113,589 Shares in TE Connectivity Ltd. (NYSE:TEL) Acquired by Minneapolis Portfolio Management Group LLC

Minneapolis Portfolio Management Group LLC purchased a new position in shares of TE Connectivity Ltd. (NYSE:TEL) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 113,589 shares of the electronics maker’s stock, valued at approximately $16,240,000. TE Connectivity makes up about 2.1% of Minneapolis Portfolio Management Group LLC’s portfolio, making the stock its 28th biggest holding.

A number of other hedge funds have also recently made changes to their positions in TEL. Vanguard Group Inc. raised its position in TE Connectivity by 14.2% in the 4th quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock worth $4,629,225,000 after purchasing an additional 4,029,596 shares during the period. State Street Corp boosted its position in TE Connectivity by 2.1% during the third quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock valued at $1,940,615,000 after buying an additional 268,837 shares during the period. Geode Capital Management LLC boosted its position in 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 valued at $899,681,000 after buying an additional 75,658 shares during the period. Bank of New York Mellon Corp boosted its position in TE Connectivity by 15.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,749,622 shares of the electronics maker’s stock valued at $536,083,000 after buying an additional 488,680 shares during the period. Finally, EdgePoint Investment Group Inc. boosted its position in TE Connectivity by 26.0% during the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock valued at $508,481,000 after buying an additional 694,917 shares during the period. 91.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TEL shares. Hsbc Global Res upgraded shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 23rd. StockNews.com lowered shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. Robert W. Baird increased their target price on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 target price for the company in a report on Thursday, January 23rd. Finally, Truist Financial dropped their target price on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, TE Connectivity currently has an average rating of “Hold” and a consensus target price of $167.00.

TE Connectivity Price Performance

TEL stock opened at $146.10 on Monday. TE Connectivity Ltd. has a 1 year low of $137.61 and a 1 year high of $159.98. The company has a market cap of $43.59 billion, a P/E ratio of 23.34, a PEG ratio of 2.11 and a beta of 1.32. The firm has a 50-day moving average of $148.91 and a 200 day moving average of $148.34. 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 announced its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter last year, the firm earned $1.84 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis. On average, sell-side analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be paid a dividend of $0.71 per share. This is an increase from TE Connectivity’s previous quarterly dividend of $0.65. The ex-dividend date is Wednesday, May 21st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.94%. TE Connectivity’s dividend payout ratio (DPR) is currently 45.37%.

Insider Buying and Selling at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the completion of the transaction, the insider now owns 25,976 shares of the company’s stock, valued at approximately $3,812,497.52. This trade represents a 49.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.90% of the company’s stock.

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.