TE Connectivity Ltd. (NYSE:TEL) Stake Lessened by Verition Fund Management LLC

Verition Fund Management LLC decreased its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 7.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,268 shares of the electronics maker’s stock after selling 4,221 shares during the period. Verition Fund Management LLC’s holdings in TE Connectivity were worth $7,741,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its stake in shares of TE Connectivity by 26.2% in the 2nd 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 in the last quarter. Point72 Asset Management L.P. raised its position 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 acquiring an additional 506,754 shares in the last quarter. Bank of Montreal Can lifted its holdings in TE Connectivity by 43.0% in the 2nd quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock valued at $174,955,000 after acquiring an additional 347,315 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of TE Connectivity by 141.3% during the 2nd quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock valued at $70,445,000 after purchasing an additional 274,206 shares in the last quarter. Finally, Mizuho Securities USA LLC grew its stake in shares of TE Connectivity by 982.6% in the 3rd quarter. Mizuho Securities USA LLC now owns 255,659 shares of the electronics maker’s stock worth $38,602,000 after purchasing an additional 232,044 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

TE Connectivity Price Performance

Shares of NYSE:TEL opened at $151.12 on Monday. The firm has a market cap of $45.21 billion, a price-to-earnings ratio of 14.71, a P/E/G ratio of 2.05 and a beta of 1.33. TE Connectivity Ltd. has a 1 year low of $128.52 and a 1 year high of $159.98. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27. The business has a fifty day simple moving average of $149.34 and a 200 day simple moving average of $149.70.

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

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

Analyst Ratings Changes

TEL has been the subject of several recent research reports. Wells Fargo & Company cut their target price on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research note on Friday, September 20th. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. HSBC lowered TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price on the stock. in a research report on Thursday, October 31st. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Finally, Bank of America cut their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $159.55.

TE Connectivity Profile

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.