Bank of Hawaii Lowers Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Bank of Hawaii cut its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 19.7% during the third quarter, Holdings Channel reports. The firm owned 1,666 shares of the electronics maker’s stock after selling 410 shares during the quarter. Bank of Hawaii’s holdings in TE Connectivity were worth $250,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Daiwa Securities Group Inc. grew its holdings in shares of TE Connectivity by 5.9% in the third quarter. Daiwa Securities Group Inc. now owns 47,874 shares of the electronics maker’s stock valued at $7,229,000 after purchasing an additional 2,649 shares in the last quarter. Summit Trail Advisors LLC boosted its position in TE Connectivity by 9.0% in the 3rd quarter. Summit Trail Advisors LLC now owns 4,404 shares of the electronics maker’s stock valued at $665,000 after buying an additional 364 shares during the period. Alpha DNA Investment Management LLC grew its stake in shares of TE Connectivity by 63.1% in the third quarter. Alpha DNA Investment Management LLC now owns 12,439 shares of the electronics maker’s stock worth $1,878,000 after acquiring an additional 4,812 shares in the last quarter. Swedbank AB increased its position in shares of TE Connectivity by 1.0% during the third quarter. Swedbank AB now owns 70,792 shares of the electronics maker’s stock worth $10,689,000 after acquiring an additional 684 shares during the period. Finally, Algert Global LLC raised its stake in shares of TE Connectivity by 17.0% in the third quarter. Algert Global LLC now owns 3,857 shares of the electronics maker’s stock valued at $582,000 after acquiring an additional 560 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.

Analysts Set New Price Targets

TEL has been the subject of several analyst reports. HSBC cut TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price for the company. in a research note on Thursday, October 31st. StockNews.com initiated coverage on shares of TE Connectivity in a research note on Sunday. They set a “buy” rating on the stock. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Wells Fargo & Company lowered their price target on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a report on Friday, September 20th. Finally, Hsbc Global Res lowered shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $159.55.

TE Connectivity Price Performance

Shares of TEL opened at $152.67 on Tuesday. The firm has a fifty day moving average price of $149.10 and a 200 day moving average price of $149.64. The stock has a market cap of $45.67 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 2.07 and a beta of 1.33. TE Connectivity Ltd. has a 1-year low of $128.52 and a 1-year high of $159.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08.

TE Connectivity (NYSE:TEL) last posted its 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. The business had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the business earned $1.78 EPS. As a group, sell-side analysts anticipate that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 30th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors 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.