TE Connectivity Ltd. (NYSE:TEL) Stock Position Lifted by Truist Financial Corp

Truist Financial Corp boosted its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 32.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 129,461 shares of the electronics maker’s stock after acquiring an additional 31,991 shares during the period. Truist Financial Corp’s holdings in TE Connectivity were worth $18,509,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Nordea Investment Management AB acquired a new stake in TE Connectivity in the fourth quarter valued at approximately $149,211,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in TE Connectivity by 2,330.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 753,572 shares of the electronics maker’s stock valued at $107,738,000 after acquiring an additional 722,565 shares during the last quarter. Franklin Resources Inc. lifted its stake in TE Connectivity by 31.1% in the third quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after acquiring an additional 712,228 shares during the last quarter. EdgePoint Investment Group Inc. lifted its stake in TE Connectivity by 26.0% in the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock valued at $508,481,000 after acquiring an additional 694,917 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in TE Connectivity in the fourth quarter valued at approximately $46,675,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $151.13, for a total value of $587,744.57. Following the completion of the transaction, the insider now owns 25,976 shares in the company, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Citigroup lifted their target price on shares of TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. StockNews.com raised shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Bank of America upped their price objective on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. HSBC raised shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective for the company in a report on Thursday, January 23rd. Finally, Robert W. Baird upped their price objective on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, TE Connectivity currently has an average rating of “Moderate Buy” and an average target price of $167.00.

TE Connectivity Price Performance

Shares of TE Connectivity stock opened at $156.10 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. TE Connectivity Ltd. has a fifty-two week low of $137.61 and a fifty-two week high of $159.98. The firm has a fifty day moving average price of $147.02 and a two-hundred day moving average price of $148.27. The company has a market cap of $46.57 billion, a PE ratio of 24.94, a price-to-earnings-growth ratio of 2.07 and a beta of 1.32.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the prior year, the firm earned $1.84 EPS. The business’s revenue was up .1% on a year-over-year basis. Analysts expect that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity declared that its Board of Directors has initiated a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.