Avestar Capital LLC Cuts Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Avestar Capital LLC trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 2.3% in the third quarter, Holdings Channel reports. The firm owned 3,360 shares of the electronics maker’s stock after selling 79 shares during the period. Avestar Capital LLC’s holdings in TE Connectivity were worth $507,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Simplicity Wealth LLC boosted its position in shares of TE Connectivity by 2.7% in the second quarter. Simplicity Wealth LLC now owns 2,509 shares of the electronics maker’s stock worth $377,000 after buying an additional 67 shares during the period. Silvercrest Asset Management Group LLC boosted its holdings in TE Connectivity by 2.3% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 2,977 shares of the electronics maker’s stock worth $432,000 after acquiring an additional 68 shares during the period. Optas LLC grew its position in TE Connectivity by 4.2% in the third quarter. Optas LLC now owns 1,778 shares of the electronics maker’s stock valued at $268,000 after acquiring an additional 71 shares in the last quarter. Gradient Investments LLC lifted its position in shares of TE Connectivity by 2.2% during the second quarter. Gradient Investments LLC now owns 3,602 shares of the electronics maker’s stock worth $542,000 after purchasing an additional 76 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in shares of TE Connectivity by 3.4% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 2,297 shares of the electronics maker’s stock valued at $346,000 after purchasing an additional 76 shares during the period. 91.43% of the stock is currently owned by institutional investors and hedge funds.

TE Connectivity Price Performance

NYSE TEL opened at $149.84 on Wednesday. TE Connectivity Ltd. has a 12 month low of $128.52 and a 12 month high of $159.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. The company’s 50 day simple moving average is $149.14 and its 200 day simple moving average is $149.67. The firm has a market capitalization of $44.83 billion, a PE ratio of 14.59, a P/E/G ratio of 2.07 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The firm had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. During the same quarter in the previous year, the business posted $1.78 earnings per share. The firm’s quarterly revenue was up .8% compared to the same quarter last year. As a group, equities research analysts forecast that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.

TE Connectivity declared that its Board of Directors has authorized a share 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 buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Hsbc Global Res downgraded shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. HSBC cut TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price target on the stock. in a research note on Thursday, October 31st. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. 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 research note on Friday, September 20th. Finally, The Goldman Sachs Group lowered their target price on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $159.55.

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.