Wells Fargo & Company Forecasts Strong Price Appreciation for TE Connectivity (NYSE:TEL) Stock

TE Connectivity (NYSE:TEL) had its price target lifted by investment analysts at Wells Fargo & Company from $151.00 to $155.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the electronics maker’s stock. Wells Fargo & Company‘s target price points to a potential upside of 0.51% from the company’s previous close.

A number of other analysts have also recently weighed in on TEL. The Goldman Sachs Group lowered their price objective on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Citigroup lifted their price target on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America lifted their price target on TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday. HSBC cut TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price target for the company. in a research report on Thursday, October 31st. Finally, Hsbc Global Res cut TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $164.36.

TE Connectivity Trading Up 4.0 %

TEL opened at $154.22 on Thursday. The stock’s fifty day moving average is $147.43 and its two-hundred day moving average is $148.80. The company has a market capitalization of $46.03 billion, a P/E ratio of 15.00, a PEG ratio of 2.02 and a beta of 1.32. TE Connectivity has a 52 week low of $133.57 and a 52 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 released its quarterly earnings data 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 the consensus estimate of $3,916,310.63 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. TE Connectivity’s quarterly revenue was up .1% on a year-over-year basis. During the same period last year, the business posted $1.84 EPS. Analysts forecast that TE Connectivity will post 8.1 earnings per share for the current year.

TE Connectivity declared that its Board of Directors has authorized a stock buyback plan on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On TE Connectivity

Institutional investors and hedge funds have recently modified their holdings of the business. Ameriprise Financial Inc. increased its stake in TE Connectivity by 26.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after buying an additional 1,304,199 shares in the last quarter. Nordea Investment Management AB purchased a new stake in TE Connectivity during the 4th quarter worth approximately $149,211,000. Franklin Resources Inc. increased its stake in TE Connectivity by 31.1% during the 3rd 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. increased its stake in TE Connectivity by 26.0% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock worth $508,481,000 after buying an additional 694,917 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in TE Connectivity by 238.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock worth $108,212,000 after buying an additional 506,754 shares in the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.

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.