Seven Eight Capital LP Sells 4,425 Shares of TE Connectivity Ltd. (NYSE:TEL)

Seven Eight Capital LP trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 59.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,960 shares of the electronics maker’s stock after selling 4,425 shares during the period. Seven Eight Capital LP’s holdings in TE Connectivity were worth $445,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Assetmark Inc. boosted its position in shares of TE Connectivity by 39.1% in the 4th quarter. Assetmark Inc. now owns 11,135 shares of the electronics maker’s stock worth $1,564,000 after purchasing an additional 3,130 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in TE Connectivity by 16.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,020 shares of the electronics maker’s stock worth $143,000 after buying an additional 141 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in TE Connectivity by 28.1% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 17,528 shares of the electronics maker’s stock worth $2,463,000 after buying an additional 3,845 shares during the last quarter. US Bancorp DE grew its position in shares of TE Connectivity by 3.5% during the 4th quarter. US Bancorp DE now owns 74,715 shares of the electronics maker’s stock worth $10,497,000 after buying an additional 2,560 shares during the period. Finally, SageView Advisory Group LLC bought a new stake in shares of TE Connectivity in the 4th quarter valued at about $273,000. 91.43% of the stock is owned by institutional investors.

TE Connectivity Price Performance

Shares of TEL opened at $148.11 on Monday. The company has a quick ratio of 0.99, a current ratio of 1.51 and a debt-to-equity ratio of 0.23. TE Connectivity Ltd. has a twelve month low of $115.00 and a twelve month high of $159.98. The stock has a market capitalization of $45.36 billion, a P/E ratio of 13.55, a P/E/G ratio of 1.98 and a beta of 1.33. The company has a 50 day moving average of $149.59 and a 200-day moving average of $147.49.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, July 24th. The electronics maker reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.05. TE Connectivity had a net margin of 21.94% and a return on equity of 18.53%. The firm had revenue of $4 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the business earned $1.77 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, equities research analysts forecast that TE Connectivity Ltd. will post 7.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TEL. StockNews.com started coverage on shares of TE Connectivity in a research note on Saturday. They set a “buy” rating on the stock. HSBC cut shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $162.00 price objective for the company. in a research report on Wednesday, July 24th. Robert W. Baird lifted their target price on TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Bank of America increased their price target on TE Connectivity from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company cut their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a report on Friday. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $158.73.

Insider Buying and Selling

In other TE Connectivity news, CFO Heath A. Mitts sold 59,700 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $154.70, for a total value of $9,235,590.00. Following the completion of the transaction, the chief financial officer now directly owns 38,073 shares in the company, valued at $5,889,893.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Heath A. Mitts sold 59,700 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $154.70, for a total value of $9,235,590.00. Following the completion of the sale, the chief financial officer now owns 38,073 shares of the company’s stock, valued at approximately $5,889,893.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Aaron Kyle Stucki sold 8,750 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $155.00, for a total transaction of $1,356,250.00. Following the completion of the transaction, the insider now directly owns 20,556 shares of the company’s stock, valued at $3,186,180. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,363 shares of company stock worth $11,042,161. Corporate insiders own 0.86% 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.