TE Connectivity Ltd. (NYSE:TEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $88.00 price target on the electronics maker’s stock. Zacks Investment Research‘s target price suggests a potential upside of 8.06% from the stock’s current price.
According to Zacks, “TE Connectivity has a striking earnings surprise history over the four trailing quarters, beating estimates all through. Strong progress on strategic priorities, solid execution and impressive top-line growth are proving conducive to the company’s profitability. It expects transportation business to experience high-single-digit organic growth, fuelled by rise in global auto production and impressive heavy truck business in key end markets. Also, its Communications and Industrial segments are witnessing strong rebound, thus stoking growth. Additionally, TE Connectivity’s solid financial health adds to its strength. However, sluggish industrial markets and derivative impact of lower oil prices are posing as major headwinds, thwarting growth. Also, adverse currency fluctuations and high restructuring expenses might hurt the company’s performance. The stock has also underperformed the industry average, year to date.”
Several other analysts also recently issued reports on TEL. BidaskClub downgraded TE Connectivity from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Cowen and Company restated a “buy” rating and set a $95.00 price target on shares of TE Connectivity in a report on Thursday, August 10th. Finally, Royal Bank Of Canada raised their price target on TE Connectivity from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $83.43.
TE Connectivity (NYSE TEL) opened at 81.44 on Monday. The stock has a market cap of $28.78 billion, a price-to-earnings ratio of 17.29 and a beta of 1.05. The stock’s 50 day moving average price is $79.61 and its 200 day moving average price is $77.41. TE Connectivity has a one year low of $60.59 and a one year high of $85.20.
TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.07. The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.28 billion. TE Connectivity had a return on equity of 19.76% and a net margin of 12.98%. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the company earned $1.08 EPS. Equities analysts predict that TE Connectivity will post $4.75 earnings per share for the current fiscal year.
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In other TE Connectivity news, COO Joseph B. Donahue sold 52,575 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $80.03, for a total transaction of $4,207,577.25. Following the completion of the transaction, the chief operating officer now owns 93,484 shares in the company, valued at approximately $7,481,524.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas J. Lynch sold 186,033 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $79.29, for a total value of $14,750,556.57. Following the transaction, the insider now owns 298,851 shares of the company’s stock, valued at approximately $23,695,895.79. The disclosure for this sale can be found here. Insiders have sold a total of 749,165 shares of company stock valued at $59,522,187 in the last 90 days. 1.49% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in TEL. Guardian Life Insurance Co. of America boosted its holdings in shares of TE Connectivity by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,370 shares of the electronics maker’s stock worth $102,000 after purchasing an additional 9 shares during the period. Duncker Streett & Co. Inc. boosted its holdings in shares of TE Connectivity by 17.8% in the 2nd quarter. Duncker Streett & Co. Inc. now owns 1,325 shares of the electronics maker’s stock worth $104,000 after purchasing an additional 200 shares during the period. First Command Bank boosted its holdings in shares of TE Connectivity by 19.6% in the 2nd quarter. First Command Bank now owns 1,348 shares of the electronics maker’s stock worth $106,000 after purchasing an additional 221 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of TE Connectivity by 38.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock worth $109,000 after purchasing an additional 384 shares during the period. Finally, Acrospire Investment Management LLC purchased a new position in shares of TE Connectivity in the 2nd quarter worth approximately $126,000. Hedge funds and other institutional investors own 90.10% of the company’s stock.
About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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