Meyer Handelman Co. Decreases Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Meyer Handelman Co. lessened its holdings in TE Connectivity Ltd. (NYSE:TEL) by 0.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 105,448 shares of the electronics maker’s stock after selling 375 shares during the quarter. Meyer Handelman Co.’s holdings in TE Connectivity were worth $15,863,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its position in shares of TE Connectivity by 54.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock worth $2,265,218,000 after buying an additional 5,526,230 shares during the last quarter. Norges Bank acquired a new position in TE Connectivity in the fourth quarter valued at $693,985,000. Massachusetts Financial Services Co. MA grew its holdings in shares of TE Connectivity by 2.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,632,809 shares of the electronics maker’s stock worth $650,910,000 after purchasing an additional 111,340 shares during the last quarter. Wellington Management Group LLP increased its position in shares of TE Connectivity by 12.5% during the fourth quarter. Wellington Management Group LLP now owns 3,630,003 shares of the electronics maker’s stock worth $510,015,000 after purchasing an additional 403,750 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of TE Connectivity by 13.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,835,064 shares of the electronics maker’s stock valued at $398,342,000 after purchasing an additional 343,205 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

TE Connectivity Stock Performance

NYSE TEL traded up $1.74 on Tuesday, hitting $146.44. 1,034,891 shares of the company’s stock were exchanged, compared to its average volume of 1,949,631. The firm has a market cap of $44.51 billion, a price-to-earnings ratio of 13.40, a P/E/G ratio of 1.96 and a beta of 1.33. The firm’s 50-day moving average price is $150.53 and its two-hundred day moving average price is $146.31. TE Connectivity Ltd. has a fifty-two week low of $115.00 and a fifty-two week high of $159.98. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.51 and a quick ratio of 0.99.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, July 24th. The electronics maker reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.86 by $0.05. TE Connectivity had a return on equity of 18.53% and a net margin of 21.94%. The firm had revenue of $4 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the company posted $1.77 earnings per share. TE Connectivity’s quarterly revenue was up .1% on a year-over-year basis. On average, research analysts expect that TE Connectivity Ltd. will post 7.56 EPS for the current year.

Insider Activity

In other news, insider Shadrak W. Kroeger sold 5,000 shares of TE Connectivity stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $149.86, for a total transaction of $749,300.00. Following the completion of the sale, the insider now directly owns 25,976 shares in the company, valued at approximately $3,892,763.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other TE Connectivity news, SVP Robert J. Ott sold 2,913 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $154.59, for a total transaction of $450,320.67. Following the completion of the transaction, the senior vice president now directly owns 25,504 shares in the company, valued at approximately $3,942,663.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shadrak W. Kroeger sold 5,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $149.86, for a total transaction of $749,300.00. Following the completion of the sale, the insider now directly owns 25,976 shares in the company, valued at approximately $3,892,763.36. The disclosure for this sale can be found here. Insiders sold 76,363 shares of company stock worth $11,791,461 in the last 90 days. 0.86% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. HSBC lowered TE Connectivity from a “buy” rating to a “hold” rating and set a $162.00 price target on the stock. in a research report on Wednesday, July 24th. Bank of America upped their price target on shares of TE Connectivity from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Truist Financial raised their price objective on shares of TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Vertical Research began coverage on shares of TE Connectivity in a report on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 target price for the company. Finally, StockNews.com initiated coverage on TE Connectivity in a report on Monday. They set a “buy” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $158.45.

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.