Vest Financial LLC Grows Position in TE Connectivity Ltd. (NYSE:TEL)

Vest Financial LLC raised its position in TE Connectivity Ltd. (NYSE:TEL) by 9.7% in the fourth quarter, Holdings Channel reports. The fund owned 4,258 shares of the electronics maker’s stock after buying an additional 377 shares during the period. Vest Financial LLC’s holdings in TE Connectivity were worth $609,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TEL. Nordea Investment Management AB acquired a new stake in shares of TE Connectivity during the 4th quarter worth about $149,211,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in TE Connectivity by 2,330.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 753,572 shares of the electronics maker’s stock worth $107,738,000 after purchasing an additional 722,565 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of TE Connectivity by 31.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after buying an additional 712,228 shares in the last quarter. EdgePoint Investment Group Inc. grew its position in shares of TE Connectivity by 26.0% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock valued at $508,481,000 after buying an additional 694,917 shares during the last quarter. Finally, State Street Corp raised its stake in TE Connectivity by 2.1% during the 3rd quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock worth $1,940,615,000 after acquiring an additional 268,837 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TEL shares. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 23rd. Wells Fargo & Company increased their price objective on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. HSBC raised shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 target price on the stock in a report on Thursday, January 23rd. Citigroup raised their price objective on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Finally, Truist Financial reduced their target price on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, TE Connectivity has an average rating of “Moderate Buy” and a consensus price target of $167.00.

Insiders Place Their Bets

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 25,976 shares in the company, valued at $3,925,752.88. This represents a 13.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.90% of the stock is currently owned by company insiders.

TE Connectivity Stock Performance

Shares of TEL stock opened at $146.95 on Monday. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. TE Connectivity Ltd. has a 12-month low of $137.61 and a 12-month high of $159.98. The company has a market cap of $43.84 billion, a price-to-earnings ratio of 23.47, a price-to-earnings-growth ratio of 2.01 and a beta of 1.32. The stock has a 50 day simple moving average of $147.05 and a 200-day simple moving average of $148.35.

TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, topping the consensus estimate of $1.89 by $0.06. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.84 EPS. On average, equities analysts forecast that TE Connectivity Ltd. will post 7.95 EPS for the current year.

TE Connectivity announced that its board has approved a stock repurchase program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership 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.