Norges Bank Acquires New Shares in TE Connectivity Ltd. (NYSE:TEL)

Norges Bank bought a new position in shares of TE Connectivity Ltd. (NYSE:TEL) in the 4th quarter, HoldingsChannel.com reports. The fund bought 3,554,588 shares of the electronics maker’s stock, valued at approximately $508,199,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in TEL. Nomura Asset Management Co. Ltd. increased its position in TE Connectivity by 4.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock worth $36,732,000 after purchasing an additional 9,670 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in shares of TE Connectivity in the 4th quarter valued at $2,920,000. Meyer Handelman Co. boosted its holdings in shares of TE Connectivity by 9.9% during the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock valued at $14,531,000 after acquiring an additional 9,175 shares in the last quarter. abrdn plc bought a new stake in TE Connectivity during the 4th quarter worth $15,739,000. Finally, Truist Financial Corp raised its position in TE Connectivity by 32.8% in the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker’s stock valued at $18,509,000 after purchasing an additional 31,991 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.

Insider Buying and Selling at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction 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 directly owns 25,976 shares in the company, valued at $3,925,752.88. This trade represents a 13.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on TEL. Truist Financial lowered their price objective on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research note on Thursday, January 23rd. Wells Fargo & Company raised their price target on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Citigroup boosted their price objective on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. StockNews.com lowered TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 28th. Finally, HSBC raised TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target for the company in a research note on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, TE Connectivity presently has a consensus rating of “Hold” and a consensus target price of $167.00.

TE Connectivity Price Performance

TE Connectivity stock opened at $142.04 on Friday. The stock’s 50 day moving average price is $149.32 and its two-hundred day moving average price is $148.38. The stock has a market capitalization of $42.38 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 2.11 and a beta of 1.32. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. TE Connectivity Ltd. has a 52-week low of $137.61 and a 52-week high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period last year, the company posted $1.84 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be issued a $0.71 dividend. The ex-dividend date is Wednesday, May 21st. This represents a $2.84 annualized dividend and a yield of 2.00%. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s dividend payout ratio is presently 45.37%.

TE Connectivity 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.