TE Connectivity (NYSE:TEL) Given New $165.00 Price Target at Citigroup

TE Connectivity (NYSE:TEL) had its target price upped by Citigroup from $160.00 to $165.00 in a report released on Wednesday,Benzinga reports. The firm currently has a neutral rating on the electronics maker’s stock.

Several other brokerages also recently weighed in on TEL. HSBC downgraded shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price for the company. in a report on Thursday, October 31st. Hsbc Global Res cut TE Connectivity from a “hold” rating to a “moderate sell” rating in a research report on Thursday, October 31st. The Goldman Sachs Group lowered 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. Bank of America cut their price objective on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, Wells Fargo & Company lowered their target price on shares of TE Connectivity from $153.00 to $151.00 and set an “equal weight” rating on the stock in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, TE Connectivity has an average rating of “Hold” and an average target price of $161.09.

TE Connectivity Stock Performance

NYSE:TEL opened at $154.72 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. The stock has a 50-day simple moving average of $147.43 and a two-hundred day simple moving average of $148.76. The firm has a market capitalization of $46.18 billion, a PE ratio of 15.06, a P/E/G ratio of 1.99 and a beta of 1.32. TE Connectivity has a 52-week low of $133.57 and a 52-week high of $159.98.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The company had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3,916,310.63 billion. During the same period in the prior year, the firm posted $1.84 EPS. The firm’s quarterly revenue was up .1% compared to the same quarter last year. Analysts forecast that TE Connectivity will post 8.1 EPS for the current year.

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

Institutional Trading of TE Connectivity

Institutional investors have recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. raised its stake in shares of TE Connectivity by 4.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after acquiring an additional 9,670 shares during the period. Glenmede Trust Co. NA raised its position in TE Connectivity by 13.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock worth $29,322,000 after purchasing an additional 23,755 shares during the period. Venturi Wealth Management LLC lifted its stake in TE Connectivity by 1,632.0% in the third quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock worth $989,000 after purchasing an additional 6,169 shares during the last quarter. Waverton Investment Management Ltd boosted its position in shares of TE Connectivity by 8.2% during the third quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock valued at $213,089,000 after buying an additional 106,688 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of TE Connectivity by 21.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock valued at $10,471,000 after buying an additional 12,140 shares during the last quarter. 91.43% of the stock is currently owned by 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.