TE Connectivity (NYSE:TEL) Hits New 52-Week High – Here’s What Happened

TE Connectivity Ltd. (NYSE:TEL) shares hit a new 52-week high on Monday . The company traded as high as $160.49 and last traded at $160.42, with a volume of 1093769 shares changing hands. The stock had previously closed at $152.88.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. StockNews.com lowered TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. Wells Fargo & Company upped their target price on TE Connectivity from $130.00 to $148.00 and gave the stock an “equal weight” rating in a report on Thursday, April 24th. Hsbc Global Res upgraded TE Connectivity from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 24th. UBS Group reaffirmed a “buy” rating and issued a $163.00 price objective (up from $155.00) on shares of TE Connectivity in a research note on Thursday, April 24th. Finally, Robert W. Baird upped their target price on TE Connectivity from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.50.

TE Connectivity Stock Up 5.4%

The firm has a market capitalization of $47.76 billion, a price-to-earnings ratio of 25.73, a P/E/G ratio of 2.11 and a beta of 1.24. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average price is $140.60 and its 200 day moving average price is $146.18.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, April 23rd. The electronics maker reported $2.10 EPS for the quarter, beating the consensus estimate of $1.96 by $0.14. The business had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $3.97 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.86 EPS. As a group, research analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Wednesday, May 21st. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s dividend payout ratio is currently 62.42%.

Insider Activity at TE Connectivity

In other TE Connectivity news, CFO Heath A. Mitts sold 37,844 shares of the company’s stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $153.33, for a total value of $5,802,620.52. Following the completion of the transaction, the chief financial officer now owns 45,503 shares in the company, valued at approximately $6,976,974.99. This represents a 45.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John S. Jenkins sold 30,000 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $149.39, for a total transaction of $4,481,700.00. Following the sale, the executive vice president now directly owns 24,625 shares in the company, valued at approximately $3,678,728.75. The trade was a 54.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,844 shares of company stock worth $13,953,571 in the last three months. Company insiders own 0.90% of the company’s stock.

Institutional Trading of TE Connectivity

A number of institutional investors and hedge funds have recently made changes to their positions in TEL. Pinnacle Bancorp Inc. purchased a new position in TE Connectivity during the fourth quarter valued at $26,000. SRS Capital Advisors Inc. raised its holdings in shares of TE Connectivity by 117.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 107 shares during the last quarter. Costello Asset Management INC purchased a new stake in shares of TE Connectivity during the first quarter worth approximately $28,000. Millstone Evans Group LLC acquired a new stake in TE Connectivity during the 1st quarter worth $32,000. Finally, Fairway Wealth LLC acquired a new stake in shares of TE Connectivity in the fourth quarter valued at about $43,000. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Company Profile

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.