Portfolio Design Labs LLC Purchases 491 Shares of TE Connectivity Ltd. (NYSE:TEL)

Portfolio Design Labs LLC grew its position in TE Connectivity Ltd. (NYSE:TEL) by 23.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 2,563 shares of the electronics maker’s stock after buying an additional 491 shares during the quarter. Portfolio Design Labs LLC’s holdings in TE Connectivity were worth $366,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

TEL has been the subject of several research analyst reports. Bank of America boosted their price objective 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. HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective for the company in a research report on Thursday, January 23rd. StockNews.com cut shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Citigroup lifted their target price on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Finally, Truist Financial lowered their target price on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $167.00.

TE Connectivity Price Performance

Shares of TEL stock opened at $146.51 on Thursday. TE Connectivity Ltd. has a 12-month low of $137.61 and a 12-month high of $159.98. The firm has a market capitalization of $43.71 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 2.01 and a beta of 1.32. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. The firm has a fifty day moving average of $146.90 and a 200-day moving average of $148.21.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the previous year, the business earned $1.84 EPS. The firm’s revenue was up .1% on a year-over-year basis. On average, equities research analysts forecast that TE Connectivity Ltd. will post 7.95 earnings per share for the current year.

TE Connectivity declared that its Board of Directors has authorized a share buyback program on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the company’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 completion of the transaction, the insider now directly owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.90% of the stock is owned by company insiders.

About TE Connectivity

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.