Allianz SE Makes New Investment in TE Connectivity Ltd. (NYSE:TEL)

Allianz SE acquired a new stake in TE Connectivity Ltd. (NYSE:TEL) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 11,822 shares of the electronics maker’s stock, valued at approximately $1,689,000.

Several other hedge funds also recently modified their holdings of the stock. Nomura Asset Management Co. Ltd. grew its stake in TE Connectivity by 4.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after purchasing an additional 9,670 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of TE Connectivity in the 4th quarter valued at approximately $2,920,000. Meyer Handelman Co. grew its stake in shares of TE Connectivity by 9.9% in the fourth quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock valued at $14,531,000 after buying an additional 9,175 shares in the last quarter. abrdn plc acquired a new position in TE Connectivity during the fourth quarter worth $15,739,000. Finally, Truist Financial Corp lifted its stake in TE Connectivity by 32.8% in the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker’s stock valued at $18,509,000 after acquiring an additional 31,991 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Down 3.4 %

Shares of TEL opened at $142.04 on Friday. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $42.38 billion, a PE ratio of 22.69, a P/E/G ratio of 2.11 and a beta of 1.32. The firm’s 50 day moving average is $149.32 and its 200-day moving average is $148.41. TE Connectivity Ltd. has a 12 month low of $137.61 and a 12 month high of $159.98.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data 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. The firm had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.92 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.84 EPS. Equities research analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be issued a $0.71 dividend. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. This represents a $2.84 annualized dividend and a yield of 2.00%. The ex-dividend date is Wednesday, May 21st. TE Connectivity’s dividend payout ratio (DPR) is currently 45.37%.

Insider Activity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the completion of the transaction, the insider now directly owns 25,976 shares in the company, valued at $3,812,497.52. The trade was a 49.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. StockNews.com cut shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. Truist Financial cut their price objective on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research report on Thursday, January 23rd. Robert W. Baird boosted their target price on 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 raised 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. Finally, HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective on the stock in a report 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $167.00.

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.