Rhumbline Advisers Has $28.02 Million Position in TE Connectivity Ltd (TEL)
Rhumbline Advisers trimmed its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 1.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 318,622 shares of the electronics maker’s stock after selling 5,141 shares during the quarter. Rhumbline Advisers’ holdings in TE Connectivity were worth $28,016,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in TE Connectivity by 4.2% in the first quarter. Principal Financial Group Inc. now owns 686,822 shares of the electronics maker’s stock valued at $68,614,000 after purchasing an additional 27,495 shares during the period. Cornerstone Wealth Management LLC acquired a new stake in shares of TE Connectivity in the second quarter valued at $489,000. Zeke Capital Advisors LLC grew its stake in shares of TE Connectivity by 18.4% in the second quarter. Zeke Capital Advisors LLC now owns 9,123 shares of the electronics maker’s stock valued at $822,000 after buying an additional 1,419 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of TE Connectivity by 4.3% in the second quarter. Janney Montgomery Scott LLC now owns 89,022 shares of the electronics maker’s stock valued at $8,017,000 after buying an additional 3,655 shares in the last quarter. Finally, Aurora Investment Counsel acquired a new stake in shares of TE Connectivity in the second quarter valued at $962,000. 89.01% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on TEL. Morgan Stanley dropped their price objective on TE Connectivity from $117.00 to $116.00 and set an “overweight” rating for the company in a research note on Thursday, July 26th. Royal Bank of Canada set a $114.00 target price on TE Connectivity and gave the stock a “buy” rating in a research note on Tuesday, September 25th. Robert W. Baird cut TE Connectivity from an “outperform” rating to a “neutral” rating in a research note on Monday, October 1st. ValuEngine cut TE Connectivity from a “hold” rating to a “sell” rating in a research note on Wednesday, October 3rd. Finally, Macquarie assumed coverage on TE Connectivity in a research note on Monday, October 8th. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $108.00.
TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, October 31st. The electronics maker reported $1.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.02. The firm had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.65 billion. TE Connectivity had a return on equity of 20.06% and a net margin of 17.69%. TE Connectivity’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 EPS. As a group, research analysts forecast that TE Connectivity Ltd will post 5.78 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $1.76 annualized dividend and a dividend yield of 2.37%. TE Connectivity’s dividend payout ratio is currently 31.37%.
About TE Connectivity
TE Connectivity Ltd., together with its subsidiaries, engages in the design, manufacture, and sale of connectivity and sensors solutions in the Americas, Europe, the Middle East, Africa, and the AsiaPacific. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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