TE Connectivity (NYSE:TEL) Announces Stock Buyback Plan

TE Connectivity (NYSE:TELGet Free Report) announced that its board has initiated a share buyback plan on Wednesday, October 30th, RTT News reports. The company plans to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

TE Connectivity Stock Performance

Shares of TEL opened at $151.83 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.51 and a quick ratio of 0.99. The firm has a market cap of $46.49 billion, a PE ratio of 13.89, a PEG ratio of 1.92 and a beta of 1.33. TE Connectivity has a 1 year low of $116.01 and a 1 year high of $159.98. The stock’s fifty day moving average price is $148.06 and its two-hundred day moving average price is $148.40.

Analysts Set New Price Targets

Several brokerages have recently commented on TEL. The Goldman Sachs Group lowered their target price on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Wells Fargo & Company dropped their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a report on Friday, September 20th. HSBC downgraded TE Connectivity from a “buy” rating to a “hold” rating and set a $162.00 target price for the company. in a research report on Wednesday, July 24th. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Finally, Vertical Research assumed coverage on shares of TE Connectivity in a report on Tuesday, July 23rd. They set a “hold” rating and a $155.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, TE Connectivity presently has a consensus rating of “Hold” and a consensus price target of $161.82.

Read Our Latest Stock Analysis on TEL

About TE Connectivity

(Get Free Report)

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.

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