Voloridge Investment Management LLC Lowers Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Voloridge Investment Management LLC lessened its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 40.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 497,474 shares of the electronics maker’s stock after selling 341,735 shares during the quarter. Voloridge Investment Management LLC’s holdings in TE Connectivity were worth $71,124,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP purchased a new position in TE Connectivity during the 4th quarter worth $909,598,000. Vanguard Group Inc. increased its stake in shares of TE Connectivity by 14.2% during the fourth quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock worth $4,629,225,000 after acquiring an additional 4,029,596 shares during the period. Norges Bank purchased a new position in TE Connectivity during the fourth quarter worth about $508,199,000. Clearbridge Investments LLC lifted its position in TE Connectivity by 72.1% in the fourth quarter. Clearbridge Investments LLC now owns 4,064,822 shares of the electronics maker’s stock valued at $581,148,000 after purchasing an additional 1,702,825 shares during the period. Finally, Amundi purchased a new stake in TE Connectivity in the 4th quarter valued at approximately $159,992,000. 91.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP John S. Jenkins sold 20,400 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $162.85, for a total value of $3,322,140.00. Following the completion of the transaction, the executive vice president now owns 24,625 shares of the company’s stock, valued at approximately $4,010,181.25. The trade was a 45.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction 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 trade represents a 45.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 174,675 shares of company stock valued at $27,062,559. Corporate insiders own 0.90% of the company’s stock.

Analysts Set New Price Targets

TEL has been the subject of a number of analyst reports. Truist Financial cut their target price on TE Connectivity from $163.00 to $156.00 and set a “hold” rating for the company in a research note on Thursday, April 24th. Hsbc Global Res raised TE Connectivity from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 24th. Robert W. Baird boosted their target price on shares of TE Connectivity from $147.00 to $153.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. JPMorgan Chase & Co. upped their price target on shares of TE Connectivity from $146.00 to $148.00 and gave the stock a “neutral” rating in a research note on Thursday, April 24th. Finally, UBS Group reiterated a “buy” rating and issued a $163.00 price objective (up previously from $155.00) on shares of TE Connectivity in a research note on Thursday, April 24th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, TE Connectivity presently has an average rating of “Moderate Buy” and an average price target of $160.30.

TE Connectivity Price Performance

TE Connectivity stock opened at $162.69 on Wednesday. The firm has a market capitalization of $48.25 billion, a PE ratio of 25.99, a P/E/G ratio of 2.11 and a beta of 1.24. TE Connectivity Ltd. has a 52 week low of $116.30 and a 52 week high of $164.11. The firm’s 50-day simple moving average is $142.84 and its 200 day simple moving average is $146.80. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.14. The company 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 company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.86 earnings per share. On average, equities research analysts predict that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.

TE Connectivity Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Wednesday, May 21st. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s dividend 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.