Grove Bank & Trust Makes New $813,000 Investment in TE Connectivity Ltd. (NYSE:TEL)

Grove Bank & Trust bought a new position in shares of TE Connectivity Ltd. (NYSE:TEL) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,690 shares of the electronics maker’s stock, valued at approximately $813,000.

Several other large investors have also modified their holdings of the company. Nomura Asset Management Co. Ltd. lifted its holdings in shares of TE Connectivity by 4.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock worth $36,732,000 after purchasing an additional 9,670 shares during the period. Glenmede Trust Co. NA lifted its stake in shares of TE Connectivity by 13.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock worth $29,322,000 after acquiring an additional 23,755 shares during the period. Venturi Wealth Management LLC boosted its holdings in shares of TE Connectivity by 1,632.0% in the third quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock valued at $989,000 after acquiring an additional 6,169 shares in the last quarter. Waverton Investment Management Ltd increased its stake in shares of TE Connectivity by 8.2% during the third quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock worth $213,089,000 after acquiring an additional 106,688 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its holdings in TE Connectivity by 21.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock worth $10,471,000 after purchasing an additional 12,140 shares in the last quarter. 91.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently weighed in on TEL shares. StockNews.com raised TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. HSBC downgraded TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price target for the company. in a research report on Thursday, October 31st. Wells Fargo & Company cut their price objective on shares of TE Connectivity from $153.00 to $151.00 and set an “equal weight” rating for the company in a research report on Monday, December 16th. The Goldman Sachs Group decreased their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Finally, Bank of America dropped their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $160.70.

TE Connectivity Price Performance

Shares of TEL stock opened at $146.29 on Monday. The firm has a fifty day simple moving average of $147.70 and a 200-day simple moving average of $148.78. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $43.76 billion, a PE ratio of 14.24, a price-to-earnings-growth ratio of 1.91 and a beta of 1.32. TE Connectivity Ltd. has a twelve month low of $128.91 and a twelve month high of $159.98.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.95. The business had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the company earned $1.78 earnings per share. Equities research analysts anticipate that TE Connectivity Ltd. will post 8.14 earnings per share for the current fiscal year.

TE Connectivity declared that its Board of Directors has initiated a stock buyback program on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.