Advisors Asset Management Inc. Sells 2,410 Shares of TE Connectivity Ltd. (NYSE:TEL)

Advisors Asset Management Inc. lowered its position in TE Connectivity Ltd. (NYSE:TEL) by 8.2% during the 3rd quarter, Holdings Channel reports. The firm owned 26,869 shares of the electronics maker’s stock after selling 2,410 shares during the quarter. Advisors Asset Management Inc.’s holdings in TE Connectivity were worth $4,057,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TEL. Ameriprise Financial Inc. grew its position in shares of TE Connectivity by 26.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after buying an additional 1,304,199 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in TE Connectivity by 238.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock worth $108,212,000 after acquiring an additional 506,754 shares in the last quarter. Bank of Montreal Can grew its holdings in TE Connectivity by 43.0% during the 2nd quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock worth $174,955,000 after acquiring an additional 347,315 shares in the last quarter. Toronto Dominion Bank increased its position in TE Connectivity by 141.3% during the 2nd quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock valued at $70,445,000 after purchasing an additional 274,206 shares during the period. Finally, Mizuho Securities USA LLC raised its holdings in shares of TE Connectivity by 982.6% in the 3rd quarter. Mizuho Securities USA LLC now owns 255,659 shares of the electronics maker’s stock valued at $38,602,000 after purchasing an additional 232,044 shares in the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on TEL. The Goldman Sachs Group cut their price objective on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. HSBC downgraded TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price target on the stock. in a report on Thursday, October 31st. Bank of America dropped their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Wells Fargo & Company reduced their target price on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a report on Friday, September 20th. Finally, Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $159.55.

TE Connectivity Trading Up 1.6 %

Shares of TE Connectivity stock opened at $152.26 on Friday. The firm’s 50 day simple moving average is $148.96 and its two-hundred day simple moving average is $149.52. The firm has a market capitalization of $45.55 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 2.00 and a beta of 1.33. TE Connectivity Ltd. has a 12-month low of $128.52 and a 12-month high of $159.98. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The firm had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4 billion. During the same period in the prior year, the firm earned $1.78 EPS. The firm’s revenue was up .8% on a year-over-year basis. Analysts predict that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity announced that its board has approved a share buyback program on Wednesday, October 30th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

TE Connectivity Profile

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor 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.