Grove Bank & Trust Reduces Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Grove Bank & Trust decreased its position in TE Connectivity Ltd. (NYSE:TEL) by 22.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,393 shares of the electronics maker’s stock after selling 1,297 shares during the quarter. Grove Bank & Trust’s holdings in TE Connectivity were worth $621,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SRS Capital Advisors Inc. increased its holdings in TE Connectivity by 117.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 107 shares during the period. Fairway Wealth LLC purchased a new stake in shares of TE Connectivity in the 4th quarter worth about $43,000. Deseret Mutual Benefit Administrators bought a new stake in shares of TE Connectivity during the 4th quarter valued at about $57,000. Loomis Sayles & Co. L P raised its position in shares of TE Connectivity by 32.6% in the 4th quarter. Loomis Sayles & Co. L P now owns 500 shares of the electronics maker’s stock worth $71,000 after acquiring an additional 123 shares in the last quarter. Finally, Ancora Advisors LLC raised its holdings in TE Connectivity by 150.0% in the fourth quarter. Ancora Advisors LLC now owns 500 shares of the electronics maker’s stock worth $71,000 after purchasing an additional 300 shares in the last quarter. 91.43% of the stock is owned by institutional investors.

TE Connectivity Stock Performance

Shares of TEL stock opened at $163.75 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.51 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average price of $151.78 and a 200-day moving average price of $148.28. TE Connectivity Ltd. has a 52 week low of $116.30 and a 52 week high of $167.94. The firm has a market capitalization of $48.56 billion, a PE ratio of 35.99, a P/E/G ratio of 2.16 and a beta of 1.23.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, April 23rd. The electronics maker reported $2.10 EPS for the quarter, topping the consensus estimate of $1.96 by $0.14. The company had revenue of $4.14 billion during the quarter, compared to analyst estimates of $3.97 billion. TE Connectivity had a return on equity of 19.40% and a net margin of 8.67%. TE Connectivity’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.86 earnings per share. As a group, equities research analysts expect that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 22nd will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date is Friday, August 22nd. TE Connectivity’s payout ratio is 62.42%.

Insider Transactions at TE Connectivity

In other TE Connectivity news, CFO Heath A. Mitts sold 53,306 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $159.21, for a total value of $8,486,848.26. Following the completion of the transaction, the chief financial officer now directly owns 45,503 shares in the company, valued at $7,244,532.63. This represents a 53.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John S. Jenkins sold 30,000 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were 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 owns 24,625 shares in the company, valued at $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 174,675 shares of company stock worth $27,369,059 in the last three months. Corporate insiders own 0.90% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on TEL shares. Truist Financial dropped their target price on shares of TE Connectivity from $163.00 to $156.00 and set a “hold” rating on the stock in a report on Thursday, April 24th. Robert W. Baird raised their target price on shares of TE Connectivity from $147.00 to $153.00 and gave the company an “outperform” rating in a research note on Thursday, April 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. Citigroup lowered their price objective on TE Connectivity from $165.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, The Goldman Sachs Group cut their price objective on shares of TE Connectivity from $190.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $162.50.

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.