Wrapmanager Inc. Grows Stock Holdings in TE Connectivity Ltd (NYSE:TEL)
Wrapmanager Inc. lifted its position in shares of TE Connectivity Ltd (NYSE:TEL) by 1.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,730 shares of the electronics maker’s stock after purchasing an additional 234 shares during the period. Wrapmanager Inc.’s holdings in TE Connectivity were worth $1,507,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in TEL. Thor Advisors LLC acquired a new position in TE Connectivity in the first quarter valued at approximately $26,000. Synovus Financial Corp grew its holdings in TE Connectivity by 97.2% during the first quarter. Synovus Financial Corp now owns 355 shares of the electronics maker’s stock worth $28,000 after buying an additional 175 shares in the last quarter. Weaver Consulting Group purchased a new position in TE Connectivity in the first quarter worth $28,000. First Interstate Bank purchased a new position in TE Connectivity in the first quarter worth $32,000. Finally, CX Institutional lifted its position in shares of TE Connectivity by 220.2% during the 2nd quarter. CX Institutional now owns 365 shares of the electronics maker’s stock valued at $35,000 after buying an additional 251 shares during the last quarter. 91.55% of the stock is owned by institutional investors and hedge funds.
In related news, insider Steven T. Merkt sold 65,650 shares of TE Connectivity stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $93.55, for a total value of $6,141,557.50. Following the completion of the sale, the insider now owns 89,854 shares in the company, valued at approximately $8,405,841.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas J. Lynch sold 124,400 shares of TE Connectivity stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $93.41, for a total transaction of $11,620,204.00. Following the completion of the sale, the director now owns 290,316 shares of the company’s stock, valued at approximately $27,118,417.56. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.08. TE Connectivity had a return on equity of 18.33% and a net margin of 22.94%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same period last year, the firm earned $1.43 EPS. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, research analysts expect that TE Connectivity Ltd will post 5.52 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 23rd will be paid a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Thursday, August 22nd. TE Connectivity’s dividend payout ratio (DPR) is 32.80%.
A number of analysts recently issued reports on TEL shares. Zacks Investment Research upgraded TE Connectivity from a “hold” rating to a “buy” rating and set a $107.00 target price on the stock in a research note on Monday, April 29th. Wells Fargo & Co lowered TE Connectivity from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 25th. HC Wainwright reiterated a “sell” rating on shares of TE Connectivity in a report on Friday, May 3rd. Morgan Stanley lowered their target price on TE Connectivity from $100.00 to $98.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, Cross Research cut TE Connectivity from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company’s stock. TE Connectivity currently has an average rating of “Hold” and a consensus price target of $92.21.
About TE Connectivity
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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