TE Connectivity’s (TEL) Overweight Rating Reaffirmed at Morgan Stanley
Morgan Stanley reaffirmed their overweight rating on shares of TE Connectivity Ltd. (NYSE:TEL) in a research note issued to investors on Wednesday. Morgan Stanley currently has a $89.00 price target on the electronics maker’s stock.
Several other brokerages have also weighed in on TEL. Zacks Investment Research lowered TE Connectivity from a buy rating to a hold rating in a research report on Tuesday. BidaskClub lowered TE Connectivity from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. Cowen and Company reaffirmed a buy rating and issued a $95.00 target price on shares of TE Connectivity in a research report on Thursday, August 10th. Finally, Royal Bank Of Canada reaffirmed an outperform rating and issued a $86.00 target price on shares of TE Connectivity in a research report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. TE Connectivity presently has an average rating of Hold and an average price target of $84.14.
Shares of TE Connectivity (TEL) traded up 0.07% during midday trading on Wednesday, hitting $82.57. The stock had a trading volume of 251,412 shares. The stock has a 50-day moving average price of $79.70 and a 200-day moving average price of $77.71. The stock has a market cap of $29.18 billion, a P/E ratio of 17.53 and a beta of 1.05. TE Connectivity has a 12-month low of $60.59 and a 12-month high of $85.20.
TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.07. The company 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%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.08 EPS. Equities analysts forecast that TE Connectivity will post $4.75 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 8th. Investors of record on Friday, August 25th were issued a $0.40 dividend. The ex-dividend date was Wednesday, August 23rd. This represents a $1.60 annualized dividend and a yield of 1.94%. TE Connectivity’s dividend payout ratio is currently 33.97%.
In related news, COO Joseph B. Donahue sold 52,575 shares of the 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 completion of the sale, the chief operating officer now directly owns 93,484 shares in the company, valued at approximately $7,481,524.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas J. Lynch sold 186,034 shares of the 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 owns 504,885 shares of the company’s stock, valued at $39,709,205.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 749,165 shares of company stock valued at $59,522,187. 1.30% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in TEL. BlackRock Inc. increased its holdings in TE Connectivity by 1,777.1% in the 1st quarter. BlackRock Inc. now owns 17,203,935 shares of the electronics maker’s stock valued at $1,282,551,000 after purchasing an additional 16,287,414 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in TE Connectivity by 112,210.6% in the 2nd quarter. First Eagle Investment Management LLC now owns 1,684,659 shares of the electronics maker’s stock valued at $132,549,000 after purchasing an additional 1,683,159 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in TE Connectivity by 234,499.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 1,616,388 shares of the electronics maker’s stock valued at $120,502,000 after purchasing an additional 1,615,699 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in TE Connectivity by 499.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,386,610 shares of the electronics maker’s stock valued at $109,098,000 after purchasing an additional 1,155,316 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in TE Connectivity by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 22,790,216 shares of the electronics maker’s stock valued at $1,699,010,000 after purchasing an additional 796,516 shares in the last quarter. Hedge funds and other institutional investors own 90.08% of the company’s stock.
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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