Point72 Asset Management L.P. Raises Stake in TE Connectivity Ltd. (NYSE:TEL)

Point72 Asset Management L.P. lifted its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 1,089.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 730,864 shares of the electronics maker’s stock after purchasing an additional 669,435 shares during the period. Point72 Asset Management L.P. owned about 0.24% of TE Connectivity worth $104,492,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in TEL. Czech National Bank increased its holdings in shares of TE Connectivity by 4.8% in the 4th quarter. Czech National Bank now owns 64,865 shares of the electronics maker’s stock valued at $9,274,000 after purchasing an additional 2,954 shares in the last quarter. Miracle Mile Advisors LLC raised its stake in shares of TE Connectivity by 3.0% during the fourth quarter. Miracle Mile Advisors LLC now owns 13,694 shares of the electronics maker’s stock valued at $1,958,000 after purchasing an additional 401 shares during the period. 180 Wealth Advisors LLC purchased a new stake in TE Connectivity during the 4th quarter worth approximately $211,000. Fifth Third Wealth Advisors LLC raised its stake in TE Connectivity by 8.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 4,767 shares of the electronics maker’s stock valued at $682,000 after buying an additional 378 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in TE Connectivity by 0.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 24,368 shares of the electronics maker’s stock worth $3,484,000 after acquiring an additional 157 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TEL has been the topic of a number of research analyst reports. HSBC upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $175.00 price objective on the stock in a research note on Thursday, April 24th. Citigroup reduced their price objective on shares of TE Connectivity from $165.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. The Goldman Sachs Group decreased their price objective on TE Connectivity from $190.00 to $170.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Truist Financial reduced their price objective on TE Connectivity from $163.00 to $156.00 and set a “hold” rating on the stock in a research note on Thursday, April 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of TE Connectivity from $146.00 to $148.00 and gave the company a “neutral” rating in a research note on Thursday, April 24th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $159.50.

Insider Activity

In other TE Connectivity news, insider Aaron Kyle Stucki sold 5,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $160.00, for a total value of $800,000.00. Following the completion of the sale, the insider now owns 23,646 shares in the company, valued at approximately $3,783,360. This trade represents a 17.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Malavika Sagar sold 3,125 shares of TE Connectivity stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $160.00, for a total transaction of $500,000.00. Following the completion of the sale, the senior vice president now directly owns 5,927 shares in the company, valued at $948,320. This trade represents a 34.52% decrease in their position. The disclosure for this sale can be found here. Insiders sold 174,675 shares of company stock valued at $27,062,559 over the last quarter. 0.90% of the stock is owned by company insiders.

TE Connectivity Trading Down 0.8%

Shares of NYSE:TEL opened at $161.08 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. The company’s 50-day moving average price is $141.31 and its two-hundred day moving average price is $146.47. TE Connectivity Ltd. has a one year low of $116.30 and a one year high of $163.39. The stock has a market capitalization of $47.77 billion, a PE ratio of 25.73, a price-to-earnings-growth ratio of 2.11 and a beta of 1.24.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.14. The business had revenue of $4.14 billion during the quarter, compared to analysts’ expectations of $3.97 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period last year, the firm posted $1.86 EPS. On average, equities analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.

TE Connectivity Increases Dividend

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

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.