SOL Capital Management CO Reduces Stock Position in TE Connectivity Ltd. (NYSE:TEL)

SOL Capital Management CO reduced its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 9.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,430 shares of the electronics maker’s stock after selling 1,000 shares during the quarter. SOL Capital Management CO’s holdings in TE Connectivity were worth $1,348,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp boosted its stake in TE Connectivity by 2.1% during the 3rd quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock valued at $1,940,615,000 after acquiring an additional 268,837 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of TE Connectivity by 1.3% during the third quarter. Geode Capital Management LLC now owns 5,981,870 shares of the electronics maker’s stock worth $899,681,000 after purchasing an additional 75,658 shares during the last quarter. EdgePoint Investment Group Inc. grew its stake in TE Connectivity by 26.0% in the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock worth $508,481,000 after purchasing an additional 694,917 shares in the last quarter. Franklin Resources Inc. raised its stake in TE Connectivity by 31.1% during the third quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after buying an additional 712,228 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in TE Connectivity by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,762,099 shares of the electronics maker’s stock worth $266,059,000 after buying an additional 9,864 shares during the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Citigroup boosted their price target on TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Wells Fargo & Company increased their target price on shares of TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Robert W. Baird lifted their price target on shares of TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. StockNews.com raised shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Finally, Bank of America upped their target price on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, TE Connectivity has an average rating of “Moderate Buy” and an average target price of $167.00.

Insider Activity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $151.13, for a total transaction of $587,744.57. Following the completion of the transaction, the insider now directly owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. This trade represents a 13.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.90% of the company’s stock.

TE Connectivity Stock Down 1.2 %

Shares of TE Connectivity stock opened at $148.05 on Friday. TE Connectivity Ltd. has a 1-year low of $137.61 and a 1-year high of $159.98. The company has a market capitalization of $44.17 billion, a P/E ratio of 23.65, a PEG ratio of 2.03 and a beta of 1.32. The business’s fifty day moving average price is $147.66 and its two-hundred day moving average price is $148.76. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.06. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.84 earnings per share. As a group, research analysts forecast that TE Connectivity Ltd. will post 7.96 EPS for the current year.

TE Connectivity declared that its Board of Directors has authorized a stock buyback plan on Wednesday, October 30th that permits the company to buyback $2.50 billion in shares. This buyback authorization permits the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

TE Connectivity Company 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.