The Manufacturers Life Insurance Company Buys 8,360 Shares of TE Connectivity Ltd. (NYSE:TEL)

The Manufacturers Life Insurance Company boosted its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 2.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 336,096 shares of the electronics maker’s stock after buying an additional 8,360 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.11% of TE Connectivity worth $50,747,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TEL. Silvercrest Asset Management Group LLC increased its holdings in shares of TE Connectivity by 2.3% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 2,977 shares of the electronics maker’s stock worth $432,000 after purchasing an additional 68 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of TE Connectivity by 18.1% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 9,665 shares of the electronics maker’s stock worth $1,404,000 after purchasing an additional 1,481 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of TE Connectivity by 17.4% in the 1st quarter. Tidal Investments LLC now owns 16,576 shares of the electronics maker’s stock worth $2,407,000 after purchasing an additional 2,452 shares in the last quarter. Swedbank AB bought a new stake in shares of TE Connectivity in the 1st quarter worth $10,182,000. Finally, Cetera Investment Advisers increased its holdings in shares of TE Connectivity by 129.2% in the 1st quarter. Cetera Investment Advisers now owns 40,922 shares of the electronics maker’s stock worth $5,944,000 after purchasing an additional 23,068 shares in the last quarter. Institutional investors own 91.43% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on TEL. HSBC lowered TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a report on Thursday, October 31st. Wolfe Research raised TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. Wells Fargo & Company cut their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a report on Friday, September 20th. Bank of America cut their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $159.55.

TE Connectivity Stock Performance

NYSE:TEL opened at $151.15 on Friday. The stock has a 50-day simple moving average of $149.28 and a two-hundred day simple moving average of $149.69. TE Connectivity Ltd. has a 52-week low of $128.52 and a 52-week high of $159.98. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. The firm has a market capitalization of $45.22 billion, a PE ratio of 14.72, a P/E/G ratio of 2.07 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.95. The business had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. TE Connectivity’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.78 earnings per share. Analysts forecast that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity declared that its board has authorized a share repurchase program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

About TE Connectivity

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.