Cross Research upgraded shares of TE Connectivity (NYSE:TEL) from a hold rating to a buy rating in a research note published on Friday morning, The Fly reports.
Other research analysts have also issued research reports about the stock. Royal Bank of Canada dropped their price target on shares of TE Connectivity from $100.00 to $95.00 and set an outperform rating on the stock in a research note on Thursday, November 2nd. Zacks Investment Research lowered shares of TE Connectivity from a buy rating to a hold rating in a research note on Tuesday, September 5th. Cowen reaffirmed a buy rating and set a $95.00 price objective on shares of TE Connectivity in a report on Thursday, August 10th. Citigroup upped their price objective on shares of TE Connectivity from $92.00 to $106.00 and gave the stock a buy rating in a report on Thursday, November 2nd. Finally, Morgan Stanley upped their price objective on shares of TE Connectivity from $89.00 to $97.00 and gave the stock an overweight rating in a report on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. TE Connectivity currently has a consensus rating of Buy and an average price target of $151.07.
TE Connectivity (NYSE TEL) opened at $95.04 on Friday. TE Connectivity has a 12 month low of $66.20 and a 12 month high of $96.68. The company has a market cap of $33,324.65, a price-to-earnings ratio of 19.62, a PEG ratio of 1.65 and a beta of 1.08. 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 announced that its board has initiated a stock buyback program on Friday, December 8th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the electronics maker to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Friday, November 24th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend was Wednesday, November 22nd. TE Connectivity’s dividend payout ratio is currently 33.97%.
In other TE Connectivity news, SVP Eric Resch sold 48,950 shares of the stock in a transaction on Tuesday, November 14th. The shares were 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 of the company’s stock, valued at approximately $7,324,593.75. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Mario Calastri sold 8,539 shares of the stock in a transaction on Monday, November 6th. The shares were sold at an average price of $93.27, for a total transaction of $796,432.53. The disclosure for this sale can be found here. Over the last three months, insiders sold 759,805 shares of company stock valued at $69,542,539. Insiders own 1.49% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Sage Capital Advisors llc raised its stake in shares of TE Connectivity by 22.0% in the 3rd quarter. Sage Capital Advisors llc now owns 15,649 shares of the electronics maker’s stock valued at $1,300,000 after buying an additional 2,822 shares in the last quarter. Shelton Capital Management raised its stake in shares of TE Connectivity by 1,134.1% in the 3rd quarter. Shelton Capital Management now owns 39,936 shares of the electronics maker’s stock valued at $3,317,000 after buying an additional 36,700 shares in the last quarter. Gofen & Glossberg LLC IL acquired a new position in shares of TE Connectivity in the 3rd quarter valued at $376,000. Belpointe Asset Management LLC acquired a new position in shares of TE Connectivity in the 3rd quarter valued at $233,000. Finally, Dana Investment Advisors Inc. raised its stake in shares of TE Connectivity by 1,491.4% in the 3rd quarter. Dana Investment Advisors Inc. now owns 89,294 shares of the electronics maker’s stock valued at $7,417,000 after buying an additional 83,683 shares in the last quarter. 90.22% of the stock is owned by hedge funds and other institutional investors.
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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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