Carnegie Investment Counsel Raises Holdings in TE Connectivity Ltd. (NYSE:TEL)

Carnegie Investment Counsel raised its stake in TE Connectivity Ltd. (NYSE:TEL) by 4.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 119,041 shares of the electronics maker’s stock after purchasing an additional 4,913 shares during the quarter. Carnegie Investment Counsel’s holdings in TE Connectivity were worth $17,019,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Heritage Family Offices LLP lifted its stake in TE Connectivity by 7.0% in the fourth quarter. Heritage Family Offices LLP now owns 14,824 shares of the electronics maker’s stock worth $2,119,000 after acquiring an additional 969 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new stake in shares of TE Connectivity in the 4th quarter valued at $26,000. Meyer Handelman Co. lifted its position in shares of TE Connectivity by 9.9% during the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock worth $14,531,000 after purchasing an additional 9,175 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of TE Connectivity by 35.8% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 792 shares of the electronics maker’s stock worth $113,000 after purchasing an additional 209 shares in the last quarter. Finally, Park Avenue Securities LLC purchased a new position in TE Connectivity in the fourth quarter valued at $1,023,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Up 0.1 %

Shares of NYSE:TEL opened at $143.64 on Friday. TE Connectivity Ltd. has a 1-year low of $128.52 and a 1-year high of $159.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. The stock has a market cap of $42.97 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.91 and a beta of 1.32. The firm has a fifty day moving average price of $148.11 and a 200 day moving average price of $148.84.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, hitting the consensus estimate 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 in the prior year, the firm earned $1.78 earnings per share. Sell-side analysts predict that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity declared that its board has initiated a share buyback plan on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

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

About TE Connectivity

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.