Allspring Global Investments Holdings LLC Purchases 19,563 Shares of TE Connectivity Ltd. (NYSE:TEL)

Allspring Global Investments Holdings LLC increased its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 29.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 86,914 shares of the electronics maker’s stock after buying an additional 19,563 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in TE Connectivity were worth $12,224,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Pinnacle Bancorp Inc. acquired a new position in TE Connectivity during the fourth quarter worth $26,000. Golden State Wealth Management LLC acquired a new position in TE Connectivity during the fourth quarter worth $44,000. Hilltop National Bank acquired a new position in TE Connectivity during the fourth quarter worth $55,000. Webster Bank N. A. acquired a new position in TE Connectivity during the fourth quarter worth $61,000. Finally, R Squared Ltd acquired a new position in TE Connectivity during the fourth quarter worth $64,000. 91.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other 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 value of $587,744.57. Following the completion of the transaction, the insider now owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is currently owned by company insiders.

TE Connectivity Trading Down 0.2 %

TEL stock opened at $152.87 on Tuesday. TE Connectivity Ltd. has a 52 week low of $137.61 and a 52 week high of $159.98. The company’s 50-day simple moving average is $146.79 and its 200 day simple moving average is $148.13. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. The company has a market capitalization of $45.61 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 2.01 and a beta of 1.32.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, topping 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 business had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the prior year, the business posted $1.84 earnings per share. TE Connectivity’s revenue was up .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that TE Connectivity Ltd. will post 7.95 earnings per share for the current year.

TE Connectivity declared that its board has initiated a stock buyback plan on Wednesday, October 30th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Robert W. Baird boosted 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, January 23rd. Bank of America boosted their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Citigroup upped their price objective on shares of TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. StockNews.com downgraded shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 11th. Finally, HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective on the stock in a report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $167.00.

TE Connectivity Profile

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.