TE Connectivity (NYSE:TEL) Stock Price Up 4.5% After Strong Earnings

TE Connectivity Ltd. (NYSE:TEL) traded up 4.5% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $159.29 and last traded at $158.14. 450,317 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 1,940,436 shares. The stock had previously closed at $151.40.

The electronics maker reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.05. The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $4.01 billion. TE Connectivity had a net margin of 21.94% and a return on equity of 18.53%. TE Connectivity’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the business posted $1.77 EPS.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TEL. Vertical Research began coverage on shares of TE Connectivity in a research note on Tuesday. They set a “hold” rating and a $155.00 target price for the company. Hsbc Global Res upgraded shares of TE Connectivity to a “hold” rating in a research report on Wednesday. HSBC downgraded shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $162.00 price target on the stock. in a research report on Wednesday. StockNews.com began coverage on shares of TE Connectivity in a research report on Friday, July 19th. They set a “buy” rating on the stock. Finally, Bank of America boosted their price target on shares of TE Connectivity from $165.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, TE Connectivity currently has an average rating of “Hold” and an average price target of $158.45.

Insider Activity

In other news, insider Shadrak W. Kroeger sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $149.86, for a total transaction of $749,300.00. Following the sale, the insider now owns 25,976 shares in the company, valued at $3,892,763.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Mark Trudeau sold 7,044 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $141.49, for a total transaction of $996,655.56. Following the transaction, the director now directly owns 5,917 shares of the company’s stock, valued at $837,196.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shadrak W. Kroeger sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $149.86, for a total transaction of $749,300.00. Following the transaction, the insider now directly owns 25,976 shares in the company, valued at $3,892,763.36. The disclosure for this sale can be found here. Insiders have sold 20,794 shares of company stock worth $3,102,206 over the last 90 days. 0.86% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Catalyst Financial Partners LLC purchased a new position in TE Connectivity during the second quarter valued at approximately $281,000. Atlantic Union Bankshares Corp grew its position in TE Connectivity by 420.0% in the second quarter. Atlantic Union Bankshares Corp now owns 11,836 shares of the electronics maker’s stock worth $1,780,000 after acquiring an additional 9,560 shares in the last quarter. LRI Investments LLC grew its position in TE Connectivity by 1,613.8% in the second quarter. LRI Investments LLC now owns 497 shares of the electronics maker’s stock worth $75,000 after acquiring an additional 468 shares in the last quarter. EdgeRock Capital LLC bought a new stake in TE Connectivity in the second quarter worth approximately $56,000. Finally, Family Firm Inc. bought a new stake in TE Connectivity in the second quarter worth approximately $43,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Price Performance

The company has a quick ratio of 0.92, a current ratio of 1.51 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $47.32 billion, a P/E ratio of 14.14, a P/E/G ratio of 2.14 and a beta of 1.33. The company’s 50-day simple moving average is $151.13 and its 200 day simple moving average is $144.95.

TE Connectivity Company 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.