Sit Investment Associates Inc. Raises Stake in TE Connectivity Ltd. (NYSE:TEL)

Sit Investment Associates Inc. grew its holdings in TE Connectivity Ltd. (NYSE:TEL) by 1.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 95,172 shares of the electronics maker’s stock after acquiring an additional 1,271 shares during the quarter. Sit Investment Associates Inc.’s holdings in TE Connectivity were worth $13,607,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Nomura Asset Management Co. Ltd. raised its stake in TE Connectivity by 4.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after acquiring an additional 9,670 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of TE Connectivity in the fourth quarter valued at approximately $2,920,000. Meyer Handelman Co. increased its holdings in shares of TE Connectivity by 9.9% in the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock valued at $14,531,000 after purchasing an additional 9,175 shares during the period. abrdn plc purchased a new stake in shares of TE Connectivity during the fourth quarter worth approximately $15,739,000. Finally, Truist Financial Corp lifted its holdings in shares of TE Connectivity by 32.8% during the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker’s stock worth $18,509,000 after purchasing an additional 31,991 shares during the period. Institutional investors and hedge funds own 91.43% of the company’s stock.

Insiders Place Their Bets

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the sale, the insider now directly owns 25,976 shares of the company’s stock, valued at $3,812,497.52. This trade represents a 49.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on TEL shares. Hsbc Global Res upgraded shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 23rd. Truist Financial cut their price target 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. Bank of America lifted their price objective on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Robert W. Baird increased their target price on TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Finally, Wells Fargo & Company lifted their price target on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $167.00.

TE Connectivity Trading Down 6.2 %

Shares of TEL stock opened at $121.92 on Friday. The stock has a market cap of $36.38 billion, a P/E ratio of 19.48, a P/E/G ratio of 2.11 and a beta of 1.25. 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 fifty-two week low of $120.99 and a fifty-two week high of $159.98. The business has a fifty day simple moving average of $147.64 and a 200-day simple moving average of $148.05.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period last year, the firm posted $1.84 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Wednesday, May 21st. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s dividend payout ratio is 45.37%.

TE Connectivity 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.