StockNews.com Initiates Coverage on TE Connectivity (NYSE:TEL)

Research analysts at StockNews.com started coverage on shares of TE Connectivity (NYSE:TEL) in a research note issued on Friday. The firm set a “buy” rating on the electronics maker’s stock.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. Truist Financial lifted their price objective on TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Bank of America reduced their price target on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, The Goldman Sachs Group cut their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $159.55.

TE Connectivity Price Performance

Shares of NYSE TEL opened at $155.20 on Friday. The firm has a 50-day simple moving average of $147.90 and a 200-day simple moving average of $148.71. The stock has a market capitalization of $47.17 billion, a price-to-earnings ratio of 15.11, a price-to-earnings-growth ratio of 2.04 and a beta of 1.33. The company has a quick ratio of 1.08, a current ratio of 1.61 and a debt-to-equity ratio of 0.27. TE Connectivity has a 52 week low of $123.79 and a 52 week high of $159.98.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.95. The firm had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. TE Connectivity’s revenue was up .8% compared to the same quarter last year. During the same period last year, the business earned $1.78 earnings per share. On average, equities analysts predict that TE Connectivity will post 8.14 earnings per share for the current fiscal year.

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

Institutional Trading of TE Connectivity

Institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its holdings in TE Connectivity by 54.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock worth $2,265,218,000 after buying an additional 5,526,230 shares during the period. Ameriprise Financial Inc. lifted its holdings in TE Connectivity by 26.2% in the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after buying an additional 1,304,199 shares during the period. Point72 Asset Management L.P. lifted its holdings in TE Connectivity by 238.4% in the second quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock worth $108,212,000 after buying an additional 506,754 shares during the period. Bank of Montreal Can lifted its holdings in TE Connectivity by 43.0% in the second quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock worth $174,955,000 after buying an additional 347,315 shares during the period. Finally, Toronto Dominion Bank lifted its holdings in TE Connectivity by 141.3% in the second quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock worth $70,445,000 after buying an additional 274,206 shares during the period. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

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.