Verition Fund Management LLC boosted its holdings in shares of TE Connectivity Ltd. (NYSE:TEL – Get Rating) by 371.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,757 shares of the electronics maker’s stock after purchasing an additional 11,626 shares during the period. Verition Fund Management LLC’s holdings in TE Connectivity were worth $1,933,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of TEL. Vanguard Group Inc. boosted its position in TE Connectivity by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 27,621,186 shares of the electronics maker’s stock valued at $3,617,824,000 after buying an additional 308,580 shares during the last quarter. BlackRock Inc. boosted its position in shares of TE Connectivity by 1.9% in the 1st quarter. BlackRock Inc. now owns 20,944,259 shares of the electronics maker’s stock worth $2,743,278,000 after purchasing an additional 399,898 shares during the last quarter. Capital World Investors boosted its position in shares of TE Connectivity by 17.0% in the 4th 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. State Street Corp boosted its position in shares of TE Connectivity by 2.6% in the 4th quarter. State Street Corp now owns 12,505,310 shares of the electronics maker’s stock worth $2,017,607,000 after purchasing an additional 321,169 shares during the last quarter. Finally, Norges Bank bought a new position in shares of TE Connectivity in the 4th quarter worth $972,351,000. 90.61% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on the company. StockNews.com lowered TE Connectivity from a “buy” rating to a “hold” rating in a research report on Friday. Cowen reduced their price target 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. Morgan Stanley dropped their price objective 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. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $134.00 price objective (down previously from $166.00) on shares of TE Connectivity in a research note on Thursday, July 14th. 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 note on Thursday, June 30th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $148.00.
TE Connectivity Stock Performance
TE Connectivity (NYSE:TEL – Get Rating) last released its earnings results on Wednesday, July 27th. The electronics maker reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.11. The business had revenue of $4.10 billion for 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%. TE Connectivity’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.79 earnings per share. 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 approved a stock repurchase plan on Friday, June 17th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the electronics maker to repurchase up to 4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
Insider Activity at TE Connectivity
In related news, Director Terrence R. Curtin sold 3,000 shares of TE Connectivity stock in a transaction dated Friday, August 26th. The stock was 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 owns 54,969 shares in the company, valued at $7,247,662.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Tim Murphy sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $131.13, for a total transaction of $524,520.00. Following the completion of the sale, the senior vice president now owns 17,754 shares in the company, valued at $2,328,082.02. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Terrence R. Curtin sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $131.85, for a total value of $395,550.00. Following the sale, the director now owns 54,969 shares of the company’s stock, valued at approximately $7,247,662.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,919 shares of company stock valued at $4,203,806. 0.73% of the stock is owned by insiders.
About TE Connectivity
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.
- Get a free copy of the StockNews.com research report on TE Connectivity (TEL)
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