Norges Bank Buys New Shares in TE Connectivity Ltd. (NYSE:TEL)

Norges Bank 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 SEC. The fund purchased 3,554,588 shares of the electronics maker’s stock, valued at approximately $508,199,000. Norges Bank owned approximately 1.19% of TE Connectivity at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Modera Wealth Management LLC boosted its position in TE Connectivity by 2.8% during the fourth quarter. Modera Wealth Management LLC now owns 2,861 shares of the electronics maker’s stock valued at $409,000 after purchasing an additional 78 shares during the last quarter. King Luther Capital Management Corp raised its stake in shares of TE Connectivity by 0.6% during the 4th quarter. King Luther Capital Management Corp now owns 14,006 shares of the electronics maker’s stock worth $2,002,000 after purchasing an additional 83 shares in the last quarter. Ascent Wealth Partners LLC boosted its holdings in shares of TE Connectivity by 1.0% in the 4th quarter. Ascent Wealth Partners LLC now owns 8,610 shares of the electronics maker’s stock valued at $1,231,000 after buying an additional 85 shares during the last quarter. Moors & Cabot Inc. grew its stake in shares of TE Connectivity by 6.0% in the fourth quarter. Moors & Cabot Inc. now owns 1,680 shares of the electronics maker’s stock valued at $240,000 after buying an additional 95 shares in the last quarter. Finally, Callan Capital LLC increased its holdings in TE Connectivity by 5.4% during the fourth quarter. Callan Capital LLC now owns 2,071 shares of the electronics maker’s stock worth $296,000 after buying an additional 106 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Shadrak W. Kroeger sold 25,000 shares of the business’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 value of $3,669,250.00. Following the completion of the transaction, the insider now directly owns 25,976 shares in the company, valued at approximately $3,812,497.52. The trade was a 49.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TEL. Robert W. Baird lifted their price objective on shares of TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Truist Financial lowered their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research report on Thursday, January 23rd. Bank of America raised their price objective on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Citigroup boosted their target price on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Finally, StockNews.com downgraded TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $167.00.

TE Connectivity Price Performance

NYSE:TEL opened at $142.04 on Friday. 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 cap of $42.38 billion, a price-to-earnings ratio of 22.69, a P/E/G ratio of 2.11 and a beta of 1.32. TE Connectivity Ltd. has a 52 week low of $137.61 and a 52 week high of $159.98. The firm’s 50-day simple moving average is $149.32 and its 200 day simple moving average is $148.38.

TE Connectivity (NYSE:TEL) last released its quarterly 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 company had revenue of $3.84 billion during 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 firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, sell-side analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Wednesday, May 21st. This is an increase from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s payout ratio is 45.37%.

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.