Renaissance Technologies LLC Has $48.35 Million Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Renaissance Technologies LLC lowered its stake in TE Connectivity Ltd. (NYSE:TEL) by 64.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 321,400 shares of the electronics maker’s stock after selling 571,000 shares during the quarter. Renaissance Technologies LLC’s holdings in TE Connectivity were worth $48,348,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Salem Investment Counselors Inc. increased its position in shares of TE Connectivity by 112.4% in the first quarter. Salem Investment Counselors Inc. now owns 189 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 100 shares in the last quarter. Versant Capital Management Inc boosted its stake in TE Connectivity by 209.8% in the 2nd quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 128 shares during the period. Olistico Wealth LLC purchased a new position in TE Connectivity during the 2nd quarter worth approximately $30,000. Bank & Trust Co acquired a new stake in TE Connectivity during the 2nd quarter valued at $35,000. Finally, Crewe Advisors LLC purchased a new stake in shares of TE Connectivity in the fourth quarter valued at $33,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Stock Performance

Shares of NYSE TEL opened at $147.78 on Wednesday. The business’s 50-day simple moving average is $150.00 and its 200-day simple moving average is $147.36. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 1.51. TE Connectivity Ltd. has a 52 week low of $115.00 and a 52 week high of $159.98. The firm has a market cap of $45.25 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.96 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $1.91 EPS for the quarter, beating the consensus estimate of $1.86 by $0.05. TE Connectivity had a return on equity of 18.53% and a net margin of 21.94%. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter last year, the company posted $1.77 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities research analysts expect that TE Connectivity Ltd. will post 7.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

TEL has been the topic of a number of research analyst reports. Robert W. Baird lifted their price target on TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Truist Financial lifted their target price on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Vertical Research initiated coverage on shares of TE Connectivity in a research report on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 price target for the company. Bank of America boosted their price objective on shares of TE Connectivity from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, HSBC lowered shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $162.00 price objective on the stock. in a research note on Wednesday, July 24th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $158.45.

Insiders Place Their Bets

In other news, insider Aaron Kyle Stucki sold 8,750 shares of TE Connectivity stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $155.00, for a total value of $1,356,250.00. Following the transaction, the insider now directly owns 20,556 shares in the company, valued at $3,186,180. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other TE Connectivity news, SVP Robert J. Ott sold 2,913 shares of the firm’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $154.59, for a total value of $450,320.67. Following the sale, the senior vice president now directly owns 25,504 shares in the company, valued at approximately $3,942,663.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Aaron Kyle Stucki sold 8,750 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $155.00, for a total transaction of $1,356,250.00. Following the transaction, the insider now directly owns 20,556 shares of the company’s stock, valued at approximately $3,186,180. The disclosure for this sale can be found here. Insiders sold a total of 71,363 shares of company stock valued at $11,042,161 in the last quarter. Insiders own 0.86% of the company’s stock.

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.