Cumberland Partners Ltd Takes Position in TE Connectivity Ltd (TEL)
Cumberland Partners Ltd bought a new position in shares of TE Connectivity Ltd (NYSE:TEL) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 167,275 shares of the electronics maker’s stock, valued at approximately $15,898,000. TE Connectivity comprises approximately 2.1% of Cumberland Partners Ltd’s investment portfolio, making the stock its 20th largest holding.
A number of other large investors also recently made changes to their positions in TEL. AllSquare Wealth Management LLC bought a new position in TE Connectivity during the 3rd quarter worth $113,000. Robecosam AG bought a new position in TE Connectivity during the 3rd quarter worth $155,000. BB&T Investment Services Inc. raised its position in TE Connectivity by 87.3% during the 3rd quarter. BB&T Investment Services Inc. now owns 2,038 shares of the electronics maker’s stock worth $168,000 after purchasing an additional 950 shares during the last quarter. Courier Capital LLC bought a new position in TE Connectivity during the 4th quarter worth $207,000. Finally, Armor Investment Advisors LLC bought a new position in shares of TE Connectivity in the 3rd quarter worth about $208,000. 90.07% of the stock is owned by institutional investors and hedge funds.
TE Connectivity Ltd (TEL) opened at $99.61 on Thursday. TE Connectivity Ltd has a 12-month low of $71.93 and a 12-month high of $108.23. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.58 and a quick ratio of 1.03. The firm has a market capitalization of $35,000.00, a PE ratio of 28.96, a PEG ratio of 1.65 and a beta of 1.11.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 9th. Stockholders of record on Friday, February 23rd will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.61%. TE Connectivity’s dividend payout ratio is presently 46.51%.
TE Connectivity announced that its Board of Directors has approved a stock buyback plan on Friday, December 8th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the electronics maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Several research analysts have recently weighed in on TEL shares. Stifel Nicolaus reissued a “buy” rating and issued a $87.00 price objective on shares of TE Connectivity in a research report on Tuesday, October 17th. Zacks Investment Research lowered TE Connectivity from a “hold” rating to a “sell” rating in a research report on Monday, October 23rd. Royal Bank of Canada reissued a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of TE Connectivity in a research report on Monday, October 30th. SunTrust Banks lifted their price objective on TE Connectivity to $90.00 and gave the stock a “hold” rating in a research report on Thursday, November 2nd. They noted that the move was a valuation call. Finally, Citigroup lifted their price objective on TE Connectivity from $92.00 to $106.00 and gave the stock a “buy” rating in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $137.09.
In other news, SVP Eric Resch sold 48,950 shares of the firm’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $93.75, for a total value of $4,589,062.50. Following the completion of the sale, the senior vice president now directly owns 78,129 shares in the company, valued at approximately $7,324,593.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Joseph B. Donahue sold 8,843 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $93.25, for a total value of $824,609.75. Following the completion of the sale, the chief operating officer now owns 44,480 shares of the company’s stock, valued at $4,147,760. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 764,702 shares of company stock valued at $74,389,656. 0.70% of the stock is currently owned by company insiders.
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TE Connectivity Company Profile
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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