TE Connectivity Ltd (TEL) Position Decreased by Meyer Handelman Co.
Meyer Handelman Co. cut its holdings in shares of TE Connectivity Ltd (NYSE:TEL) by 2.5% during the fourth quarter, Holdings Channel reports. The fund owned 124,359 shares of the electronics maker’s stock after selling 3,196 shares during the quarter. Meyer Handelman Co.’s holdings in TE Connectivity were worth $9,405,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Taylor Hoffman Wealth Management increased its holdings in shares of TE Connectivity by 432.8% during the 4th quarter. Taylor Hoffman Wealth Management now owns 357 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 290 shares during the last quarter. Cornerstone Advisors Inc. increased its holdings in shares of TE Connectivity by 39.8% during the 4th quarter. Cornerstone Advisors Inc. now owns 639 shares of the electronics maker’s stock worth $48,000 after acquiring an additional 182 shares during the last quarter. First Personal Financial Services increased its holdings in shares of TE Connectivity by 33.9% during the 4th quarter. First Personal Financial Services now owns 813 shares of the electronics maker’s stock worth $61,000 after acquiring an additional 206 shares during the last quarter. Essex Savings Bank acquired a new position in shares of TE Connectivity during the 4th quarter worth approximately $64,000. Finally, Pflug Koory LLC boosted its stake in TE Connectivity by 100.0% in the 4th quarter. Pflug Koory LLC now owns 850 shares of the electronics maker’s stock valued at $69,000 after purchasing an additional 425 shares during the period. 93.32% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently issued reports on the company. Zacks Investment Research upgraded TE Connectivity from a “sell” rating to a “hold” rating in a research note on Thursday, January 10th. ValuEngine upgraded TE Connectivity from a “sell” rating to a “hold” rating in a research note on Tuesday, December 18th. Royal Bank of Canada reduced their price target on TE Connectivity to $96.00 and set a “positive” rating for the company in a research note on Thursday, November 1st. They noted that the move was a valuation call. Finally, Jefferies Financial Group assumed coverage on TE Connectivity in a research note on Tuesday, December 4th. They issued a “hold” rating and a $84.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $97.78.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 23rd. The electronics maker reported $1.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.28 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.38 billion. TE Connectivity had a return on equity of 19.22% and a net margin of 20.06%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $1.40 EPS. Equities analysts anticipate that TE Connectivity Ltd will post 5.45 earnings per share for the current fiscal year.
TE Connectivity announced that its board has authorized a share repurchase plan on Friday, December 14th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the electronics maker to repurchase up to 5.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, CFO Heath A. Mitts sold 12,908 shares of the company’s stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $83.05, for a total transaction of $1,072,009.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.80% of the company’s stock.
TE Connectivity Profile
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors 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.
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