IHT Wealth Management LLC Reduces Stock Position in TE Connectivity Ltd. (NYSE:TEL)

IHT Wealth Management LLC reduced its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 32.8% in the third quarter, Holdings Channel reports. The firm owned 1,373 shares of the electronics maker’s stock after selling 669 shares during the period. IHT Wealth Management LLC’s holdings in TE Connectivity were worth $207,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. HITE Hedge Asset Management LLC purchased a new stake in TE Connectivity in the 3rd quarter valued at about $486,000. Hotchkis & Wiley Capital Management LLC raised its stake in shares of TE Connectivity by 0.6% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 1,632,421 shares of the electronics maker’s stock valued at $246,479,000 after acquiring an additional 9,750 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of TE Connectivity by 28.5% in the third quarter. HighTower Advisors LLC now owns 58,803 shares of the electronics maker’s stock valued at $8,873,000 after purchasing an additional 13,027 shares during the period. Hilltop Holdings Inc. increased its holdings in TE Connectivity by 101.0% during the 3rd quarter. Hilltop Holdings Inc. now owns 3,907 shares of the electronics maker’s stock worth $590,000 after purchasing an additional 1,963 shares during the period. Finally, Holocene Advisors LP bought a new stake in TE Connectivity during the 3rd quarter valued at $10,038,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TEL has been the topic of a number of recent research reports. The Goldman Sachs Group dropped their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Hsbc Global Res lowered shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. Wolfe Research raised shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. HSBC cut shares of 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. Finally, Bank of America lowered their price target on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $159.55.

TE Connectivity Stock Performance

Shares of TEL opened at $150.34 on Wednesday. TE Connectivity Ltd. has a 12 month low of $128.52 and a 12 month high of $159.98. The stock has a fifty day moving average price of $149.76 and a 200-day moving average price of $149.76. 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 firm has a market cap of $44.97 billion, a PE ratio of 14.63, a P/E/G ratio of 2.07 and a beta of 1.32.

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

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

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.