TE Connectivity (NYSE:TEL) Downgraded to “Reduce” Rating by HSBC

HSBC lowered shares of TE Connectivity (NYSE:TEL) from a hold rating to a reduce rating in a research report released on Thursday, MarketBeat reports. The brokerage currently has $137.00 price objective on the electronics maker’s stock.

Several other research firms have also recently weighed in on TEL. Truist Financial increased their price objective on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Wells Fargo & Company dropped their price objective on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a report on Friday, September 20th. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Vertical Research started coverage on TE Connectivity in a research note on Tuesday, July 23rd. They set a “hold” rating and a $155.00 price target on the stock. Finally, StockNews.com began coverage on TE Connectivity in a research report on Thursday. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $159.55.

TE Connectivity Stock Down 2.9 %

Shares of TE Connectivity stock opened at $147.42 on Thursday. TE Connectivity has a 12-month low of $122.30 and a 12-month high of $159.98. The stock has a market capitalization of $44.80 billion, a P/E ratio of 14.35, a PEG ratio of 1.95 and a beta of 1.33. The company has a quick ratio of 0.99, a current ratio of 1.61 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average price of $148.00 and a two-hundred day moving average price of $148.39.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The firm had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4 billion. During the same quarter last year, the firm posted $1.78 EPS. The business’s quarterly revenue was up .8% on a year-over-year basis. Equities analysts expect that TE Connectivity will post 8.15 earnings per share for the current year.

TE Connectivity declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 30th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the electronics maker to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On TE Connectivity

Several institutional investors and hedge funds have recently made changes to their positions in TEL. Versant Capital Management Inc boosted its position in TE Connectivity by 209.8% in the second quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock valued at $28,000 after buying an additional 128 shares in the last quarter. Olistico Wealth LLC acquired a new position in shares of TE Connectivity in the 2nd quarter worth approximately $30,000. Armstrong Advisory Group Inc. grew its position in TE Connectivity by 208.3% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock worth $34,000 after acquiring an additional 150 shares during the last quarter. Bank & Trust Co acquired a new stake in TE Connectivity during the 2nd quarter valued at $35,000. Finally, Wolff Wiese Magana LLC increased its holdings in TE Connectivity by 2,450.0% during the 3rd quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock valued at $39,000 after purchasing an additional 245 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.

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.