Short Interest in TE Connectivity Ltd (NYSE:TEL) Rises By 26.3%

TE Connectivity Ltd (NYSE:TEL) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 3,378,500 shares, an increase of 26.3% from the July 31st total of 2,674,700 shares. Based on an average daily volume of 1,370,000 shares, the days-to-cover ratio is presently 2.5 days. Approximately 1.0% of the shares of the company are sold short.

A number of brokerages have recently issued reports on TEL. Longbow Research cut shares of TE Connectivity from a “buy” rating to a “neutral” rating and set a $90.66 target price on the stock. in a report on Monday, June 17th. Cross Research cut shares of TE Connectivity from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Goldman Sachs Group raised shares of TE Connectivity from a “neutral” rating to a “buy” rating and increased their price target for the company from $92.00 to $105.00 in a report on Thursday, June 20th. Wells Fargo & Co cut shares of TE Connectivity from an “outperform” rating to a “market perform” rating in a report on Thursday, July 25th. Finally, Morgan Stanley lowered their price target on shares of TE Connectivity from $100.00 to $98.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $92.21.

In other news, Director Thomas J. Lynch sold 124,400 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $93.41, for a total value of $11,620,204.00. Following the sale, the director now directly owns 290,316 shares of the company’s stock, valued at approximately $27,118,417.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Steven T. Merkt sold 65,650 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $93.55, for a total transaction of $6,141,557.50. Following the completion of the sale, the insider now directly owns 89,854 shares in the company, valued at $8,405,841.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 255,500 shares of company stock worth $23,737,285. 0.80% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Thor Advisors LLC bought a new position in shares of TE Connectivity during the first quarter worth approximately $26,000. Synovus Financial Corp increased its holdings in shares of TE Connectivity by 97.2% during the first quarter. Synovus Financial Corp now owns 355 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 175 shares during the period. Weaver Consulting Group bought a new position in shares of TE Connectivity during the first quarter worth approximately $28,000. CX Institutional increased its holdings in shares of TE Connectivity by 220.2% during the second quarter. CX Institutional now owns 365 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 251 shares during the period. Finally, Meeder Asset Management Inc. bought a new position in shares of TE Connectivity during the second quarter worth approximately $41,000. 90.56% of the stock is currently owned by institutional investors.

TE Connectivity stock traded down $0.31 during trading hours on Friday, hitting $96.69. The company had a trading volume of 966,970 shares, compared to its average volume of 1,473,655. The firm has a market cap of $32.17 billion, a PE ratio of 17.24, a PEG ratio of 1.62 and a beta of 1.21. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.47 and a quick ratio of 0.94. TE Connectivity has a one year low of $69.84 and a one year high of $97.99. The firm has a 50-day moving average of $91.21 and a 200 day moving average of $89.37.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $1.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.42 by $0.08. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.43 billion. TE Connectivity had a net margin of 22.94% and a return on equity of 18.33%. The business’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.43 EPS. As a group, research analysts expect that TE Connectivity will post 5.52 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 23rd were issued a $0.46 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $1.84 annualized dividend and a yield of 1.90%. TE Connectivity’s dividend payout ratio is currently 32.80%.

About TE Connectivity

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the Asia–Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

Featured Article: Understanding debt-to-equity ratio in fundamental analysis

Receive News & Ratings for TE Connectivity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TE Connectivity and related companies with MarketBeat.com's FREE daily email newsletter.