Truist Financial Lowers TE Connectivity (NYSE:TEL) Price Target to $163.00

TE Connectivity (NYSE:TEL) had its target price lowered by stock analysts at Truist Financial from $165.00 to $163.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the electronics maker’s stock. Truist Financial’s target price would indicate a potential upside of 5.40% from the company’s current price.

Other research analysts have also recently issued reports about the company. 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. Robert W. Baird raised their target price on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a report on Thursday. StockNews.com upgraded shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Hsbc Global Res cut shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research report on Thursday, October 31st. Finally, Citigroup increased their target price on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $165.00.

TE Connectivity Price Performance

TE Connectivity stock opened at $154.64 on Thursday. The company has a current ratio of 1.68, a quick ratio of 1.08 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $46.16 billion, a P/E ratio of 24.70, a PEG ratio of 2.12 and a beta of 1.32. The business has a 50-day moving average of $147.49 and a 200-day moving average of $148.86. TE Connectivity has a 1 year low of $137.61 and a 1 year high of $159.98.

TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, beating the consensus estimate of $1.89 by $0.06. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3,916,310.63 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.84 earnings per share. On average, equities analysts anticipate that TE Connectivity will post 8.1 EPS for the current year.

TE Connectivity announced that its board has approved a stock 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 reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On TE Connectivity

A number of institutional investors have recently added to or reduced their stakes in TEL. State Street Corp raised its holdings in shares of TE Connectivity by 2.1% in the 3rd quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock valued at $1,940,615,000 after purchasing an additional 268,837 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of TE Connectivity by 26.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after acquiring an additional 1,304,199 shares during the period. Geode Capital Management LLC raised its position in shares of TE Connectivity by 1.3% in the third quarter. Geode Capital Management LLC now owns 5,981,870 shares of the electronics maker’s stock valued at $899,681,000 after purchasing an additional 75,658 shares during the period. EdgePoint Investment Group Inc. lifted its position in TE Connectivity by 26.0% during 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 during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in TE Connectivity by 31.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock worth $445,603,000 after purchasing an additional 712,228 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

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.