Portfolio Design Labs LLC Lowers Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Portfolio Design Labs LLC decreased its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 85.7% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,072 shares of the electronics maker’s stock after selling 12,437 shares during the quarter. Portfolio Design Labs LLC’s holdings in TE Connectivity were worth $313,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TEL. Connor Clark & Lunn Investment Management Ltd. lifted its stake in TE Connectivity by 769.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 112,401 shares of the electronics maker’s stock worth $16,997,000 after purchasing an additional 99,466 shares in the last quarter. Commerce Bank lifted its stake in TE Connectivity by 0.4% in the 3rd quarter. Commerce Bank now owns 405,318 shares of the electronics maker’s stock worth $61,199,000 after purchasing an additional 1,649 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in TE Connectivity by 0.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 116,966 shares of the electronics maker’s stock worth $17,661,000 after purchasing an additional 889 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in TE Connectivity by 39.1% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 4,389 shares of the electronics maker’s stock worth $663,000 after purchasing an additional 1,233 shares in the last quarter. Finally, Meeder Advisory Services Inc. lifted its stake in TE Connectivity by 3.2% in the 3rd quarter. Meeder Advisory Services Inc. now owns 9,434 shares of the electronics maker’s stock worth $1,424,000 after purchasing an additional 291 shares in the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Wall Street Analysts Forecast Growth

TEL has been the topic of several recent research reports. HSBC cut shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price on the stock. in a research report on Thursday, October 31st. The Goldman Sachs Group decreased their target price on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Truist Financial upped their target price on shares of TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Robert W. Baird upped their target price on shares of TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, StockNews.com initiated coverage on shares of TE Connectivity in a research report on Saturday, November 16th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $159.55.

TE Connectivity Price Performance

Shares of TEL stock opened at $147.88 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. The company has a market capitalization of $44.24 billion, a P/E ratio of 14.40, a P/E/G ratio of 2.00 and a beta of 1.33. The company’s 50-day simple moving average is $148.70 and its two-hundred day simple moving average is $149.44. TE Connectivity Ltd. has a one year low of $128.52 and a one year high of $159.98.

TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting analysts’ consensus estimates of $1.95. The business had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 EPS. As a group, equities analysts anticipate that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

TE Connectivity Announces Dividend

The firm also recently declared a dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 25th will be given a $0.65 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a dividend yield of 1.75%. TE Connectivity’s payout ratio is presently 25.32%.

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.