TE Connectivity Ltd. (NYSE:TEL) Shares Sold by Legato Capital Management LLC

Legato Capital Management LLC reduced its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 53.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 10,976 shares of the electronics maker’s stock after selling 12,395 shares during the period. Legato Capital Management LLC’s holdings in TE Connectivity were worth $1,569,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TEL. Pinnacle Bancorp Inc. acquired a new stake in TE Connectivity during the 4th quarter valued at $26,000. Armstrong Advisory Group Inc. raised its stake in TE Connectivity by 208.3% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 150 shares during the period. Wolff Wiese Magana LLC raised its stake in TE Connectivity by 2,450.0% during the 3rd 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 period. Golden State Wealth Management LLC acquired a new stake in TE Connectivity during the 4th quarter valued at $44,000. Finally, Hilltop National Bank acquired a new stake in TE Connectivity during the 4th quarter valued at $55,000. 91.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TEL has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Citigroup upped their price target on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. HSBC upgraded 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. Robert W. Baird increased their price objective on TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Finally, StockNews.com lowered TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $167.00.

Insider Activity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the sale, the insider now directly owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. This trade represents a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.90% of the stock is currently owned by company insiders.

TE Connectivity Price Performance

NYSE TEL opened at $148.82 on Wednesday. TE Connectivity Ltd. has a fifty-two week low of $137.61 and a fifty-two week high of $159.98. The stock’s 50-day moving average is $146.90 and its two-hundred day moving average is $148.21. 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 firm has a market cap of $44.40 billion, a P/E ratio of 23.77, a price-to-earnings-growth ratio of 2.01 and a beta of 1.32.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share 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 company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period last year, the company earned $1.84 earnings per share. The business’s revenue was up .1% compared to the same quarter last year. On average, analysts anticipate that TE Connectivity Ltd. will post 7.95 earnings per share for the current fiscal year.

TE Connectivity announced that its Board of Directors has initiated a stock 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 purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

TE Connectivity 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.