Connor Clark & Lunn Investment Management Ltd. lessened its holdings in TE Connectivity Ltd (NYSE:TEL) by 88.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,525 shares of the electronics maker’s stock after selling 20,225 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in TE Connectivity were worth $242,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in TEL. Weaver Consulting Group acquired a new position in TE Connectivity in the first quarter valued at approximately $28,000. Thor Advisors LLC acquired a new position in shares of TE Connectivity during the first quarter worth approximately $26,000. Synovus Financial Corp raised its position in shares of TE Connectivity by 97.2% during the first quarter. Synovus Financial Corp now owns 355 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 175 shares during the period. CX Institutional raised its position in shares of TE Connectivity by 220.2% during the second quarter. CX Institutional now owns 365 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 251 shares during the period. Finally, First Interstate Bank acquired a new position in shares of TE Connectivity during the first quarter worth approximately $32,000. Hedge funds and other institutional investors own 90.56% of the company’s stock.
Shares of TEL stock traded down $0.31 on Friday, hitting $96.69. 966,970 shares of the stock were exchanged, compared to its average volume of 1,249,087. The firm’s 50 day moving average is $91.11 and its two-hundred day moving average is $89.30. The firm has a market capitalization of $32.17 billion, a PE ratio of 17.24, a P/E/G ratio of 1.62 and a beta of 1.21. The company has a current ratio of 1.47, a quick ratio of 0.94 and a debt-to-equity ratio of 0.32. TE Connectivity Ltd has a one year low of $69.84 and a one year high of $97.99.
TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, July 24th. The electronics maker reported $1.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.08. TE Connectivity had a return on equity of 18.33% and a net margin of 22.94%. The business had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the prior year, the firm posted $1.43 EPS. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. On average, sell-side analysts expect that TE Connectivity Ltd will post 5.52 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 23rd were issued a dividend of $0.46 per share. The ex-dividend date was Thursday, August 22nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.90%. TE Connectivity’s dividend payout ratio is 32.80%.
In other news, insider Steven T. Merkt sold 65,650 shares of TE Connectivity stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $93.55, for a total value of $6,141,557.50. Following the sale, the insider now directly owns 89,854 shares in the company, valued at approximately $8,405,841.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas J. Lynch sold 124,400 shares of TE Connectivity stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $93.41, for a total value of $11,620,204.00. Following the completion of the sale, the director now owns 290,316 shares in the company, valued at $27,118,417.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 255,500 shares of company stock worth $23,737,285. 0.80% of the stock is currently owned by insiders.
TEL has been the topic of a number of research reports. Wells Fargo & Co lowered TE Connectivity from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 25th. Morgan Stanley lowered their target price on TE Connectivity from $100.00 to $98.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Goldman Sachs Group raised TE Connectivity from a “neutral” rating to a “buy” rating and increased their price target for the company from $92.00 to $105.00 in a research report on Thursday, June 20th. Cross Research lowered TE Connectivity from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Finally, Longbow Research lowered TE Connectivity from a “buy” rating to a “neutral” rating and set a $90.66 price target for the company. in a research report on Monday, June 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. TE Connectivity presently has a consensus rating of “Hold” and an average target price of $92.21.
TE Connectivity Profile
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors 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.
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