Verition Fund Management LLC Reduces Holdings in TE Connectivity Ltd. (NYSE:TEL)

Verition Fund Management LLC reduced its position in TE Connectivity Ltd. (NYSE:TEL) by 7.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,268 shares of the electronics maker’s stock after selling 4,221 shares during the period. Verition Fund Management LLC’s holdings in TE Connectivity were worth $7,741,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Versant Capital Management Inc grew its stake in TE Connectivity by 209.8% during the 2nd quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 128 shares in the last quarter. Olistico Wealth LLC acquired a new stake in shares of TE Connectivity during the second quarter worth approximately $30,000. Armstrong Advisory Group Inc. increased its stake in shares of TE Connectivity by 208.3% in the third quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock worth $34,000 after buying an additional 150 shares during the last quarter. Bank & Trust Co bought a new position in TE Connectivity during the 2nd quarter valued at $35,000. Finally, Wolff Wiese Magana LLC grew its holdings in TE Connectivity by 2,450.0% during the 3rd quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 245 shares in the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. StockNews.com initiated coverage on shares of TE Connectivity in a research note on Sunday, November 24th. They issued a “buy” rating on the stock. Wells Fargo & Company decreased their target price on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. Wolfe Research raised TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. HSBC cut 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. Finally, The Goldman Sachs Group lowered their target price 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. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $159.55.

TE Connectivity Stock Down 0.0 %

TEL stock opened at $151.12 on Monday. The stock has a market cap of $45.21 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 2.05 and a beta of 1.33. The firm’s 50-day simple moving average is $149.34 and its 200 day simple moving average is $149.70. TE Connectivity Ltd. has a fifty-two week low of $128.52 and a fifty-two week high of $159.98. The company has a quick ratio of 1.08, a current ratio of 1.61 and a debt-to-equity ratio of 0.27.

TE Connectivity (NYSE:TEL) last announced 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 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 was up .8% compared to the same quarter last year. During the same quarter last year, the business earned $1.78 earnings per share. As a group, sell-side analysts predict that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity declared that its Board of Directors has initiated a share buyback program on Wednesday, October 30th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board 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.