State of Alaska Department of Revenue Sells 7,023 Shares of TE Connectivity Ltd. (NYSE:TEL)

State of Alaska Department of Revenue lowered its holdings in TE Connectivity Ltd. (NYSE:TEL) by 17.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,109 shares of the electronics maker’s stock after selling 7,023 shares during the quarter. State of Alaska Department of Revenue’s holdings in TE Connectivity were worth $4,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Optas LLC raised its position in TE Connectivity by 4.2% in the 3rd quarter. Optas LLC now owns 1,778 shares of the electronics maker’s stock worth $268,000 after buying an additional 71 shares during the last quarter. OLD National Bancorp IN grew its stake in shares of TE Connectivity by 3.6% in the third quarter. OLD National Bancorp IN now owns 2,478 shares of the electronics maker’s stock worth $374,000 after acquiring an additional 85 shares during the period. Metis Global Partners LLC raised its holdings in shares of TE Connectivity by 1.0% during the third quarter. Metis Global Partners LLC now owns 9,771 shares of the electronics maker’s stock valued at $1,475,000 after purchasing an additional 96 shares during the last quarter. Insigneo Advisory Services LLC lifted its position in TE Connectivity by 2.4% during the third quarter. Insigneo Advisory Services LLC now owns 4,530 shares of the electronics maker’s stock valued at $684,000 after purchasing an additional 108 shares during the period. Finally, Concurrent Investment Advisors LLC grew its position in TE Connectivity by 6.4% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 1,956 shares of the electronics maker’s stock worth $295,000 after purchasing an additional 117 shares during the period. 91.43% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the business’s 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 transaction, the insider now owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. The trade was a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TEL. Wells Fargo & Company increased their price target on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Robert W. Baird raised their target price on TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research 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 target for the company in a research report on Thursday, January 23rd. Truist Financial cut their target price on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research report on Thursday, January 23rd. Finally, Bank of America increased their price target on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $167.00.

TE Connectivity Stock Up 0.3 %

Shares of TEL stock opened at $146.95 on Friday. The company has a market capitalization of $43.84 billion, a price-to-earnings ratio of 23.47, a PEG ratio of 2.03 and a beta of 1.32. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. The company’s fifty day moving average price is $147.13 and its 200-day moving average price is $148.42. TE Connectivity Ltd. has a one year low of $137.61 and a one year high of $159.98.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, beating the consensus estimate of $1.89 by $0.06. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the previous year, the business earned $1.84 earnings per share. The business’s revenue was up .1% on a year-over-year basis. Sell-side analysts expect that TE Connectivity Ltd. will post 7.96 EPS for the current fiscal year.

TE Connectivity announced that its Board of Directors has approved a stock repurchase program on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are 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.