HSBC Upgrades TE Connectivity (NYSE:TEL) to Hold

TE Connectivity (NYSE:TEL) was upgraded by investment analysts at HSBC from a “reduce” rating to a “hold” rating in a report issued on Thursday, MarketBeat reports. The firm currently has a $166.00 price target on the electronics maker’s stock. HSBC’s price target would suggest a potential upside of 7.34% from the company’s current price.

Several other brokerages have also issued reports on TEL. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. Robert W. Baird upped their target price on TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research note on Thursday. Bank of America lifted their price target on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday. The Goldman Sachs Group dropped their price objective on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company lifted their target price on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday. Eight equities 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 company’s stock. Based on data from MarketBeat.com, TE Connectivity presently has a consensus rating of “Moderate Buy” and an average price target of $165.00.

TE Connectivity Stock Down 1.5 %

Shares of TEL stock opened at $154.64 on Thursday. The stock has a 50 day moving average of $147.49 and a 200-day moving average of $148.86. The firm has a market cap of $46.16 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 2.12 and a beta of 1.32. The company has a quick ratio of 1.08, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. TE Connectivity has a 12 month low of $137.61 and a 12 month high of $159.98.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates 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 $3,916,310.63 billion. During the same period in the prior year, the firm earned $1.84 EPS. The business’s revenue was up .1% on a year-over-year basis. On average, equities analysts predict that TE Connectivity will post 8.1 EPS for the current year.

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

Hedge Funds Weigh In On TE Connectivity

Institutional investors have recently bought and sold shares of the business. Nomura Asset Management Co. Ltd. increased its stake in shares of TE Connectivity by 4.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after buying an additional 9,670 shares in the last quarter. Glenmede Trust Co. NA increased its position in TE Connectivity by 13.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock valued at $29,322,000 after acquiring an additional 23,755 shares in the last quarter. Venturi Wealth Management LLC raised its stake in shares of TE Connectivity by 1,632.0% in the third quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock worth $989,000 after acquiring an additional 6,169 shares during the last quarter. Waverton Investment Management Ltd lifted its position in shares of TE Connectivity by 8.2% during the third quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock worth $213,089,000 after purchasing an additional 106,688 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of TE Connectivity by 21.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock valued at $10,471,000 after purchasing an additional 12,140 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.

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.