Prudential Financial Inc. Sells 31,494 Shares of TE Connectivity Ltd. (TEL)
Prudential Financial Inc. reduced its stake in TE Connectivity Ltd. (NYSE:TEL) by 6.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 480,371 shares of the electronics maker’s stock after selling 31,494 shares during the quarter. Prudential Financial Inc. owned about 0.14% of TE Connectivity worth $39,900,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Duncker Streett & Co. Inc. lifted its position in TE Connectivity by 17.8% during the second quarter. Duncker Streett & Co. Inc. now owns 1,325 shares of the electronics maker’s stock worth $104,000 after buying an additional 200 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in TE Connectivity by 38.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock worth $109,000 after buying an additional 384 shares during the period. Acrospire Investment Management LLC purchased a new position in TE Connectivity during the second quarter worth about $126,000. Harfst & Associates Inc. lifted its position in TE Connectivity by 46.2% during the second quarter. Harfst & Associates Inc. now owns 1,722 shares of the electronics maker’s stock worth $135,000 after buying an additional 544 shares during the period. Finally, Orrstown Financial Services Inc. lifted its position in TE Connectivity by 7.9% during the second quarter. Orrstown Financial Services Inc. now owns 1,835 shares of the electronics maker’s stock worth $144,000 after buying an additional 135 shares during the period. Institutional investors and hedge funds own 90.07% of the company’s stock.
In other news, CFO Heath A. Mitts sold 10,736 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $93.14, for a total value of $999,951.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas J. Lynch sold 186,033 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $79.29, for a total value of $14,750,556.57. Following the completion of the sale, the insider now owns 298,851 shares of the company’s stock, valued at approximately $23,695,895.79. The disclosure for this sale can be found here. Insiders have sold 512,503 shares of company stock valued at $43,640,863 over the last 90 days. 1.49% of the stock is currently owned by insiders.
TEL has been the topic of several recent analyst reports. BidaskClub downgraded TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Morgan Stanley reduced their target price on TE Connectivity from GBX 350 ($4.60) to GBX 269 ($3.54) and set an “overweight” rating on the stock in a research report on Tuesday, August 8th. Royal Bank Of Canada reduced their target price on TE Connectivity from GBX 300 ($3.95) to GBX 225 ($2.96) and set an “outperform” rating on the stock in a research report on Thursday, August 10th. Cowen and Company reiterated a “buy” rating and set a $95.00 target price on shares of TE Connectivity in a research report on Thursday, August 10th. Finally, Zacks Investment Research downgraded TE Connectivity from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $150.00.
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Shares of TE Connectivity Ltd. (NYSE:TEL) opened at $93.53 on Monday. The company has a market capitalization of $33,052.02, a PE ratio of 19.36, a price-to-earnings-growth ratio of 1.81 and a beta of 1.06. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.07 and a current ratio of 1.54. TE Connectivity Ltd. has a 12 month low of $66.13 and a 12 month high of $93.75.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, November 1st. The electronics maker reported $1.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.09. The company had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.28 billion. TE Connectivity had a return on equity of 18.97% and a net margin of 12.84%. The firm’s revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.22 earnings per share. sell-side analysts anticipate that TE Connectivity Ltd. will post 5.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 24th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, November 22nd. This represents a $1.60 annualized dividend and a yield of 1.71%. TE Connectivity’s dividend payout ratio is presently 33.97%.
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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