TE Connectivity Ltd. $TEL Stock Sold by Sumitomo Mitsui Trust Group Inc.

by · The Markets Daily

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of TE Connectivity Ltd. (NYSE:TEL – Free Report) by 4.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 618,173 shares of the electronics maker’s stock after selling 28,549 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in TE Connectivity were worth $130,484,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in TE Connectivity in the 3rd quarter valued at about $15,288,000. ProShare Advisors LLC boosted its position in shares of TE Connectivity by 6.6% during the 3rd quarter. ProShare Advisors LLC now owns 96,511 shares of the electronics maker’s stock valued at $20,372,000 after purchasing an additional 5,934 shares in the last quarter. Vise Technologies Inc. grew its stake in shares of TE Connectivity by 14.8% in the 3rd quarter. Vise Technologies Inc. now owns 14,542 shares of the electronics maker’s stock worth $3,070,000 after purchasing an additional 1,878 shares during the last quarter. Cidel Asset Management Inc. grew its stake in shares of TE Connectivity by 2.2% in the 3rd quarter. Cidel Asset Management Inc. now owns 102,714 shares of the electronics maker’s stock worth $21,681,000 after purchasing an additional 2,230 shares during the last quarter. Finally, Americana Partners LLC bought a new stake in shares of TE Connectivity in the 3rd quarter worth approximately $304,000. 91.43% of the stock is owned by institutional investors and hedge funds.

TE Connectivity Trading Up 2.0%

Shares of TEL opened at $217.37 on Tuesday. The business’s 50-day moving average price is $211.32 and its 200 day moving average price is $213.03. The stock has a market capitalization of $62.93 billion, a P/E ratio of 19.64, a P/E/G ratio of 1.29 and a beta of 1.14. TE Connectivity Ltd. has a 1-year low of $190.27 and a 1-year high of $252.56. The company has a current ratio of 1.73, a quick ratio of 1.23 and a debt-to-equity ratio of 0.38.

TE Connectivity (NYSE:TEL – Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The electronics maker reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.07 by $0.07. TE Connectivity had a return on equity of 25.55% and a net margin of 16.36%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the previous year, the company earned $2.44 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. Analysts expect that TE Connectivity Ltd. will post 13.32 earnings per share for the current year.

TE Connectivity Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 20th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, November 20th. TE Connectivity’s dividend payout ratio (DPR) is 28.18%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Citigroup increased their target price on shares of TE Connectivity from $230.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday. Jefferies Financial Group reduced their target price on shares of TE Connectivity from $265.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. JPMorgan Chase & Co. decreased their price target on shares of TE Connectivity from $260.00 to $235.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Robert W. Baird upped their price target on TE Connectivity from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Tuesday, October 6th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of TE Connectivity in a research report on Thursday, October 22nd. Eleven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.50.

Check Out Our Latest Stock Report on TE Connectivity

About TE Connectivity

(Free Report)

TE Connectivity Ltd. (NYSE: TEL) is a global technology and manufacturing company that designs and produces connectivity and sensor solutions. Its products help transmit power, data and signals across a range of applications, including vehicles, industrial equipment, communications networks, aerospace systems, medical devices and consumer electronics.

The company’s product portfolio includes connectors, terminals, relays, sensors, antennas, circuit-protection products, wire and cable assemblies, and related application tooling.

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