Gulf International Bank UK Ltd Sells 1,085 Shares of TE Connectivity Ltd. (NYSE:TEL)

Gulf International Bank UK Ltd decreased its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 4.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,906 shares of the electronics maker’s stock after selling 1,085 shares during the period. Gulf International Bank UK Ltd’s holdings in TE Connectivity were worth $3,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc grew its position in shares of TE Connectivity by 209.8% during the 2nd 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 period. Olistico Wealth LLC bought a new position in TE Connectivity in the 2nd quarter worth $30,000. Armstrong Advisory Group Inc. boosted its holdings in TE Connectivity by 208.3% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock worth $34,000 after buying an additional 150 shares during the period. Bank & Trust Co bought a new position in TE Connectivity in the 2nd quarter worth $35,000. Finally, Wolff Wiese Magana LLC boosted its holdings in TE Connectivity by 2,450.0% in the 3rd quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after buying an additional 245 shares during the period. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Performance

TE Connectivity stock opened at $149.14 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. TE Connectivity Ltd. has a 1-year low of $123.79 and a 1-year high of $159.98. The firm has a market capitalization of $45.33 billion, a P/E ratio of 14.52, a price-to-earnings-growth ratio of 2.04 and a beta of 1.33. The company’s 50-day moving average is $147.83 and its 200 day moving average is $148.67.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share 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 for the quarter, compared to analyst estimates of $4 billion. During the same period in the prior year, the company posted $1.78 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. Research analysts forecast that TE Connectivity Ltd. will post 8.14 EPS for the current year.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. The Goldman Sachs Group dropped 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. Vertical Research assumed coverage on shares of TE Connectivity in a research note on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 price target 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 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. Finally, Bank of America decreased their price target on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, TE Connectivity presently has a consensus rating of “Hold” and a consensus target price of $159.55.

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.