Cowen reissued their outperform rating on shares of TE Connectivity (NYSE:TEL) in a research report released on Thursday, December 7th, The Fly reports. The firm currently has a $110.00 price objective on the electronics maker’s stock, up from their prior price objective of $95.00.
Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada lowered their target price on shares of TE Connectivity from $100.00 to $95.00 and set an outperform rating for the company in a research note on Thursday, November 2nd. Zacks Investment Research downgraded shares of TE Connectivity from a buy rating to a hold rating in a research note on Tuesday, September 5th. Citigroup upped their target price on shares of TE Connectivity from $92.00 to $106.00 and gave the company a buy rating in a research note on Thursday, November 2nd. Morgan Stanley upped their target price on shares of TE Connectivity from $89.00 to $97.00 and gave the company an overweight rating in a research note on Thursday, November 2nd. Finally, Robert W. Baird began coverage on shares of TE Connectivity in a research note on Friday, November 3rd. They issued an outperform rating and a $105.00 target price for the company. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the stock. TE Connectivity has an average rating of Buy and an average target price of $151.93.
Shares of TE Connectivity (NYSE:TEL) traded up $0.28 during midday trading on Thursday, reaching $95.32. 1,805,738 shares of the company traded hands, compared to its average volume of 1,630,000. TE Connectivity has a fifty-two week low of $66.20 and a fifty-two week high of $97.17. The firm has a market capitalization of $33,520.00, a price-to-earnings ratio of 20.37, a P/E/G ratio of 1.65 and a beta of 1.08. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.54 and a quick ratio of 1.07.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, November 1st. The electronics maker reported $1.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.09. TE Connectivity had a net margin of 12.84% and a return on equity of 18.97%. The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same period in the prior year, the business posted $1.22 earnings per share. TE Connectivity’s revenue was up 3.7% compared to the same quarter last year. equities research analysts anticipate that TE Connectivity will post 5.27 earnings per share for the current fiscal year.
TE Connectivity announced that its Board of Directors has initiated a stock buyback program on Friday, December 8th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the electronics maker to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, November 24th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend was Wednesday, November 22nd. TE Connectivity’s dividend payout ratio is 34.19%.
In related news, COO Joseph B. Donahue sold 1,238 shares of the firm’s stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $93.23, for a total value of $115,418.74. Following the completion of the transaction, the chief operating officer now owns 52,134 shares of the company’s stock, valued at $4,860,452.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Eric Resch sold 48,950 shares of the firm’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $93.75, for a total transaction of $4,589,062.50. Following the completion of the transaction, the senior vice president now directly owns 78,129 shares of the company’s stock, valued at approximately $7,324,593.75. The disclosure for this sale can be found here. Insiders have sold 629,189 shares of company stock valued at $58,653,083 in the last three months. 1.49% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. AllSquare Wealth Management LLC bought a new position in TE Connectivity in the third quarter valued at $113,000. Northwestern Mutual Wealth Management Co. grew its position in TE Connectivity by 38.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,379 shares of the electronics maker’s stock valued at $109,000 after purchasing an additional 384 shares in the last quarter. Acrospire Investment Management LLC bought a new position in TE Connectivity in the second quarter valued at $126,000. Harfst & Associates Inc. grew its position in TE Connectivity by 46.2% in the second quarter. Harfst & Associates Inc. now owns 1,722 shares of the electronics maker’s stock valued at $135,000 after purchasing an additional 544 shares in the last quarter. Finally, Robecosam AG bought a new position in TE Connectivity in the third quarter valued at $155,000. 90.02% of the stock is owned by institutional investors and hedge funds.
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About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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