Deutsche Bank AG lifted its stake in TE Connectivity Ltd (NYSE:TEL) by 72.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,474,404 shares of the electronics maker’s stock after buying an additional 1,039,280 shares during the quarter. Deutsche Bank AG owned approximately 0.73% of TE Connectivity worth $187,134,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new position in TE Connectivity during the fourth quarter valued at $25,000. Taylor Hoffman Wealth Management increased its position in TE Connectivity by 432.8% during the fourth quarter. Taylor Hoffman Wealth Management now owns 357 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 290 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in TE Connectivity by 7,370.9% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,870,688 shares of the electronics maker’s stock valued at $38,000 after acquiring an additional 2,832,263 shares during the last quarter. Patten Group Inc. bought a new position in TE Connectivity during the fourth quarter valued at $41,000. Finally, Bruderman Asset Management LLC increased its position in TE Connectivity by 916.7% during the fourth quarter. Bruderman Asset Management LLC now owns 610 shares of the electronics maker’s stock valued at $46,000 after acquiring an additional 550 shares during the last quarter. 91.44% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP Eric Resch sold 34,050 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $82.70, for a total transaction of $2,815,935.00. Following the transaction, the senior vice president now owns 68,790 shares in the company, valued at $5,688,933. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Heath A. Mitts sold 12,908 shares of the company’s stock in a transaction dated Wednesday, February 6th. The shares were sold at an average price of $83.05, for a total transaction of $1,072,009.40. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate insiders.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, January 23rd. The electronics maker reported $1.29 EPS for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.38 billion. TE Connectivity had a net margin of 20.06% and a return on equity of 19.22%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $1.40 earnings per share. As a group, equities research analysts anticipate that TE Connectivity Ltd will post 5.45 earnings per share for the current year.
TE Connectivity declared that its board has initiated a stock buyback plan on Friday, December 14th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the electronics maker to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 22nd were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Thursday, February 21st. TE Connectivity’s dividend payout ratio (DPR) is presently 31.37%.
A number of research analysts have recently commented on TEL shares. Royal Bank of Canada restated a “buy” rating and issued a $92.00 price target on shares of TE Connectivity in a report on Sunday, January 6th. Robert W. Baird restated a “hold” rating and issued a $79.00 price target on shares of TE Connectivity in a report on Sunday, January 6th. Jefferies Financial Group started coverage on shares of TE Connectivity in a report on Tuesday, December 4th. They issued a “hold” rating and a $84.00 price target on the stock. Zacks Investment Research upgraded shares of TE Connectivity from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. Finally, ValuEngine cut shares of TE Connectivity from a “hold” rating to a “sell” rating in a report on Thursday, February 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. TE Connectivity has a consensus rating of “Hold” and a consensus target price of $95.00.
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About TE Connectivity
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
Further Reading: Return on Investment (ROI)
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