Bank of America Corp DE Sells 594,808 Shares of TE Connectivity Ltd. (NYSE:TEL)

Bank of America Corp DE decreased its stake in shares of TE Connectivity Ltd. (NYSE:TELGet Rating) by 14.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,559,375 shares of the electronics maker’s stock after selling 594,808 shares during the period. Bank of America Corp DE’s holdings in TE Connectivity were worth $466,207,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in TEL. Norges Bank bought a new stake in shares of TE Connectivity during the fourth quarter worth $972,351,000. Capital World Investors boosted its holdings in TE Connectivity by 17.0% during the fourth quarter. Capital World Investors now owns 20,649,105 shares of the electronics maker’s stock worth $3,331,527,000 after purchasing an additional 2,994,368 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in TE Connectivity during the first quarter worth $169,458,000. Marshall Wace LLP boosted its holdings in TE Connectivity by 3,976.6% during the fourth quarter. Marshall Wace LLP now owns 989,238 shares of the electronics maker’s stock worth $159,605,000 after purchasing an additional 964,972 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in TE Connectivity by 2,815.1% during the first quarter. Assenagon Asset Management S.A. now owns 978,233 shares of the electronics maker’s stock worth $128,129,000 after purchasing an additional 944,675 shares during the last quarter. Institutional investors own 90.61% of the company’s stock.

Insider Buying and Selling

In other TE Connectivity news, Director Terrence R. Curtin sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $131.85, for a total value of $395,550.00. Following the transaction, the director now directly owns 54,969 shares of the company’s stock, valued at approximately $7,247,662.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other TE Connectivity news, EVP John S. Jenkins sold 2,990 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $131.97, for a total value of $394,590.30. Following the transaction, the executive vice president now directly owns 18,406 shares of the company’s stock, valued at approximately $2,429,039.82. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Terrence R. Curtin sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $131.85, for a total transaction of $395,550.00. Following the completion of the transaction, the director now directly owns 54,969 shares in the company, valued at $7,247,662.65. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,919 shares of company stock valued at $4,203,806. 0.73% of the stock is owned by company insiders.

TE Connectivity Price Performance

Shares of TEL opened at $122.73 on Monday. The firm has a market capitalization of $39.25 billion, a PE ratio of 16.02, a PEG ratio of 1.61 and a beta of 1.32. The company’s 50-day moving average is $127.25 and its 200-day moving average is $125.70. TE Connectivity Ltd. has a fifty-two week low of $107.12 and a fifty-two week high of $166.44. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 0.90.

TE Connectivity (NYSE:TELGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The electronics maker reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.11. TE Connectivity had a net margin of 15.97% and a return on equity of 21.98%. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period last year, the firm earned $1.79 earnings per share. TE Connectivity’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts forecast that TE Connectivity Ltd. will post 7.3 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Cowen reduced their target price on shares of TE Connectivity from $160.00 to $125.00 and set a “market perform” rating for the company in a report on Thursday, June 30th. The Goldman Sachs Group reduced their target price on shares of TE Connectivity from $169.00 to $160.00 in a report on Wednesday, June 1st. Cowen cut their price target on shares of TE Connectivity from $160.00 to $125.00 and set a “market perform” rating for the company in a research note on Thursday, June 30th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $134.00 price target (down previously from $166.00) on shares of TE Connectivity in a research note on Thursday, July 14th. Finally, StockNews.com cut shares of TE Connectivity from a “buy” rating to a “hold” rating in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, TE Connectivity has a consensus rating of “Hold” and an average target price of $148.00.

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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