Pioneer Investment Management Inc. Boosts Position in TE Connectivity Ltd. (TEL)
Pioneer Investment Management Inc. boosted its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 45.8% during the second quarter, Holdings Channel reports. The institutional investor owned 267,604 shares of the electronics maker’s stock after buying an additional 84,031 shares during the period. Pioneer Investment Management Inc.’s holdings in TE Connectivity were worth $21,055,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of TEL. Daiwa SB Investments Ltd. purchased a new stake in TE Connectivity during the first quarter valued at about $101,000. Guardian Life Insurance Co. of America raised its stake in TE Connectivity by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,370 shares of the electronics maker’s stock valued at $102,000 after buying an additional 9 shares in the last quarter. Duncker Streett & Co. Inc. raised its stake in TE Connectivity by 17.8% in the second quarter. Duncker Streett & Co. Inc. now owns 1,325 shares of the electronics maker’s stock valued at $104,000 after buying an additional 200 shares in the last quarter. First Command Bank raised its stake in TE Connectivity by 19.6% in the second quarter. First Command Bank now owns 1,348 shares of the electronics maker’s stock valued at $106,000 after buying an additional 221 shares in the last quarter. Finally, Webster Bank N. A. raised its stake in TE Connectivity by 675.0% in the first quarter. Webster Bank N. A. now owns 1,550 shares of the electronics maker’s stock valued at $116,000 after buying an additional 1,350 shares in the last quarter. 90.21% of the stock is currently owned by institutional investors and hedge funds.
Shares of TE Connectivity Ltd. (NYSE:TEL) opened at 78.79 on Friday. The firm has a 50-day moving average price of $80.24 and a 200 day moving average price of $76.75. TE Connectivity Ltd. has a 12 month low of $59.62 and a 12 month high of $85.20. The firm has a market capitalization of $27.84 billion, a price-to-earnings ratio of 16.73 and a beta of 1.06.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.07. The business had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.28 billion. TE Connectivity had a return on equity of 19.76% and a net margin of 12.98%. TE Connectivity’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.08 EPS. On average, analysts anticipate that TE Connectivity Ltd. will post $4.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 25th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.03%. The ex-dividend date is Wednesday, August 23rd. TE Connectivity’s dividend payout ratio is 33.97%.
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Several equities research analysts recently issued reports on the company. Zacks Investment Research raised TE Connectivity from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a research report on Monday, May 29th. Cowen and Company reissued a “buy” rating and set a $95.00 price target on shares of TE Connectivity in a research report on Thursday. Royal Bank Of Canada reissued an “outperform” rating and set a $86.00 price target (up from $82.00) on shares of TE Connectivity in a research report on Saturday, April 29th. Deutsche Bank AG upped their price target on TE Connectivity from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Finally, BidaskClub lowered TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $83.43.
In related news, COO Joseph B. Donahue sold 52,575 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $80.03, for a total value of $4,207,577.25. Following the sale, the chief operating officer now owns 93,484 shares of the company’s stock, valued at approximately $7,481,524.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Thomas J. Lynch sold 186,034 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $78.65, for a total value of $14,631,574.10. Following the completion of the sale, the insider now directly owns 504,885 shares in the company, valued at approximately $39,709,205.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 726,407 shares of company stock worth $57,751,239. 1.30% of the stock is owned by 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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