StockNews.com upgraded shares of TE Connectivity (NYSE:TEL – Free Report) from a buy rating to a strong-buy rating in a research report sent to investors on Wednesday morning.
TEL has been the topic of a number of other reports. Bank of America cut their price target on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Wells Fargo & Company lowered their price target on shares of TE Connectivity from $153.00 to $151.00 and set an “equal weight” rating for the company in a report on Monday. HSBC cut shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a research report on Thursday, October 31st. The Goldman Sachs Group decreased their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, Hsbc Global Res cut TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, TE Connectivity presently has an average rating of “Hold” and an average price target of $159.36.
Check Out Our Latest Stock Report on TE Connectivity
TE Connectivity Stock Performance
TE Connectivity (NYSE:TEL – Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting analysts’ consensus estimates of $1.95. The company had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. During the same quarter in the previous year, the firm earned $1.78 EPS. TE Connectivity’s revenue was up .8% on a year-over-year basis. As a group, equities analysts anticipate that TE Connectivity will post 8.14 EPS for the current fiscal year.
TE Connectivity declared that its board has authorized a stock repurchase program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Institutional Trading of TE Connectivity
A number of institutional investors have recently modified their holdings of the business. Ameriprise Financial Inc. grew its position in shares of 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 purchasing an additional 1,304,199 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of TE Connectivity by 31.1% in the third quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock worth $445,603,000 after buying an additional 712,228 shares in the last quarter. EdgePoint Investment Group Inc. grew its stake in TE Connectivity by 26.0% during the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock valued at $508,481,000 after acquiring an additional 694,917 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in TE Connectivity by 238.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock valued at $108,212,000 after purchasing an additional 506,754 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of 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 worth $174,955,000 after purchasing an additional 347,315 shares during the period. 91.43% of the stock is currently owned by hedge funds and other institutional investors.
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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