First Manhattan Co. Has $261,000 Stake in TE Connectivity Ltd. (NYSE:TEL)
First Manhattan Co. held its position in shares of TE Connectivity Ltd. (NYSE:TEL) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,318 shares of the electronics maker’s stock at the end of the second quarter. First Manhattan Co.’s holdings in TE Connectivity were worth $261,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of TEL. Macquarie Group Ltd. raised its position in shares of TE Connectivity by 198.4% in the fourth quarter. Macquarie Group Ltd. now owns 27,600 shares of the electronics maker’s stock worth $1,912,000 after buying an additional 18,350 shares in the last quarter. Creative Planning raised its position in shares of TE Connectivity by 0.3% in the first quarter. Creative Planning now owns 19,168 shares of the electronics maker’s stock worth $1,429,000 after buying an additional 48 shares in the last quarter. Bank of Montreal Can raised its position in shares of TE Connectivity by 25.3% in the first quarter. Bank of Montreal Can now owns 508,027 shares of the electronics maker’s stock worth $37,874,000 after buying an additional 102,712 shares in the last quarter. Daiwa SB Investments Ltd. bought a new position in shares of TE Connectivity during the first quarter worth $101,000. Finally, Regentatlantic Capital LLC raised its position in shares of TE Connectivity by 5.8% in the first quarter. Regentatlantic Capital LLC now owns 13,973 shares of the electronics maker’s stock worth $1,042,000 after buying an additional 770 shares in the last quarter. Hedge funds and other institutional investors own 90.21% of the company’s stock.
Shares of TE Connectivity Ltd. (TEL) opened at 78.79 on Friday. The stock has a market cap of $27.84 billion, a P/E ratio of 16.73 and a beta of 1.06. The company’s 50-day moving average is $80.24 and its 200-day moving average is $76.75. TE Connectivity Ltd. has a 1-year low of $59.62 and a 1-year high of $85.20.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.07. TE Connectivity had a net margin of 12.98% and a return on equity of 19.76%. The firm had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter last year, the company earned $1.08 EPS. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities analysts expect that TE Connectivity Ltd. will post $4.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 25th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $1.60 annualized dividend and a yield of 2.03%. TE Connectivity’s dividend payout ratio (DPR) is presently 33.97%.
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A number of equities analysts recently weighed in on TEL shares. Deutsche Bank AG upped their target price on shares of TE Connectivity from $75.00 to $82.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Morgan Stanley upped their target price on shares of TE Connectivity from $85.00 to $87.00 and gave the stock an “overweight” rating in a research report on Friday, April 28th. Royal Bank Of Canada restated an “outperform” rating and set a $86.00 target price (up previously from $82.00) on shares of TE Connectivity in a research report on Saturday, April 29th. Zacks Investment Research lowered shares of TE Connectivity from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. Finally, Cowen and Company restated an “outperform” rating and set a $95.00 target price (up previously from $90.00) on shares of TE Connectivity in a research report on Monday, June 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $83.43.
In other TE Connectivity news, SVP Robert J. Ott sold 31,400 shares of TE Connectivity stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $79.14, for a total transaction of $2,484,996.00. Following the sale, the senior vice president now owns 42,371 shares of the company’s stock, valued at approximately $3,353,240.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas J. Lynch sold 131,875 shares of TE Connectivity stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $79.58, for a total transaction of $10,494,612.50. Following the sale, the insider now directly owns 450,694 shares in the company, valued at approximately $35,866,228.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 726,407 shares of company stock worth $57,751,239. 1.30% of the stock is currently owned by corporate insiders.
About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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