State of Michigan Retirement System increased its holdings in shares of TE Connectivity Ltd (NYSE:TEL) by 9.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 84,201 shares of the electronics maker’s stock after buying an additional 7,525 shares during the period. State of Michigan Retirement System’s holdings in TE Connectivity were worth $6,867,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the business. Capital World Investors increased its position in shares of TE Connectivity by 32.6% during the first quarter. Capital World Investors now owns 14,926,249 shares of the electronics maker’s stock worth $940,055,000 after acquiring an additional 3,666,736 shares during the period. Assenagon Asset Management S.A. acquired a new stake in TE Connectivity in the 1st quarter valued at about $108,417,000. Third Point LLC purchased a new position in shares of TE Connectivity in the 1st quarter valued at about $85,023,000. Wellington Management Group LLP grew its position in shares of TE Connectivity by 26.3% during the first quarter. Wellington Management Group LLP now owns 5,525,707 shares of the electronics maker’s stock worth $348,009,000 after buying an additional 1,150,254 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in shares of TE Connectivity by 83.3% during the first quarter. Deutsche Bank AG now owns 1,906,709 shares of the electronics maker’s stock worth $120,084,000 after buying an additional 866,707 shares during the period. Institutional investors own 90.98% of the company’s stock.
A number of equities research analysts have commented on the stock. Zacks Investment Research raised shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research report on Thursday, July 16th. Citigroup increased their target price on TE Connectivity from $75.00 to $100.00 and gave the company a “neutral” rating in a report on Thursday. Wells Fargo & Co lifted their price target on TE Connectivity from $92.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday. Jefferies Financial Group increased their price objective on TE Connectivity from $100.00 to $107.00 and gave the company a “buy” rating in a report on Thursday. Finally, Cfra decreased their target price on TE Connectivity from $108.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. TE Connectivity presently has a consensus rating of “Buy” and a consensus target price of $95.71.
TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, July 29th. The electronics maker reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.18. The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.40 billion. TE Connectivity had a negative net margin of 0.81% and a positive return on equity of 15.06%. The business’s quarterly revenue was down 24.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.50 earnings per share. As a group, equities analysts expect that TE Connectivity Ltd will post 3.82 earnings per share for the current year.
TE Connectivity Profile
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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