BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 102,095 Shares of TE Connectivity Ltd. (TEL)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 19.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 419,688 shares of the electronics maker’s stock after selling 102,095 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.12% of TE Connectivity worth $34,859,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its stake in TE Connectivity by 38.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock worth $109,000 after purchasing an additional 384 shares in the last quarter. AllSquare Wealth Management LLC purchased a new stake in TE Connectivity in the 3rd quarter worth approximately $113,000. Acrospire Investment Management LLC purchased a new stake in TE Connectivity in the 2nd quarter worth approximately $126,000. Harfst & Associates Inc. lifted its stake in TE Connectivity by 46.2% in the 2nd quarter. Harfst & Associates Inc. now owns 1,722 shares of the electronics maker’s stock worth $135,000 after purchasing an additional 544 shares in the last quarter. Finally, Robecosam AG purchased a new stake in TE Connectivity in the 3rd quarter worth approximately $155,000. Institutional investors own 90.22% of the company’s stock.
TE Connectivity Ltd. (NYSE TEL) traded down $0.31 during trading on Wednesday, hitting $92.56. 1,642,200 shares of the stock traded hands, compared to its average volume of 1,436,673. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.07 and a current ratio of 1.54. The stock has a market cap of $32,656.54, a PE ratio of 19.23, a P/E/G ratio of 1.62 and a beta of 1.08. TE Connectivity Ltd. has a 12-month low of $66.20 and a 12-month high of $96.68.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, November 1st. The electronics maker reported $1.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.09. TE Connectivity had a net margin of 12.84% and a return on equity of 18.97%. The firm had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter last year, the company posted $1.22 EPS. The business’s quarterly revenue was up 3.7% on a year-over-year basis. equities research analysts forecast that TE Connectivity Ltd. will post 5.27 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 24th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Wednesday, November 22nd. TE Connectivity’s dividend payout ratio is currently 33.97%.
In related news, insider Thomas J. Lynch sold 130,616 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $83.37, for a total transaction of $10,889,455.92. Following the transaction, the insider now owns 429,499 shares of the company’s stock, valued at approximately $35,807,331.63. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Robert J. Ott sold 20,000 shares of the stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $95.78, for a total transaction of $1,915,600.00. Following the transaction, the senior vice president now directly owns 31,390 shares in the company, valued at approximately $3,006,534.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 759,805 shares of company stock worth $69,542,539. 1.49% of the stock is owned by insiders.
TEL has been the topic of several recent analyst reports. Cowen reiterated a “buy” rating and issued a $95.00 target price on shares of TE Connectivity in a research note on Thursday, August 10th. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research report on Monday, September 11th. Stifel Nicolaus restated a “buy” rating and set a $87.00 price objective on shares of TE Connectivity in a research report on Tuesday, October 17th. Royal Bank Of Canada restated a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of TE Connectivity in a research report on Monday, October 30th. Finally, Citigroup raised their price objective on shares of TE Connectivity from $92.00 to $106.00 and gave the company a “buy” rating in a research report on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $150.00.
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TE Connectivity Profile
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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