Jefferies Group LLC increased its position in shares of TE Connectivity Ltd (NYSE:TEL) by 641.5% during the 4th quarter, HoldingsChannel reports. The fund owned 29,016 shares of the electronics maker’s stock after purchasing an additional 25,103 shares during the period. Jefferies Group LLC’s holdings in TE Connectivity were worth $2,758,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. AllSquare Wealth Management LLC acquired a new stake in shares of TE Connectivity during the 3rd quarter worth approximately $113,000. Robecosam AG acquired a new stake in TE Connectivity in the third quarter valued at approximately $155,000. BB&T Investment Services Inc. boosted its position in TE Connectivity by 87.3% in the third quarter. BB&T Investment Services Inc. now owns 2,038 shares of the electronics maker’s stock valued at $168,000 after buying an additional 950 shares in the last quarter. NuWave Investment Management LLC acquired a new stake in TE Connectivity in the fourth quarter valued at approximately $192,000. Finally, Courier Capital LLC acquired a new stake in TE Connectivity in the fourth quarter valued at approximately $207,000. Institutional investors and hedge funds own 88.70% of the company’s stock.
In related news, EVP John S. Jenkins sold 36,550 shares of TE Connectivity stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $103.35, for a total transaction of $3,777,442.50. Following the completion of the transaction, the executive vice president now owns 53,287 shares of the company’s stock, valued at $5,507,211.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas J. Lynch sold 76,183 shares of TE Connectivity stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $101.48, for a total transaction of $7,731,050.84. Following the completion of the sale, the insider now directly owns 254,715 shares of the company’s stock, valued at $25,848,478.20. The disclosure for this sale can be found here. Insiders have sold 428,934 shares of company stock valued at $43,693,283 in the last ninety days. Insiders own 0.70% of the company’s stock.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.15. The firm had revenue of $3.48 billion during the quarter, compared to the consensus estimate of $3.39 billion. TE Connectivity had a net margin of 9.12% and a return on equity of 19.49%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 earnings per share. sell-side analysts forecast that TE Connectivity Ltd will post 5.49 EPS for the current fiscal year.
TE Connectivity announced that its board has authorized a stock repurchase plan on Friday, December 8th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the electronics maker to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 9th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Thursday, February 22nd. TE Connectivity’s payout ratio is currently 46.24%.
A number of analysts have weighed in on the stock. ValuEngine upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. SunTrust Banks restated a “hold” rating and issued a $102.00 target price on shares of TE Connectivity in a research report on Thursday, January 25th. Stifel Nicolaus restated a “buy” rating and issued a $115.00 target price on shares of TE Connectivity in a research report on Wednesday, January 24th. Royal Bank of Canada restated a “buy” rating and issued a $116.00 target price on shares of TE Connectivity in a research report on Wednesday, January 24th. Finally, Citigroup raised their target price on shares of TE Connectivity from $106.00 to $119.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $137.09.
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TE Connectivity Profile
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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