TE Connectivity Ltd. (NYSE:TEL) Upgraded to Buy at Zacks Investment Research

TE Connectivity Ltd. (NYSE:TEL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday, September 11th. The brokerage currently has a $88.00 target price on the electronics maker’s stock. Zacks Investment Research‘s price target suggests a potential upside of 7.04% from the company’s current price.

According to Zacks, “TE Connectivity has a striking earnings surprise history over the four trailing quarters, beating estimates all through. Strong progress on strategic priorities, solid execution and impressive top-line growth are proving conducive to the company’s profitability. It expects transportation business to experience high-single-digit organic growth, fuelled by rise in global auto production and impressive heavy truck business in key end markets. Also, its Communications and Industrial segments are witnessing strong rebound, thus stoking growth. Additionally, TE Connectivity’s solid financial health adds to its strength. However, sluggish industrial markets and derivative impact of lower oil prices are posing as major headwinds, thwarting growth. Also, adverse currency fluctuations and high restructuring expenses might hurt the company’s performance. The stock has also underperformed the industry average, year to date.”

A number of other brokerages also recently commented on TEL. BidaskClub downgraded shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Cowen and Company reaffirmed a “buy” rating and set a $95.00 price objective on shares of TE Connectivity in a research report on Thursday, August 10th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of TE Connectivity in a research report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. TE Connectivity has a consensus rating of “Hold” and an average target price of $84.14.

TE Connectivity (NYSE TEL) opened at 82.21 on Monday. The firm has a 50 day moving average of $79.70 and a 200-day moving average of $77.71. The firm has a market cap of $29.05 billion, a price-to-earnings ratio of 17.45 and a beta of 1.05. TE Connectivity has a one year low of $60.59 and a one year high of $85.20.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.07. TE Connectivity had a net margin of 12.98% and a return on equity of 19.76%. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same period in the previous year, the firm posted $1.08 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. Equities research analysts forecast that TE Connectivity will post $4.75 EPS for the current fiscal year.

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In related news, insider Thomas J. Lynch sold 186,034 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $78.65, for a total transaction of $14,631,574.10. Following the completion of the transaction, the insider now directly owns 504,885 shares in the company, valued at approximately $39,709,205.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Thomas J. Lynch sold 186,033 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $79.29, for a total transaction of $14,750,556.57. Following the transaction, the insider now owns 298,851 shares of the company’s stock, valued at $23,695,895.79. The disclosure for this sale can be found here. Insiders sold 749,165 shares of company stock valued at $59,522,187 over the last three months. Insiders own 1.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in TE Connectivity by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 23,312,100 shares of the electronics maker’s stock valued at $1,834,196,000 after purchasing an additional 521,884 shares during the last quarter. BlackRock Inc. raised its stake in TE Connectivity by 1,777.1% during the 1st quarter. BlackRock Inc. now owns 17,203,935 shares of the electronics maker’s stock valued at $1,282,551,000 after purchasing an additional 16,287,414 shares during the last quarter. State Street Corp raised its stake in TE Connectivity by 3.6% during the 1st quarter. State Street Corp now owns 13,850,157 shares of the electronics maker’s stock valued at $1,032,534,000 after purchasing an additional 486,340 shares during the last quarter. Fiduciary Management Inc. WI raised its stake in TE Connectivity by 3.6% during the 1st quarter. Fiduciary Management Inc. WI now owns 9,616,782 shares of the electronics maker’s stock valued at $716,931,000 after purchasing an additional 331,080 shares during the last quarter. Finally, FMR LLC raised its stake in TE Connectivity by 9.7% during the 2nd quarter. FMR LLC now owns 5,339,755 shares of the electronics maker’s stock valued at $420,131,000 after purchasing an additional 472,037 shares during the last quarter. Hedge funds and other institutional investors own 90.08% of the company’s stock.

TE Connectivity Company Profile

TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.

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