Fifth Third Bancorp Purchases 247 Shares of TE Connectivity Ltd. (NYSE:TEL)

Fifth Third Bancorp grew its position in TE Connectivity Ltd. (NYSE:TEL) by 0.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 43,644 shares of the electronics maker’s stock after purchasing an additional 247 shares during the period. Fifth Third Bancorp’s holdings in TE Connectivity were worth $6,240,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Public Sector Pension Investment Board boosted its stake in shares of TE Connectivity by 62.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 11,476 shares of the electronics maker’s stock worth $1,726,000 after buying an additional 4,415 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in TE Connectivity in the second quarter worth $275,000. The Manufacturers Life Insurance Company grew its stake in TE Connectivity by 18.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 327,736 shares of the electronics maker’s stock valued at $49,301,000 after purchasing an additional 51,327 shares during the period. Mackenzie Financial Corp increased its position in shares of TE Connectivity by 6.7% during the 2nd quarter. Mackenzie Financial Corp now owns 52,621 shares of the electronics maker’s stock valued at $7,916,000 after purchasing an additional 3,314 shares during the last quarter. Finally, Ascent Group LLC raised its stake in shares of TE Connectivity by 18.0% during the 2nd quarter. Ascent Group LLC now owns 10,655 shares of the electronics maker’s stock worth $1,603,000 after purchasing an additional 1,622 shares during the period. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Price Performance

TEL stock opened at $154.64 on Monday. The firm has a market cap of $46.16 billion, a P/E ratio of 24.70, a P/E/G ratio of 2.12 and a beta of 1.32. The firm’s fifty day moving average is $147.62 and its 200 day moving average is $148.88. TE Connectivity Ltd. has a 52 week low of $137.61 and a 52 week high of $159.98. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.08 and a current ratio of 1.68.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.06. The firm had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3,916,310.63 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the firm earned $1.84 earnings per share. Research analysts predict that TE Connectivity Ltd. will post 8.1 earnings per share for the current year.

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

Analyst Ratings Changes

A number of research firms recently issued reports on TEL. StockNews.com upgraded shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Hsbc Global Res upgraded shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday. Wells Fargo & Company upped their price objective on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday. Citigroup boosted their target price on TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Truist Financial cut their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research note on Thursday. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $167.00.

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.