Avestar Capital LLC Cuts Position in TE Connectivity Ltd. (NYSE:TEL)

Avestar Capital LLC reduced its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 2.3% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,360 shares of the electronics maker’s stock after selling 79 shares during the period. Avestar Capital LLC’s holdings in TE Connectivity were worth $507,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. increased its holdings in TE Connectivity by 26.2% in the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after buying an additional 1,304,199 shares in the last quarter. Point72 Asset Management L.P. boosted its position in TE Connectivity by 238.4% during the second quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock worth $108,212,000 after purchasing an additional 506,754 shares in the last quarter. Bank of Montreal Can grew its holdings in TE Connectivity by 43.0% in the second quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock valued at $174,955,000 after purchasing an additional 347,315 shares during the last quarter. Toronto Dominion Bank increased its position in shares of TE Connectivity by 141.3% in the second quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock valued at $70,445,000 after buying an additional 274,206 shares in the last quarter. Finally, Mizuho Securities USA LLC raised its stake in shares of TE Connectivity by 982.6% during the 3rd quarter. Mizuho Securities USA LLC now owns 255,659 shares of the electronics maker’s stock worth $38,602,000 after buying an additional 232,044 shares during the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Hsbc Global Res downgraded shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. The Goldman Sachs Group dropped their price objective on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. StockNews.com started coverage on TE Connectivity in a research note on Sunday. They issued a “buy” rating on the stock. Wolfe Research raised TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Finally, Wells Fargo & Company decreased their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $159.55.

TE Connectivity Trading Down 1.9 %

NYSE TEL opened at $149.84 on Wednesday. The company has a 50-day moving average of $149.14 and a 200-day moving average of $149.67. 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 12 month low of $128.52 and a 12 month high of $159.98. The company has a market cap of $44.83 billion, a P/E ratio of 14.59, a P/E/G ratio of 2.07 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.95. The company 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%. TE Connectivity’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the business earned $1.78 EPS. As a group, equities analysts predict that TE Connectivity Ltd. will post 8.14 earnings per share for the current year.

TE Connectivity declared that its board has approved a share repurchase program on Wednesday, October 30th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.