RWC Asset Management LLP Takes Position in TE Connectivity Ltd. (NYSE:TEL)

RWC Asset Management LLP purchased a new position in TE Connectivity Ltd. (NYSE:TEL) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 130,808 shares of the electronics maker’s stock, valued at approximately $18,702,000.

A number of other hedge funds also recently bought and sold shares of the business. Pinnacle Bancorp Inc. purchased a new position in shares of TE Connectivity in the 4th quarter worth $26,000. Golden State Wealth Management LLC bought a new position in shares of TE Connectivity in the 4th quarter valued at about $44,000. Hilltop National Bank purchased a new position in TE Connectivity in the fourth quarter worth about $55,000. Deseret Mutual Benefit Administrators bought a new stake in TE Connectivity during the fourth quarter worth approximately $57,000. Finally, Webster Bank N. A. purchased a new stake in TE Connectivity during the fourth quarter valued at approximately $61,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TEL. Wells Fargo & Company lifted their target price on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Truist Financial dropped their price objective on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research note on Thursday, January 23rd. Robert W. Baird increased their target price on shares of TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. StockNews.com raised shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 19th. Finally, Hsbc Global Res raised shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $167.00.

Insider Activity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $151.13, for a total transaction of $587,744.57. Following the transaction, the insider now directly owns 25,976 shares in the company, valued at $3,925,752.88. This represents a 13.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.90% of the company’s stock.

TE Connectivity Trading Down 0.8 %

Shares of TEL opened at $154.55 on Monday. The firm has a market capitalization of $46.11 billion, a price-to-earnings ratio of 24.69, a PEG ratio of 2.11 and a beta of 1.32. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. TE Connectivity Ltd. has a 1-year low of $137.61 and a 1-year high of $159.98. The company has a 50-day moving average of $147.20 and a 200 day moving average of $148.48.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the previous year, the firm posted $1.84 earnings per share. The company’s revenue was up .1% on a year-over-year basis. On average, research analysts expect that TE Connectivity Ltd. will post 8.05 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 reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

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.