Kestra Private Wealth Services LLC Decreases Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Kestra Private Wealth Services LLC decreased its holdings in TE Connectivity Ltd. (NYSE:TELGet Rating) by 6.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,471 shares of the electronics maker’s stock after selling 475 shares during the period. Kestra Private Wealth Services LLC’s holdings in TE Connectivity were worth $979,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in TE Connectivity by 1.1% in the first quarter. Vanguard Group Inc. now owns 27,621,186 shares of the electronics maker’s stock worth $3,617,824,000 after purchasing an additional 308,580 shares during the period. BlackRock Inc. increased its stake in shares of TE Connectivity by 1.9% during the first quarter. BlackRock Inc. now owns 20,944,259 shares of the electronics maker’s stock valued at $2,743,278,000 after buying an additional 399,898 shares during the period. Capital World Investors increased its stake in shares of TE Connectivity by 17.0% during the fourth quarter. Capital World Investors now owns 20,649,105 shares of the electronics maker’s stock valued at $3,331,527,000 after buying an additional 2,994,368 shares during the period. State Street Corp increased its stake in shares of TE Connectivity by 2.6% during the fourth quarter. State Street Corp now owns 12,505,310 shares of the electronics maker’s stock valued at $2,017,607,000 after buying an additional 321,169 shares during the period. Finally, Norges Bank purchased a new position in shares of TE Connectivity during the fourth quarter valued at $972,351,000. Hedge funds and other institutional investors own 90.61% of the company’s stock.

TE Connectivity Price Performance

Shares of NYSE TEL opened at $122.73 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 1.50. The company has a market cap of $39.25 billion, a PE ratio of 16.02, a P/E/G ratio of 1.63 and a beta of 1.32. The business has a 50-day simple moving average of $127.25 and a two-hundred day simple moving average of $125.79. TE Connectivity Ltd. has a fifty-two week low of $107.12 and a fifty-two week high of $166.44.

TE Connectivity (NYSE:TELGet Rating) last issued its quarterly earnings results on Wednesday, July 27th. The electronics maker reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.11. The business had revenue of $4.10 billion during the quarter, compared to the consensus estimate of $3.90 billion. TE Connectivity had a return on equity of 21.98% and a net margin of 15.97%. The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $1.79 earnings per share. As a group, equities analysts expect that TE Connectivity Ltd. will post 7.3 EPS for the current fiscal year.

TE Connectivity declared that its Board of Directors has authorized a stock repurchase plan on Friday, June 17th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the electronics maker to purchase up to 4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. restated a “neutral” rating and set a $134.00 price target (down previously from $166.00) on shares of TE Connectivity in a research note on Thursday, July 14th. Cowen cut their price target on TE Connectivity from $160.00 to $125.00 and set a “market perform” rating on the stock in a research note on Thursday, June 30th. Morgan Stanley cut their price target on TE Connectivity from $147.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Friday, June 10th. The Goldman Sachs Group cut their price target on TE Connectivity from $169.00 to $160.00 in a research note on Wednesday, June 1st. Finally, Cowen dropped their price objective on TE Connectivity from $160.00 to $125.00 and set a “market perform” rating on the stock in a research report on Thursday, June 30th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, TE Connectivity presently has an average rating of “Hold” and an average target price of $148.00.

Insider Transactions at TE Connectivity

In other news, Director Terrence R. Curtin sold 21,929 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $131.75, for a total value of $2,889,145.75. Following the completion of the transaction, the director now directly owns 54,969 shares in the company, valued at $7,242,165.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP John S. Jenkins sold 2,990 shares of TE Connectivity stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $131.97, for a total transaction of $394,590.30. Following the completion of the transaction, the executive vice president now directly owns 18,406 shares in the company, valued at $2,429,039.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Terrence R. Curtin sold 21,929 shares of TE Connectivity stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $131.75, for a total value of $2,889,145.75. Following the transaction, the director now owns 54,969 shares of the company’s stock, valued at $7,242,165.75. The disclosure for this sale can be found here. Insiders sold a total of 31,919 shares of company stock worth $4,203,806 over the last three months. 0.73% of the stock is currently owned by insiders.

About TE Connectivity

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TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor 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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Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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