Other equities research analysts have also recently issued research reports about the company. Citigroup assumed coverage on TE Connectivity in a research note on Friday, January 5th. They set a neutral rating and a $146.00 target price for the company. Stifel Nicolaus lifted their price objective on shares of TE Connectivity from $140.00 to $145.00 and gave the company a hold rating in a research note on Thursday, January 25th. Wells Fargo & Company started coverage on shares of TE Connectivity in a research note on Friday, December 15th. They set an equal weight rating and a $144.00 target price on the stock. Truist Financial lifted their price target on shares of TE Connectivity from $148.00 to $153.00 and gave the company a hold rating in a research note on Thursday, January 25th. Finally, Robert W. Baird increased their price objective on shares of TE Connectivity from $147.00 to $155.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, TE Connectivity presently has a consensus rating of Moderate Buy and an average price target of $146.67.
TE Connectivity Stock Down 0.5 %
TE Connectivity (NYSE:TEL – Get Free Report) last announced its earnings results on Wednesday, January 24th. The electronics maker reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.13. The business had revenue of $3.83 billion during the quarter, compared to the consensus estimate of $3.87 billion. TE Connectivity had a net margin of 20.69% and a return on equity of 18.93%. TE Connectivity’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter last year, the firm earned $1.53 earnings per share. Equities analysts predict that TE Connectivity will post 7.55 EPS for the current year.
TE Connectivity declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 12th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
Insider Buying and Selling at TE Connectivity
In other news, insider Steven T. Merkt sold 99,777 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $144.00, for a total value of $14,367,888.00. Following the completion of the sale, the insider now directly owns 30,459 shares of the company’s stock, valued at $4,386,096. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.86% of the company’s stock.
Institutional Trading of TE Connectivity
Several institutional investors have recently made changes to their positions in the company. Cibc World Market Inc. grew its stake in TE Connectivity by 63.8% in the 1st quarter. Cibc World Market Inc. now owns 11,366 shares of the electronics maker’s stock valued at $1,489,000 after purchasing an additional 4,427 shares during the period. Cetera Investment Advisers grew its position in TE Connectivity by 16.2% during the first quarter. Cetera Investment Advisers now owns 25,817 shares of the electronics maker’s stock valued at $3,382,000 after buying an additional 3,598 shares during the period. Dakota Wealth Management increased its holdings in TE Connectivity by 23.0% during the first quarter. Dakota Wealth Management now owns 4,259 shares of the electronics maker’s stock worth $558,000 after buying an additional 797 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in TE Connectivity by 108.9% in the first quarter. Sequoia Financial Advisors LLC now owns 3,336 shares of the electronics maker’s stock worth $437,000 after acquiring an additional 1,739 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of TE Connectivity by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 27,621,186 shares of the electronics maker’s stock valued at $3,617,824,000 after acquiring an additional 308,580 shares during the period. Institutional investors own 90.75% 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.
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