Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its holdings in TE Connectivity Ltd. (NYSE:TEL) by 81.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 59,018 shares of the electronics maker’s stock after selling 263,678 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in TE Connectivity were worth $8,438,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of TEL. Pinnacle Bancorp Inc. purchased a new position in TE Connectivity in the 4th quarter valued at approximately $26,000. SRS Capital Advisors Inc. grew its position in shares of TE Connectivity by 117.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 107 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of TE Connectivity during the 4th quarter valued at $44,000. Hilltop National Bank purchased a new position in shares of TE Connectivity during the 4th quarter valued at $55,000. Finally, Deseret Mutual Benefit Administrators purchased a new position in shares of TE Connectivity during the 4th quarter valued at $57,000. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total value of $3,669,250.00. Following the transaction, the insider now owns 25,976 shares in the company, valued at approximately $3,812,497.52. The trade was a 49.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.90% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on TEL. Truist Financial reduced their price target 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. HSBC upgraded 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. Robert W. Baird lifted their price objective on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Wells Fargo & Company lifted their price objective on shares of TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Finally, Hsbc Global Res raised shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $167.00.

TE Connectivity Stock Performance

TE Connectivity stock opened at $141.20 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 company has a market capitalization of $42.13 billion, a PE ratio of 22.56, a P/E/G ratio of 2.11 and a beta of 1.32. The firm has a fifty day simple moving average of $148.46 and a two-hundred day simple moving average of $148.57. TE Connectivity Ltd. has a twelve month low of $137.61 and a twelve month high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.06. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.84 earnings per share. Research analysts expect that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be given a $0.71 dividend. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.01%. TE Connectivity’s payout ratio is presently 41.53%.

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.