HITE Hedge Asset Management LLC Raises Stock Position in TE Connectivity Ltd. (NYSE:TEL)

HITE Hedge Asset Management LLC raised its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 244.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,094 shares of the electronics maker’s stock after purchasing an additional 7,874 shares during the period. HITE Hedge Asset Management LLC’s holdings in TE Connectivity were worth $1,586,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Pinnacle Bancorp Inc. purchased a new stake in TE Connectivity during the 4th quarter worth approximately $26,000. SRS Capital Advisors Inc. raised its stake in TE Connectivity by 117.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 107 shares during the last quarter. Fairway Wealth LLC purchased a new position in TE Connectivity in the 4th quarter valued at $43,000. Golden State Wealth Management LLC acquired a new stake in TE Connectivity during the 4th quarter worth $44,000. Finally, Hilltop National Bank purchased a new position in shares of TE Connectivity in the fourth quarter worth about $55,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Performance

NYSE TEL opened at $129.23 on Friday. The company has a market cap of $38.56 billion, a P/E ratio of 20.64, a P/E/G ratio of 2.11 and a beta of 1.25. TE Connectivity Ltd. has a 1-year low of $116.30 and a 1-year high of $159.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. The stock has a 50-day moving average of $143.31 and a two-hundred day moving average of $146.48.

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, topping the consensus estimate of $1.89 by $0.06. The firm had revenue of $3.84 billion for 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 firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.84 EPS. As a group, analysts anticipate that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be issued 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 of this dividend is Wednesday, May 21st. This represents a $2.84 annualized dividend and a yield of 2.20%. TE Connectivity’s dividend payout ratio is 45.37%.

Insider Buying and Selling at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 25,000 shares of the company’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 sale, the insider now directly owns 25,976 shares in the company, valued at approximately $3,812,497.52. This represents a 49.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TEL has been the subject of a number of recent research reports. Hsbc Global Res upgraded shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a report on Thursday, January 23rd. The Goldman Sachs Group cut their price target on TE Connectivity from $190.00 to $170.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Citigroup dropped their target price on TE Connectivity from $165.00 to $142.00 and set a “neutral” rating for the company in a report on Monday. JPMorgan Chase & Co. reduced their price target on TE Connectivity from $169.00 to $146.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, StockNews.com lowered shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, TE Connectivity has a consensus rating of “Hold” and an average target price of $156.90.

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.