their target price on TE Connectivity from $160.00 to $166.00 and gave the company an “outperform” rating in a research note on Thursday, July 29th. Zacks Investment Research cut TE Connectivity from a “buy” rating to a “hold” rating and set a $161.00 target price for the company. in a research note on Tuesday, August 17th. Jefferies Financial Group started coverage on shares of TE Connectivity in a research note on Thursday, July 29th. They issued a “buy” rating and a $170.00 target price on the stock. Finally, Robert W. Baird increased their price objective on shares of TE Connectivity from $145.00 to $158.00 and gave the stock an “outperform” rating in a research note on Thursday, July 29th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $150.08.
TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, July 28th. The electronics maker reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.21. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.73 billion. TE Connectivity had a return on equity of 20.47% and a net margin of 11.81%. On average, sell-side analysts expect that TE Connectivity Ltd. will post 6.48 EPS for the current year.
TE Connectivity announced that its Board of Directors has initiated a share repurchase program on Friday, June 11th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the electronics maker to buy up to 3.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Daniel J. Phelan purchased 231 shares of the business’s stock in a transaction dated Tuesday, August 10th. The shares were acquired at an average price of $150.25 per share, for a total transaction of $34,707.75. Following the completion of the acquisition, the director now directly owns 34,151 shares of the company’s stock, valued at $5,131,187.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas J. Lynch sold 100,000 shares of TE Connectivity stock in a transaction on Thursday, August 5th. The shares were sold at an average price of $148.31, for a total value of $14,831,000.00. The disclosure for this sale can be found here. 0.79% of the stock is owned by insiders.
About TE Connectivity
TE Connectivity Ltd. engages in the design and manufacture of connectivity and sensors solutions. It operates through the following segments: Transportation, Industrial, and Communications Solutions. The Transportation Solutions segment offers products that are used in the automotive, commercial transportation, and sensors markets.
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