StockNews.com Begins Coverage on TE Connectivity (NYSE:TEL)

StockNews.com started coverage on shares of TE Connectivity (NYSE:TEL) in a report published on Saturday morning. The brokerage issued a buy rating on the electronics maker’s stock.

Several other equities research analysts also recently commented on the company. Bank of America cut their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Vertical Research started coverage on shares of TE Connectivity in a report on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 target price on the stock. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Truist Financial boosted their price target on TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Finally, Robert W. Baird upped their price objective on TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $159.55.

TE Connectivity Stock Performance

Shares of TEL opened at $148.35 on Friday. The stock has a market capitalization of $44.38 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 2.02 and a beta of 1.33. TE Connectivity has a 12 month low of $128.52 and a 12 month high of $159.98. The firm has a fifty day simple moving average of $148.50 and a 200 day simple moving average of $149.29. 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 posted its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting analysts’ consensus estimates of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The company had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4 billion. During the same period in the prior year, the business posted $1.78 EPS. The company’s quarterly revenue was up .8% on a year-over-year basis. Research analysts forecast that TE Connectivity will post 8.13 EPS for the current fiscal year.

TE Connectivity declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 30th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TEL. Price T Rowe Associates Inc. MD grew its stake in shares of TE Connectivity by 54.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock valued at $2,265,218,000 after acquiring an additional 5,526,230 shares in the last quarter. Ameriprise Financial Inc. raised its stake in TE Connectivity by 26.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after purchasing an additional 1,304,199 shares in the last quarter. EdgePoint Investment Group Inc. boosted its holdings in TE Connectivity by 26.0% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock valued at $508,481,000 after purchasing an additional 694,917 shares during the period. Point72 Asset Management L.P. grew its position in shares of 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 purchasing an additional 506,754 shares in the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of TE Connectivity by 43.0% during the second quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock worth $174,955,000 after purchasing an additional 347,315 shares during the period. Institutional investors own 91.43% of the company’s stock.

About TE Connectivity

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.