CIBC Private Wealth Group LLC Sells 56,983 Shares of TE Connectivity Ltd. (NYSE:TEL)

CIBC Private Wealth Group LLC lowered its position in TE Connectivity Ltd. (NYSE:TEL) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,357,118 shares of the electronics maker’s stock after selling 56,983 shares during the period. CIBC Private Wealth Group LLC owned about 0.79% of TE Connectivity worth $338,718,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEL. Pinnacle Bancorp Inc. bought a new position in shares of TE Connectivity during the 4th quarter valued at about $26,000. SRS Capital Advisors Inc. raised its holdings in TE Connectivity by 117.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock worth $28,000 after buying an additional 107 shares during the period. Fairway Wealth LLC bought a new position in TE Connectivity in the fourth quarter valued at approximately $43,000. Golden State Wealth Management LLC acquired a new position in shares of TE Connectivity in the fourth quarter valued at approximately $44,000. Finally, Hilltop National Bank bought a new stake in shares of TE Connectivity during the fourth quarter worth $55,000. 91.43% of the stock is currently owned by institutional investors.

Insider Activity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 25,976 shares in the company, valued at $3,812,497.52. This represents a 49.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.90% of the stock is owned by company insiders.

Analyst Ratings Changes

TEL has been the subject of a number of research reports. Truist Financial lowered their target price on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a report on Thursday, January 23rd. StockNews.com downgraded TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. HSBC upgraded TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 target price on the stock in a research note on Thursday, January 23rd. Wells Fargo & Company lifted their price objective on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a report on Thursday, January 23rd. Finally, Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a report on Thursday, January 23rd. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $167.00.

TE Connectivity Stock Down 3.4 %

TEL opened at $142.04 on Friday. The stock’s fifty day simple moving average is $149.32 and its 200 day simple moving average is $148.41. TE Connectivity Ltd. has a 1-year low of $137.61 and a 1-year high of $159.98. The stock has a market cap of $42.38 billion, a PE ratio of 22.69, a price-to-earnings-growth ratio of 2.11 and a beta of 1.32. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.06. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.84 earnings per share. As a group, research analysts expect that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Increases Dividend

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

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.