Retirement Systems of Alabama Trims Position in TE Connectivity Ltd. (NYSE:TEL)

Retirement Systems of Alabama trimmed its position in TE Connectivity Ltd. (NYSE:TEL) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 66,320 shares of the electronics maker’s stock after selling 1,231 shares during the quarter. Retirement Systems of Alabama’s holdings in TE Connectivity were worth $10,014,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TEL. Ameriprise Financial Inc. boosted its holdings in TE Connectivity by 26.2% in the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after purchasing an additional 1,304,199 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of TE Connectivity by 31.1% in the third quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after purchasing an additional 712,228 shares during the period. EdgePoint Investment Group Inc. grew its stake in shares of TE Connectivity by 26.0% in the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock worth $508,481,000 after acquiring an additional 694,917 shares in the last quarter. Point72 Asset Management L.P. raised its position in TE Connectivity by 238.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock valued at $108,212,000 after purchasing an additional 506,754 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of TE Connectivity by 43.0% during the second quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock worth $174,955,000 after buying an additional 347,315 shares during the period. 91.43% of the stock is currently owned by institutional investors.

TE Connectivity Stock Down 0.1 %

TE Connectivity stock opened at $149.95 on Tuesday. The firm’s fifty day simple moving average is $150.21 and its 200-day simple moving average is $149.78. TE Connectivity Ltd. has a 1-year low of $128.52 and a 1-year high of $159.98. 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 company has a market capitalization of $44.86 billion, a P/E ratio of 14.60, a P/E/G ratio of 2.04 and a beta of 1.32.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting analysts’ consensus estimates of $1.95. The company had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company earned $1.78 EPS. Sell-side analysts forecast that TE Connectivity Ltd. will post 8.14 earnings per share for the current fiscal year.

TE Connectivity announced that its Board of Directors has authorized a share repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

TEL has been the subject of several analyst reports. StockNews.com upgraded TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 4th. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. Wolfe Research raised shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. Bank of America reduced their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, The Goldman Sachs Group decreased their price objective 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $159.36.

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.