First Trust Direct Indexing L.P. Trims Stock Position in TE Connectivity Ltd. (NYSE:TEL)

First Trust Direct Indexing L.P. cut its stake in TE Connectivity Ltd. (NYSE:TEL) by 12.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,778 shares of the electronics maker’s stock after selling 1,742 shares during the period. First Trust Direct Indexing L.P.’s holdings in TE Connectivity were worth $1,929,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc lifted its position in TE Connectivity by 209.8% in the second quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 128 shares during the last quarter. Olistico Wealth LLC purchased a new stake in shares of TE Connectivity in the second quarter valued at about $30,000. Armstrong Advisory Group Inc. raised its holdings in shares of TE Connectivity by 208.3% in the third quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock valued at $34,000 after buying an additional 150 shares during the last quarter. Bank & Trust Co purchased a new stake in shares of TE Connectivity in the second quarter valued at about $35,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of TE Connectivity by 2,450.0% in the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock valued at $39,000 after buying an additional 245 shares during the last quarter. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Trading Down 0.5 %

Shares of TEL opened at $151.83 on Thursday. The company has a current ratio of 1.51, a quick ratio of 0.99 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average is $148.06 and its two-hundred day moving average is $148.40. TE Connectivity Ltd. has a twelve month low of $116.01 and a twelve month high of $159.98. The firm has a market capitalization of $46.49 billion, a P/E ratio of 13.89, a PEG ratio of 1.92 and a beta of 1.33.

TE Connectivity declared that its Board of Directors has authorized a stock repurchase program on Wednesday, October 30th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the electronics maker to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. HSBC cut shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $162.00 target price for the company. in a report on Wednesday, July 24th. Hsbc Global Res raised shares of TE Connectivity to a “hold” rating in a report on Wednesday, July 24th. StockNews.com assumed coverage on shares of TE Connectivity in a report on Thursday. They issued a “buy” rating for the company. The Goldman Sachs Group reduced their target price on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, Truist Financial boosted their price target on shares of TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $161.82.

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.