Gamco Investors INC. ET AL Trims Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Gamco Investors INC. ET AL reduced its position in shares of TE Connectivity Ltd. (NYSE:TELFree Report) by 0.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,550 shares of the electronics maker’s stock after selling 100 shares during the quarter. Gamco Investors INC. ET AL’s holdings in TE Connectivity were worth $2,662,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fiduciary Trust Co. raised its holdings in TE Connectivity by 24.4% during the 2nd quarter. Fiduciary Trust Co. now owns 6,209 shares of the electronics maker’s stock valued at $870,000 after buying an additional 1,216 shares during the last quarter. Forsta AP Fonden raised its holdings in TE Connectivity by 7.2% during the 3rd quarter. Forsta AP Fonden now owns 84,500 shares of the electronics maker’s stock valued at $10,438,000 after buying an additional 5,700 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new position in TE Connectivity in the 2nd quarter worth $12,086,000. Signaturefd LLC raised its holdings in TE Connectivity by 2.1% in the 3rd quarter. Signaturefd LLC now owns 6,296 shares of the electronics maker’s stock worth $778,000 after purchasing an additional 131 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in TE Connectivity by 10.3% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 292,868 shares of the electronics maker’s stock worth $36,178,000 after purchasing an additional 27,405 shares in the last quarter. 90.75% of the stock is currently owned by institutional investors.

TE Connectivity Stock Performance

Shares of TEL stock opened at $143.11 on Friday. TE Connectivity Ltd. has a one year low of $115.00 and a one year high of $146.84. The company’s 50-day moving average is $137.52 and its 200 day moving average is $131.52. The company has a market capitalization of $44.48 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 2.03 and a beta of 1.41. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.16 and a current ratio of 1.86.

TE Connectivity (NYSE:TELGet Free Report) last announced its quarterly earnings data on Wednesday, January 24th. The electronics maker reported $1.84 EPS for the quarter, beating the consensus estimate of $1.71 by $0.13. TE Connectivity had a net margin of 20.69% and a return on equity of 18.93%. The company had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.87 billion. During the same period in the prior year, the firm posted $1.53 EPS. TE Connectivity’s revenue for the quarter was down .3% on a year-over-year basis. Sell-side analysts expect that TE Connectivity Ltd. will post 7.55 EPS for the current fiscal year.

TE Connectivity declared that its board has initiated a stock buyback plan on Tuesday, December 12th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the electronics maker to reacquire up to 3.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TEL. Truist Financial upped their price objective on shares of TE Connectivity from $148.00 to $153.00 and gave the stock a “hold” rating in a report on Thursday, January 25th. Robert W. Baird upped their price objective on shares of TE Connectivity from $147.00 to $155.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. StockNews.com lowered shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. Stifel Nicolaus upped their price objective on shares of TE Connectivity from $140.00 to $145.00 and gave the stock a “hold” rating in a report on Thursday, January 25th. Finally, Citigroup started coverage on shares of TE Connectivity in a research report on Friday, January 5th. They issued a “neutral” rating and a $146.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $146.67.

Read Our Latest Stock Report on TE Connectivity

Insider Buying and Selling at TE Connectivity

In other TE Connectivity news, insider Steven T. Merkt sold 99,777 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $144.00, for a total transaction of $14,367,888.00. Following the transaction, the insider now owns 30,459 shares in the company, valued at approximately $4,386,096. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.86% of the company’s stock.

TE Connectivity Profile

(Free Report)

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the AsiaPacific, 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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