First Trust Direct Indexing L.P. Trims Stock Position in TE Connectivity Ltd. (NYSE:TEL)

First Trust Direct Indexing L.P. lessened its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 12.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,778 shares of the electronics maker’s stock after selling 1,742 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in TE Connectivity were worth $1,929,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TEL. Wealth Enhancement Advisory Services LLC raised its position in shares of TE Connectivity by 19.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 26,053 shares of the electronics maker’s stock valued at $3,784,000 after buying an additional 4,272 shares during the period. Norden Group LLC acquired a new stake in TE Connectivity in the 1st quarter valued at approximately $575,000. Legacy Wealth Asset Management LLC increased its holdings in TE Connectivity by 2.3% in the 1st quarter. Legacy Wealth Asset Management LLC now owns 5,791 shares of the electronics maker’s stock valued at $841,000 after purchasing an additional 128 shares during the last quarter. Ashton Thomas Private Wealth LLC increased its holdings in TE Connectivity by 62.1% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 12,996 shares of the electronics maker’s stock valued at $1,888,000 after purchasing an additional 4,981 shares during the last quarter. Finally, SpiderRock Advisors LLC acquired a new stake in TE Connectivity in the 1st quarter valued at approximately $391,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on TEL shares. StockNews.com started coverage on shares of TE Connectivity in a report on Thursday. They issued a “buy” rating for the company. Vertical Research began coverage on shares of TE Connectivity in a report on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 target price for the company. Bank of America dropped their price target on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Robert W. Baird boosted their price target on shares of TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, The Goldman Sachs Group dropped their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, TE Connectivity has an average rating of “Hold” and an average price target of $161.82.

TE Connectivity Price Performance

TE Connectivity stock opened at $151.83 on Thursday. The stock has a market cap of $46.49 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.92 and a beta of 1.33. The company has a fifty day simple moving average of $148.06 and a 200-day simple moving average of $148.40. TE Connectivity Ltd. has a 12-month low of $116.01 and a 12-month high of $159.98. The company has a current ratio of 1.51, a quick ratio of 0.99 and a debt-to-equity ratio of 0.23.

TE Connectivity announced that its board has initiated a stock buyback program on Wednesday, October 30th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the electronics maker to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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.