Mizuho Securities USA LLC Cuts Holdings in TE Connectivity Ltd. (NYSE:TEL)

Mizuho Securities USA LLC reduced its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 16.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,708 shares of the electronics maker’s stock after selling 3,907 shares during the quarter. Mizuho Securities USA LLC’s holdings in TE Connectivity were worth $2,976,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of TEL. Versant Capital Management Inc boosted its position in TE Connectivity by 209.8% during the second quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 128 shares in the last quarter. Olistico Wealth LLC purchased a new position in shares of TE Connectivity during the 2nd quarter valued at approximately $30,000. Armstrong Advisory Group Inc. grew its stake in TE Connectivity by 208.3% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock valued at $34,000 after acquiring an additional 150 shares during the period. Bank & Trust Co purchased a new stake in TE Connectivity in the 2nd quarter worth $35,000. Finally, Wolff Wiese Magana LLC raised its position in TE Connectivity by 2,450.0% during the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 245 shares during the period. 91.43% of the stock is currently owned by institutional investors and hedge funds.

TE Connectivity Trading Up 1.6 %

Shares of TEL opened at $152.26 on Friday. TE Connectivity Ltd. has a 12-month low of $128.52 and a 12-month high of $159.98. The firm has a market capitalization of $45.55 billion, a P/E ratio of 14.83, a P/E/G ratio of 2.04 and a beta of 1.33. The firm has a 50-day moving average price of $148.96 and a 200 day moving average price of $149.52. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The business had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. During the same quarter in the prior year, the company posted $1.78 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. Sell-side 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 buyback $2.50 billion in shares. This buyback authorization allows the electronics maker to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TEL. Hsbc Global Res lowered shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research report on Thursday, October 31st. StockNews.com assumed coverage on TE Connectivity in a research note on Saturday, November 16th. They set a “buy” rating for the company. Bank of America decreased their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. The Goldman Sachs Group dropped their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Finally, HSBC lowered TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective on the stock. in a report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $159.55.

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.