Portfolio Design Labs LLC Cuts Position in TE Connectivity Ltd. (NYSE:TEL)

Portfolio Design Labs LLC cut its stake in TE Connectivity Ltd. (NYSE:TEL) by 85.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,072 shares of the electronics maker’s stock after selling 12,437 shares during the period. Portfolio Design Labs LLC’s holdings in TE Connectivity were worth $313,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TEL. Price T Rowe Associates Inc. MD grew its position in TE Connectivity by 54.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock worth $2,265,218,000 after acquiring an additional 5,526,230 shares in the last quarter. Ameriprise Financial Inc. boosted its position in TE Connectivity by 26.2% during the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after buying an additional 1,304,199 shares during the period. Point72 Asset Management L.P. boosted its position in TE Connectivity by 238.4% during the second quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock valued at $108,212,000 after buying an additional 506,754 shares during the period. Bank of Montreal Can boosted its position in TE Connectivity by 43.0% during the second quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock valued at $174,955,000 after buying an additional 347,315 shares during the period. Finally, Toronto Dominion Bank boosted its position in TE Connectivity by 141.3% during the second quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock valued at $70,445,000 after buying an additional 274,206 shares during the period. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Price Performance

Shares of NYSE TEL opened at $147.88 on Thursday. TE Connectivity Ltd. has a fifty-two week low of $128.52 and a fifty-two week high of $159.98. The company has a 50 day simple moving average of $148.70 and a two-hundred day simple moving average of $149.44. The company has a market capitalization of $44.24 billion, a price-to-earnings ratio of 14.40, a P/E/G ratio of 2.00 and a beta of 1.33. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, meeting analysts’ consensus estimates of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The firm had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $4 billion. During the same quarter in the prior year, the company posted $1.78 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. Analysts expect that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.

TE Connectivity announced that its Board of Directors has initiated a stock buyback program on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

TE Connectivity Dividend Announcement

The business also recently announced a dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 25th will be issued a $0.65 dividend. This represents a yield of 1.75%. The ex-dividend date is Friday, November 22nd. TE Connectivity’s dividend payout ratio is currently 25.32%.

Analyst Ratings Changes

Several analysts have issued reports on TEL shares. StockNews.com started coverage on shares of TE Connectivity in a research report on Saturday, November 16th. They set a “buy” rating for the company. Wolfe Research raised shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Robert W. Baird upped their price objective on shares of TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial upped their price objective on shares of TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Finally, HSBC downgraded shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price target for the company. in a research note on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $159.55.

About TE Connectivity

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.