Freedom Investment Management Inc. Trims Stock Position in TE Connectivity Ltd. $TEL

Freedom Investment Management Inc. cut its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,459 shares of the electronics maker’s stock after selling 112 shares during the quarter. Freedom Investment Management Inc.’s holdings in TE Connectivity were worth $1,089,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its position in TE Connectivity by 54.4% during the second quarter. Nordea Investment Management AB now owns 1,605,782 shares of the electronics maker’s stock worth $269,723,000 after buying an additional 565,857 shares during the period. Foresight Group Ltd Liability Partnership purchased a new position in TE Connectivity during the first quarter worth about $31,983,000. Ascent Group LLC purchased a new position in TE Connectivity during the first quarter worth about $364,000. Cambridge Investment Research Advisors Inc. lifted its position in TE Connectivity by 1.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 17,540 shares of the electronics maker’s stock worth $2,479,000 after buying an additional 192 shares during the period. Finally, Syntegra Private Wealth Group LLC acquired a new stake in TE Connectivity during the second quarter worth about $215,000. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on TEL. Barclays began coverage on TE Connectivity in a research note on Tuesday, October 7th. They set an “overweight” rating and a $249.00 price target for the company. Weiss Ratings restated a “hold (c+)” rating on shares of TE Connectivity in a research note on Wednesday, October 8th. Robert W. Baird upped their price target on TE Connectivity from $222.00 to $238.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Bank of America upped their price target on TE Connectivity from $168.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, July 10th. Finally, KGI Securities upgraded TE Connectivity to a “hold” rating in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $222.00.

Insider Activity at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 23,850 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $202.99, for a total value of $4,841,311.50. Following the completion of the transaction, the insider owned 25,976 shares of the company’s stock, valued at approximately $5,272,868.24. This represents a 47.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP John S. Jenkins sold 45,850 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $209.33, for a total value of $9,597,780.50. Following the completion of the transaction, the executive vice president directly owned 24,625 shares of the company’s stock, valued at $5,154,751.25. This represents a 65.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,645 shares of company stock valued at $14,842,096. Insiders own 0.90% of the company’s stock.

TE Connectivity Price Performance

TEL stock opened at $234.02 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.96 and a current ratio of 1.52. TE Connectivity Ltd. has a 1 year low of $116.30 and a 1 year high of $237.50. The firm has a market cap of $69.15 billion, a P/E ratio of 48.45, a price-to-earnings-growth ratio of 2.47 and a beta of 1.26. The stock has a 50-day simple moving average of $214.46 and a 200-day simple moving average of $182.51.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.19. TE Connectivity had a return on equity of 20.22% and a net margin of 8.78%.The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.30 billion. During the same quarter last year, the firm earned $1.91 earnings per share. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year. On average, equities analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 21st will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $2.84 dividend on an annualized basis and a yield of 1.2%. TE Connectivity’s dividend payout ratio is currently 58.80%.

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.