New York State Teachers Retirement System Decreases Stake in TE Connectivity Ltd. (NYSE:TEL)

New York State Teachers Retirement System reduced its position in TE Connectivity Ltd. (NYSE:TEL) by 2.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 262,753 shares of the electronics maker’s stock after selling 7,136 shares during the period. New York State Teachers Retirement System’s holdings in TE Connectivity were worth $37,566,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TEL. Pinnacle Bancorp Inc. purchased a new stake in shares of TE Connectivity in the fourth quarter worth about $26,000. Wolff Wiese Magana LLC lifted its position in shares of TE Connectivity by 2,450.0% in the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after buying an additional 245 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in TE Connectivity during the fourth quarter worth approximately $44,000. Hilltop National Bank bought a new stake in TE Connectivity during the fourth quarter worth approximately $55,000. Finally, Webster Bank N. A. bought a new stake in TE Connectivity during the fourth quarter worth approximately $61,000. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Stock Down 0.2 %

Shares of NYSE:TEL opened at $152.87 on Friday. TE Connectivity Ltd. has a 52-week low of $137.61 and a 52-week high of $159.98. The stock has a market cap of $45.61 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 2.01 and a beta of 1.32. The business’s 50 day moving average is $146.78 and its 200 day moving average is $148.23. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.06. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the prior year, the firm earned $1.84 earnings per share. TE Connectivity’s revenue was up .1% compared to the same quarter last year. Sell-side analysts predict that TE Connectivity Ltd. will post 7.95 EPS for the current year.

TE Connectivity announced that its board has authorized a share repurchase program on Wednesday, October 30th that authorizes the company to buyback $2.50 billion in shares. This buyback authorization authorizes the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

TEL has been the topic of several analyst reports. Hsbc Global Res raised TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Truist Financial reduced their price objective on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. Robert W. Baird boosted their price objective on TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. HSBC raised TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective on the stock in a research note on Thursday, January 23rd. Finally, Wells Fargo & Company boosted their price objective on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $167.00.

Insider Buying and Selling

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the transaction, the insider now owns 25,976 shares of the company’s stock, valued at $3,925,752.88. This represents a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.90% of the stock is owned by insiders.

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.