TE Connectivity (NYSE:TEL) Hits New 52-Week High After Dividend Announcement

TE Connectivity Ltd. (NYSE:TEL)’s stock price hit a new 52-week high during trading on Thursday following a dividend announcement from the company. The company traded as high as $167.94 and last traded at $165.70, with a volume of 1431628 shares trading hands. The stock had previously closed at $166.39.

The newly announced dividend which will be paid on Friday, September 12th. Investors of record on Friday, August 22nd will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, August 22nd. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.75%. TE Connectivity’s payout ratio is 62.42%.

Wall Street Analysts Forecast Growth

TEL has been the topic of a number of recent research reports. Wall Street Zen lowered shares of TE Connectivity from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th. HSBC upgraded TE Connectivity from a “hold” rating to a “buy” rating and set a $175.00 price target on the stock in a research note on Thursday, April 24th. UBS Group raised their price target on TE Connectivity from $163.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, May 30th. JPMorgan Chase & Co. raised their price target on TE Connectivity from $146.00 to $148.00 and gave the company a “neutral” rating in a research note on Thursday, April 24th. Finally, Truist Financial cut their price target 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. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $162.50.

TE Connectivity Price Performance

The stock has a 50-day moving average price of $150.32 and a 200 day moving average price of $148.11. 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 firm has a market cap of $48.18 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 2.11 and a beta of 1.23.

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

Insider Activity at TE Connectivity

In other news, EVP John S. Jenkins sold 30,000 shares of TE Connectivity stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $149.39, for a total value of $4,481,700.00. Following the sale, the executive vice president now owns 24,625 shares of the company’s stock, valued at $3,678,728.75. The trade was a 54.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shadrak W. Kroeger sold 25,000 shares of TE Connectivity stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $159.03, for a total transaction of $3,975,750.00. Following the completion of the sale, the insider now directly owns 25,976 shares in the company, valued at approximately $4,130,963.28. The trade was a 49.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 174,675 shares of company stock worth $27,369,059 in the last 90 days. 0.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in TE Connectivity by 17.0% during the first quarter. Vanguard Group Inc. now owns 37,881,410 shares of the electronics maker’s stock worth $5,353,401,000 after acquiring an additional 5,502,415 shares during the period. Dodge & Cox increased its holdings in TE Connectivity by 0.4% in the first quarter. Dodge & Cox now owns 16,022,480 shares of the electronics maker’s stock valued at $2,264,297,000 after buying an additional 56,871 shares in the last quarter. Wellington Management Group LLP increased its holdings in TE Connectivity by 17.2% in the first quarter. Wellington Management Group LLP now owns 7,459,195 shares of the electronics maker’s stock valued at $1,054,133,000 after buying an additional 1,097,035 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in TE Connectivity by 17.1% in the first quarter. Ameriprise Financial Inc. now owns 6,563,527 shares of the electronics maker’s stock valued at $927,571,000 after buying an additional 960,276 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in TE Connectivity by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 6,015,210 shares of the electronics maker’s stock valued at $857,499,000 after buying an additional 33,340 shares in the last quarter. Institutional investors and hedge funds own 91.43% 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.