TE Connectivity Ltd. (TEL) Stake Decreased by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. lowered its position in TE Connectivity Ltd. (NYSE:TEL) by 83.7% during the third quarter, Holdings Channel reports. The institutional investor owned 306,955 shares of the company’s stock after selling 1,571,063 shares during the period. PNC Financial Services Group Inc.’s holdings in TE Connectivity were worth $19,761,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in TE Connectivity by 106.7% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,274 shares of the company’s stock worth $130,000 after buying an additional 1,174 shares in the last quarter. Financial Architects Inc increased its stake in TE Connectivity by 41.9% in the second quarter. Financial Architects Inc now owns 2,416 shares of the company’s stock worth $138,000 after buying an additional 713 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in TE Connectivity by 0.7% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,594 shares of the company’s stock worth $148,000 after buying an additional 19 shares in the last quarter. Signaturefd LLC boosted its position in shares of TE Connectivity by 8.5% in the second quarter. Signaturefd LLC now owns 3,208 shares of the company’s stock worth $183,000 after buying an additional 252 shares during the last quarter. Finally, Bienville Capital Management LLC acquired a new position in shares of TE Connectivity during the second quarter worth about $202,000. 89.98% of the stock is currently owned by hedge funds and other institutional investors.
TE Connectivity Ltd. (NYSE:TEL) traded up 0.74% during trading on Wednesday, hitting $67.72. 504,193 shares of the stock were exchanged. The firm has a market cap of $24.06 billion, a PE ratio of 12.44 and a beta of 1.20. TE Connectivity Ltd. has a 12-month low of $51.70 and a 12-month high of $69.40. The stock’s 50-day moving average price is $64.18 and its 200-day moving average price is $61.63.
TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, November 2nd. The company reported $1.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.07. TE Connectivity had a net margin of 16.42% and a return on equity of 18.39%. The business had revenue of $3.30 billion for the quarter, compared to analysts’ expectations of $3.62 billion. During the same quarter last year, the company earned $0.90 EPS. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, equities analysts expect that TE Connectivity Ltd. will post $4.36 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 25th will be issued a $0.37 dividend. The ex-dividend date is Tuesday, November 22nd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.20%. TE Connectivity’s dividend payout ratio (DPR) is presently 27.01%.
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TEL has been the subject of a number of research reports. Zacks Investment Research cut shares of TE Connectivity from a “hold” rating to a “sell” rating in a research report on Monday, September 26th. Morgan Stanley restated a “buy” rating on shares of TE Connectivity in a research report on Tuesday, September 20th. RBC Capital Markets restated an “outperform” rating and set a $66.00 target price (up previously from $65.00) on shares of TE Connectivity in a research report on Thursday, November 3rd. Finally, Royal Bank Of Canada lifted their target price on shares of TE Connectivity from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, November 3rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $65.67.
In related news, CEO Thomas J. Lynch sold 123,635 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $62.78, for a total value of $7,761,805.30. Following the completion of the transaction, the chief executive officer now owns 507,776 shares in the company, valued at approximately $31,878,177.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Thomas J. Lynch sold 123,633 shares of the stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $63.07, for a total transaction of $7,797,533.31. Following the completion of the transaction, the chief executive officer now owns 507,812 shares of the company’s stock, valued at approximately $32,027,702.84. The disclosure for this sale can be found here. 1.49% of the stock is currently owned by corporate insiders.
About TE Connectivity
TE Connectivity Ltd. is a technology company, which designs and manufactures connectivity and sensors solutions. The Company operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Company’s segments manufacture and distribute its products and solutions to a range of end markets.
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