Chevy Chase Trust Holdings LLC Lowers Stake in TE Connectivity Ltd. (NYSE:TEL)

Chevy Chase Trust Holdings LLC lessened its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 3.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 157,362 shares of the electronics maker’s stock after selling 5,970 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of TE Connectivity worth $22,498,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TEL. Pinnacle Bancorp Inc. acquired a new stake in shares of TE Connectivity in the fourth quarter valued at about $26,000. Golden State Wealth Management LLC acquired a new stake in shares of TE Connectivity in the fourth quarter valued at about $44,000. Hilltop National Bank acquired a new stake in shares of TE Connectivity in the fourth quarter valued at about $55,000. Webster Bank N. A. acquired a new stake in shares of TE Connectivity in the fourth quarter valued at about $61,000. Finally, R Squared Ltd acquired a new stake in shares of TE Connectivity in the fourth quarter valued at about $64,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

TE Connectivity Trading Down 0.2 %

NYSE:TEL opened at $152.87 on Friday. 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 business’s 50 day moving average is $146.79 and its two-hundred day moving average is $148.21. TE Connectivity Ltd. has a 52 week low of $137.61 and a 52 week high of $159.98. The company has a market cap of $45.61 billion, a PE ratio of 24.42, a P/E/G ratio of 2.01 and a beta of 1.32.

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, topping the consensus estimate of $1.89 by $0.06. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.92 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the business posted $1.84 EPS. On average, analysts predict that TE Connectivity Ltd. will post 7.95 EPS for the current year.

TE Connectivity announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 30th that allows the company to buyback $2.50 billion in outstanding shares. This buyback authorization allows the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

TEL has been the subject of a number of recent research reports. Bank of America increased their target price on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Robert W. Baird raised their price objective on TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. HSBC upgraded TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective for the company in a research note on Thursday, January 23rd. Truist Financial lowered their price objective on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research note on Thursday, January 23rd. Finally, Wells Fargo & Company raised their price objective on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $167.00.

Insider Buying and Selling

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the firm’s stock in a transaction that occurred on 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 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.90% of the company’s stock.

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.