Tokio Marine Asset Management Co. Ltd. Buys New Position in TE Connectivity Ltd. (NYSE:TEL)

Tokio Marine Asset Management Co. Ltd. purchased a new position in shares of TE Connectivity Ltd. (NYSE:TEL) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 7,659 shares of the electronics maker’s stock, valued at approximately $1,156,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Board of Administration of Florida Retirement System raised its position in TE Connectivity by 3.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 31,715 shares of the electronics maker’s stock worth $4,606,000 after buying an additional 1,100 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its position in TE Connectivity by 3.9% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 1,835 shares of the electronics maker’s stock worth $267,000 after purchasing an additional 69 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of TE Connectivity by 72.8% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 321,687 shares of the electronics maker’s stock valued at $46,537,000 after buying an additional 135,548 shares during the period. Catalytic Wealth RIA LLC boosted its stake in shares of TE Connectivity by 38.6% in the first quarter. Catalytic Wealth RIA LLC now owns 2,656 shares of the electronics maker’s stock worth $386,000 after buying an additional 740 shares during the last quarter. Finally, Rockport Wealth LLC purchased a new position in TE Connectivity during the first quarter valued at approximately $236,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Stock Down 3.2 %

TE Connectivity stock opened at $148.35 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. TE Connectivity Ltd. has a 1-year low of $128.52 and a 1-year high of $159.98. The company has a market cap of $44.38 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 2.10 and a beta of 1.33. The stock’s 50 day moving average price is $148.40 and its 200 day moving average price is $149.20.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, meeting the consensus estimate of $1.95. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the business earned $1.78 earnings per share. On average, sell-side analysts predict that TE Connectivity Ltd. will post 8.13 EPS for the current fiscal year.

TE Connectivity declared that its Board of Directors has authorized a share repurchase plan on Wednesday, October 30th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TEL shares. HSBC cut shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective on the stock. in a research note on Thursday, October 31st. Truist Financial increased their target price on shares of TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Robert W. Baird lifted their price target on TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. Finally, Bank of America decreased their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $159.55.

TE Connectivity Company Profile

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.