Sumitomo Mitsui DS Asset Management Company Ltd Purchases 2,462 Shares of TE Connectivity Ltd. (NYSE:TEL)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of TE Connectivity Ltd. (NYSE:TELGet Rating) by 11.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,222 shares of the electronics maker’s stock after purchasing an additional 2,462 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in TE Connectivity were worth $2,628,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of TEL. Norges Bank bought a new stake in TE Connectivity during the 4th quarter valued at $972,351,000. Capital World Investors raised its position in TE Connectivity by 17.0% during the 4th quarter. Capital World Investors now owns 20,649,105 shares of the electronics maker’s stock valued at $3,331,527,000 after purchasing an additional 2,994,368 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in TE Connectivity during the 1st quarter valued at $169,458,000. Marshall Wace LLP raised its position in TE Connectivity by 3,976.6% during the 4th quarter. Marshall Wace LLP now owns 989,238 shares of the electronics maker’s stock valued at $159,605,000 after purchasing an additional 964,972 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of TE Connectivity by 2,815.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 978,233 shares of the electronics maker’s stock valued at $128,129,000 after acquiring an additional 944,675 shares during the period. 90.61% of the stock is owned by institutional investors.

Insider Buying and Selling

In other TE Connectivity news, 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 transaction of $395,550.00. Following the completion of the sale, the director now directly owns 54,969 shares in the company, valued at approximately $7,247,662.65. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other TE Connectivity 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 directly owns 17,754 shares in the company, valued at approximately $2,328,082.02. The transaction was disclosed in a document filed with the SEC, which is available through this link. 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 $7,247,662.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,919 shares of company stock valued at $4,203,806. 0.73% of the stock is owned by company insiders.

TE Connectivity Stock Performance

NYSE TEL opened at $116.52 on Friday. The stock has a market capitalization of $37.27 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.58 and a beta of 1.32. TE Connectivity Ltd. has a twelve month low of $107.12 and a twelve month high of $166.44. The company has a current ratio of 1.50, a quick ratio of 0.90 and a debt-to-equity ratio of 0.32. The stock has a 50-day moving average of $127.85 and a 200 day moving average of $125.41.

TE Connectivity (NYSE:TELGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The electronics maker reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.11. The company had revenue of $4.10 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.79 EPS. Sell-side analysts anticipate that TE Connectivity Ltd. will post 7.3 EPS for the current fiscal year.

TE Connectivity announced that its board has approved a stock buyback program 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 programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

TEL has been the topic of a number of analyst reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $134.00 price target (down from $166.00) on shares of TE Connectivity in a report on Thursday, July 14th. Morgan Stanley dropped their target price 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. StockNews.com downgraded TE Connectivity from a “buy” rating to a “hold” rating in a research note on Friday, September 16th. Cowen dropped their target price 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. Finally, The Goldman Sachs Group dropped their target price on TE Connectivity from $169.00 to $160.00 in a research note on Wednesday, June 1st. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $148.00.

TE Connectivity Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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