Mitsubishi UFJ Trust & Banking Corp trimmed its stake in TE Connectivity Ltd. (NYSE:TEL – Free Report) by 3.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 194,404 shares of the electronics maker’s stock after selling 6,429 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.06% of TE Connectivity worth $24,015,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Arlington Trust Co LLC acquired a new position in shares of TE Connectivity during the third quarter valued at $35,000. Money Concepts Capital Corp increased its holdings in shares of TE Connectivity by 101.3% during the fourth quarter. Money Concepts Capital Corp now owns 322 shares of the electronics maker’s stock valued at $37,000 after purchasing an additional 162 shares during the period. Oakworth Capital Inc. increased its holdings in shares of TE Connectivity by 174.0% during the second quarter. Oakworth Capital Inc. now owns 274 shares of the electronics maker’s stock valued at $38,000 after purchasing an additional 174 shares during the period. Ronald Blue Trust Inc. increased its holdings in shares of TE Connectivity by 43.2% during the third quarter. Ronald Blue Trust Inc. now owns 424 shares of the electronics maker’s stock valued at $52,000 after purchasing an additional 128 shares during the period. Finally, ICA Group Wealth Management LLC acquired a new position in shares of TE Connectivity during the fourth quarter valued at $59,000. 90.75% of the stock is currently owned by institutional investors.
TE Connectivity Stock Up 0.7 %
Shares of TE Connectivity stock opened at $144.05 on Monday. The stock has a market capitalization of $44.77 billion, a P/E ratio of 13.67, a PEG ratio of 2.06 and a beta of 1.41. The company has a quick ratio of 1.16, a current ratio of 1.86 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average price of $137.76 and a two-hundred day moving average price of $131.39. TE Connectivity Ltd. has a 12-month low of $115.00 and a 12-month high of $146.84.
TE Connectivity announced that its Board of Directors has approved a share buyback program on Tuesday, December 12th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the electronics maker to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on TEL. Wells Fargo & Company began coverage on TE Connectivity in a report on Friday, December 15th. They set an “equal weight” rating and a $144.00 target price on the stock. Truist Financial lifted their target price on TE Connectivity from $148.00 to $153.00 and gave the stock a “hold” rating in a report on Thursday, January 25th. Citigroup began coverage on TE Connectivity in a report on Friday, January 5th. They set a “neutral” rating and a $146.00 target price on the stock. Robert W. Baird lifted their target price on TE Connectivity from $147.00 to $155.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Finally, StockNews.com raised TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Saturday. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $146.67.
Insider Transactions at TE Connectivity
In related news, insider Steven T. Merkt sold 99,777 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $144.00, for a total value of $14,367,888.00. Following the transaction, the insider now owns 30,459 shares in the company, valued at $4,386,096. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.86% of the company’s stock.
About TE Connectivity
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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