TE Connectivity (NYSE:TEL) Downgraded to “Buy” Rating by StockNews.com

StockNews.com downgraded shares of TE Connectivity (NYSE:TEL) from a strong-buy rating to a buy rating in a report issued on Tuesday morning.

Several other analysts also recently weighed in on TEL. Wells Fargo & Company upped their price target on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Truist Financial lowered their price objective on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. Robert W. Baird boosted their price objective on TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. HSBC raised TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 target price on the stock in a research note on Thursday, January 23rd. Finally, Bank of America boosted their target price on TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $167.00.

TE Connectivity Stock Performance

Shares of TEL stock opened at $148.82 on Tuesday. The company has a market capitalization of $44.40 billion, a P/E ratio of 23.77, a PEG ratio of 2.01 and a beta of 1.32. TE Connectivity has a fifty-two week low of $137.61 and a fifty-two week high of $159.98. 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 stock has a 50 day moving average price of $146.96 and a two-hundred day moving average price of $148.26.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.06. The company had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.92 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The firm’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm posted $1.84 earnings per share. Analysts expect that TE Connectivity will post 7.95 earnings per share for the current year.

TE Connectivity declared that its board has approved a stock buyback program on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the business’s stock in a transaction that occurred on 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 $3,925,752.88. The trade was a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TE Connectivity

A number of hedge funds have recently made changes to their positions in the stock. TIAA Trust National Association lifted its stake in shares of TE Connectivity by 8.7% during the fourth quarter. TIAA Trust National Association now owns 3,122 shares of the electronics maker’s stock worth $446,000 after buying an additional 251 shares during the period. Taikang Asset Management Hong Kong Co Ltd acquired a new position in shares of TE Connectivity during the 4th quarter worth about $4,647,000. Haverford Trust Co boosted its stake in shares of TE Connectivity by 1.1% in the fourth quarter. Haverford Trust Co now owns 207,734 shares of the electronics maker’s stock worth $29,700,000 after acquiring an additional 2,240 shares during the last quarter. Minneapolis Portfolio Management Group LLC purchased a new position in shares of TE Connectivity in the fourth quarter worth about $16,240,000. Finally, Vanguard Group Inc. increased its holdings in shares of TE Connectivity by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock valued at $4,629,225,000 after purchasing an additional 4,029,596 shares during the last quarter. 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.