New York State Teachers Retirement System Sells 7,136 Shares of TE Connectivity Ltd. (NYSE:TEL)

New York State Teachers Retirement System lowered its position in TE Connectivity Ltd. (NYSE:TEL) by 2.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 262,753 shares of the electronics maker’s stock after selling 7,136 shares during the period. New York State Teachers Retirement System owned 0.09% of TE Connectivity worth $37,566,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TEL. 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 purchasing an additional 268,837 shares during the last quarter. Geode Capital Management LLC boosted its stake in TE Connectivity by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,981,870 shares of the electronics maker’s stock valued at $899,681,000 after purchasing an additional 75,658 shares during the last quarter. EdgePoint Investment Group Inc. boosted its stake in TE Connectivity by 26.0% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock valued at $508,481,000 after purchasing an additional 694,917 shares during the last quarter. Franklin Resources Inc. boosted its stake in TE Connectivity by 31.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after purchasing an additional 712,228 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 valued at $266,059,000 after purchasing an additional 9,864 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.

Insider Activity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the transaction, the insider now directly owns 25,976 shares in the company, valued at $3,925,752.88. The trade was a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TEL shares. Citigroup raised their price target on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. StockNews.com downgraded TE Connectivity from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Truist Financial dropped their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. Wells Fargo & Company raised their price target on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Finally, HSBC upgraded TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target on the stock in a research note on Thursday, January 23rd. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, TE Connectivity presently has a consensus rating of “Hold” and a consensus price target of $167.00.

TE Connectivity Stock Performance

NYSE:TEL opened at $152.87 on Friday. The stock has a 50-day simple moving average of $146.78 and a two-hundred day simple moving average of $148.23. TE Connectivity Ltd. has a 52-week low of $137.61 and a 52-week high of $159.98. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. The firm has a market capitalization of $45.61 billion, a PE ratio of 24.42, a P/E/G ratio of 2.01 and a beta of 1.32.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, beating the consensus estimate of $1.89 by $0.06. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the previous year, the business earned $1.84 earnings per share. The business’s revenue was up .1% on a year-over-year basis. Analysts forecast that TE Connectivity Ltd. will post 7.95 EPS for the current year.

TE Connectivity declared that its Board of Directors has approved a stock buyback plan on Wednesday, October 30th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.