Ninety One UK Ltd Has $119.05 Million Stake in TE Connectivity Ltd. (NYSE:TEL)

Ninety One UK Ltd lowered its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 26.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 832,705 shares of the electronics maker’s stock after selling 292,855 shares during the period. Ninety One UK Ltd’s holdings in TE Connectivity were worth $119,052,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Ninety One North America Inc. increased its stake in TE Connectivity by 2.3% in the fourth quarter. Ninety One North America Inc. now owns 102,503 shares of the electronics maker’s stock valued at $14,655,000 after acquiring an additional 2,338 shares during the period. Mather Group LLC. grew its stake in shares of TE Connectivity by 5.8% in the 4th quarter. Mather Group LLC. now owns 5,124 shares of the electronics maker’s stock valued at $733,000 after purchasing an additional 281 shares during the period. abrdn plc acquired a new position in shares of TE Connectivity in the 4th quarter worth approximately $15,739,000. Greenleaf Trust bought a new position in shares of TE Connectivity during the 4th quarter worth approximately $1,373,000. Finally, Spire Wealth Management boosted its stake in TE Connectivity by 1,156.7% in the 4th quarter. Spire Wealth Management now owns 842 shares of the electronics maker’s stock valued at $120,000 after buying an additional 775 shares in the last quarter. Institutional investors own 91.43% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on TEL shares. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Citigroup lifted their price target on shares of TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Robert W. Baird upped their price objective on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Wells Fargo & Company lifted their target price on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Finally, HSBC raised TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target for the company in a report on Thursday, January 23rd. Seven equities research analysts have rated the stock with 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $167.00.

Insiders Place Their Bets

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the transaction, the insider now directly owns 25,976 shares in the company, valued at $3,925,752.88. This trade represents a 13.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.90% of the company’s stock.

TE Connectivity Trading Down 0.2 %

TEL stock opened at $144.75 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. TE Connectivity Ltd. has a twelve month low of $137.61 and a twelve month high of $159.98. The company has a market cap of $43.19 billion, a P/E ratio of 23.12, a PEG ratio of 2.03 and a beta of 1.32. The business has a fifty day moving average of $147.43 and a 200-day moving average of $148.49.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the prior year, the company posted $1.84 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, equities research analysts expect that TE Connectivity Ltd. will post 7.96 EPS for the current year.

TE Connectivity declared that its Board of Directors has initiated a share buyback program on Wednesday, October 30th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.