State Street Corp Raises Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

State Street Corp boosted its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 2.1% during the third quarter, HoldingsChannel.com reports. The firm owned 12,852,607 shares of the electronics maker’s stock after purchasing an additional 268,837 shares during the period. State Street Corp’s holdings in TE Connectivity were worth $1,940,615,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Armstrong Advisory Group Inc. raised its holdings in shares of TE Connectivity by 208.3% during the third 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 last quarter. Wolff Wiese Magana LLC increased its holdings in shares of TE Connectivity by 2,450.0% in the third 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 during the last quarter. Family Firm Inc. acquired a new stake in shares of TE Connectivity in the second quarter valued at approximately $43,000. Isthmus Partners LLC acquired a new stake in shares of TE Connectivity in the second quarter valued at approximately $45,000. Finally, MCF Advisors LLC increased its holdings in shares of TE Connectivity by 2,745.5% in the second quarter. MCF Advisors LLC now owns 313 shares of the electronics maker’s stock valued at $47,000 after purchasing an additional 302 shares during the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Up 0.0 %

TE Connectivity stock opened at $152.44 on Friday. 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. The stock has a market cap of $45.60 billion, a PE ratio of 14.84, a P/E/G ratio of 2.08 and a beta of 1.32. The stock’s fifty day moving average is $149.72 and its two-hundred day moving average is $149.78.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. During the same quarter in the previous year, the business earned $1.78 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, sell-side analysts expect that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.

TE Connectivity announced that its Board of Directors has authorized a share buyback 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 reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

TEL has been the subject of several analyst reports. The Goldman Sachs Group lowered their price objective 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. Wells Fargo & Company lowered their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. HSBC lowered TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a research report on Thursday, October 31st. Bank of America lowered their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Finally, Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target 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.