Retirement Systems of Alabama Sells 1,231 Shares of TE Connectivity Ltd. (NYSE:TEL)

Retirement Systems of Alabama cut its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 1.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,320 shares of the electronics maker’s stock after selling 1,231 shares during the quarter. Retirement Systems of Alabama’s holdings in TE Connectivity were worth $10,014,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. raised its stake in shares of TE Connectivity by 4.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock worth $36,732,000 after acquiring an additional 9,670 shares in the last quarter. Venturi Wealth Management LLC raised its position in TE Connectivity by 1,632.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock worth $989,000 after purchasing an additional 6,169 shares during the period. Waverton Investment Management Ltd lifted its stake in TE Connectivity by 8.2% in the third quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock worth $213,089,000 after purchasing an additional 106,688 shares during the last quarter. Glenmede Trust Co. NA boosted its position in TE Connectivity by 13.9% during the third quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock valued at $29,322,000 after buying an additional 23,755 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of TE Connectivity by 21.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock valued at $10,471,000 after buying an additional 12,140 shares during the last quarter. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Stock Performance

Shares of TE Connectivity stock opened at $149.95 on Tuesday. The stock has a market cap of $44.86 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 2.04 and a beta of 1.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. TE Connectivity Ltd. has a 1 year low of $128.52 and a 1 year high of $159.98. The firm’s 50-day moving average is $150.21 and its 200 day moving average is $149.78.

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

TE Connectivity announced that its Board of Directors has approved a stock repurchase 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 reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TEL shares. HSBC lowered TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price for the company. in a research note on Thursday, October 31st. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 4th. The Goldman Sachs Group lowered their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, Wells Fargo & Company decreased their price objective on shares of TE Connectivity from $153.00 to $151.00 and set an “equal weight” rating on the stock in a research report on Monday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, TE Connectivity has a consensus rating of “Hold” and a consensus price target of $159.36.

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.