Congress Asset Management Co. Has $13.35 Million Stake in TE Connectivity Ltd. (NYSE:TEL)

Congress Asset Management Co. trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 2.7% in the first quarter, Holdings Channel.com reports. The fund owned 94,464 shares of the electronics maker’s stock after selling 2,580 shares during the quarter. Congress Asset Management Co.’s holdings in TE Connectivity were worth $13,350,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of TE Connectivity by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock worth $4,629,225,000 after acquiring an additional 4,029,596 shares during the period. Wellington Management Group LLP bought a new position in shares of TE Connectivity during the 4th quarter worth about $909,598,000. Geode Capital Management LLC lifted its holdings in shares of TE Connectivity by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 6,015,210 shares of the electronics maker’s stock worth $857,499,000 after acquiring an additional 33,340 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of TE Connectivity by 11.8% during the 4th quarter. Ameriprise Financial Inc. now owns 5,603,251 shares of the electronics maker’s stock worth $801,101,000 after acquiring an additional 592,072 shares during the period. Finally, Clearbridge Investments LLC lifted its holdings in shares of TE Connectivity by 72.1% during the 4th quarter. Clearbridge Investments LLC now owns 4,064,822 shares of the electronics maker’s stock worth $581,148,000 after acquiring an additional 1,702,825 shares during the period. 91.43% of the stock is owned by institutional investors.

Insider Buying and Selling at TE Connectivity

In related news, SVP Malavika Sagar sold 3,125 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $160.00, for a total value of $500,000.00. Following the transaction, the senior vice president now directly owns 5,927 shares in the company, valued at approximately $948,320. This represents a 34.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John S. Jenkins sold 30,000 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $149.39, for a total transaction of $4,481,700.00. Following the completion of the transaction, the executive vice president now owns 24,625 shares in the company, valued at $3,678,728.75. This trade represents a 54.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 174,675 shares of company stock valued at $27,369,059. 0.90% of the stock is currently owned by corporate insiders.

TE Connectivity Trading Up 1.5%

Shares of NYSE TEL opened at $164.71 on Friday. TE Connectivity Ltd. has a 1-year low of $116.30 and a 1-year high of $165.15. The company has a market cap of $48.84 billion, a PE ratio of 26.31, a P/E/G ratio of 2.11 and a beta of 1.23. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $146.59 and a two-hundred day moving average of $147.61.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.96 by $0.14. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the previous year, the firm posted $1.86 earnings per share. The company’s revenue was up 4.4% on a year-over-year basis. As a group, equities analysts expect that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal 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 paid a $0.71 dividend. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $2.84 dividend on an annualized basis and a yield of 1.72%. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s payout ratio is presently 62.42%.

Wall Street Analysts Forecast Growth

TEL has been the subject of a number of analyst reports. Wells Fargo & Company raised their price objective on shares of TE Connectivity from $148.00 to $156.00 and gave the stock an “equal weight” rating in a report on Monday, May 19th. HSBC raised shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $175.00 price target for the company in a report on Thursday, April 24th. JPMorgan Chase & Co. lifted their price target on shares of TE Connectivity from $146.00 to $148.00 and gave the company a “neutral” rating in a report on Thursday, April 24th. Robert W. Baird lifted their price target on shares of TE Connectivity from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Finally, UBS Group lifted their price target on shares of TE Connectivity from $163.00 to $185.00 and gave the company a “buy” rating in a report on Friday, May 30th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $162.50.

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.