Holocene Advisors LP Buys Shares of 66,483 TE Connectivity Ltd. (NYSE:TEL)

Holocene Advisors LP acquired a new stake in TE Connectivity Ltd. (NYSE:TEL) in the 3rd quarter, Holdings Channel reports. The firm acquired 66,483 shares of the electronics maker’s stock, valued at approximately $10,038,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Simplicity Wealth LLC boosted its stake in shares of TE Connectivity by 2.7% in the 2nd quarter. Simplicity Wealth LLC now owns 2,509 shares of the electronics maker’s stock valued at $377,000 after buying an additional 67 shares during the period. Optas LLC boosted its stake in shares of TE Connectivity by 4.2% in the 3rd quarter. Optas LLC now owns 1,778 shares of the electronics maker’s stock valued at $268,000 after buying an additional 71 shares during the period. Gradient Investments LLC boosted its stake in shares of TE Connectivity by 2.2% in the 2nd quarter. Gradient Investments LLC now owns 3,602 shares of the electronics maker’s stock valued at $542,000 after buying an additional 76 shares during the period. Commerzbank Aktiengesellschaft FI boosted its stake in shares of TE Connectivity by 3.4% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 2,297 shares of the electronics maker’s stock valued at $346,000 after buying an additional 76 shares during the period. Finally, OLD National Bancorp IN boosted its stake in shares of TE Connectivity by 3.6% in the 3rd quarter. OLD National Bancorp IN now owns 2,478 shares of the electronics maker’s stock valued at $374,000 after buying an additional 85 shares during the period. Hedge funds and other institutional investors own 91.43% of the company’s stock.

TE Connectivity Trading Down 1.6 %

NYSE:TEL opened at $151.86 on Wednesday. The firm has a market cap of $45.43 billion, a P/E ratio of 14.79, a PEG ratio of 2.10 and a beta of 1.32. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27. The stock’s 50 day simple moving average is $149.52 and its 200-day simple moving average is $149.73. TE Connectivity Ltd. has a 12-month low of $128.52 and a 12-month high of $159.98.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.95. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.78 earnings per share. Equities analysts anticipate that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity announced that its board has approved a share buyback program on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wells Fargo & Company decreased their target price on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research note on Friday, September 20th. The Goldman Sachs Group decreased their target price on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Bank of America decreased their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Finally, StockNews.com assumed coverage on TE Connectivity in a research note on Sunday, November 24th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $159.55.

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.