TE Connectivity Ltd. (NYSE:TEL) Shares Acquired by Truist Financial Corp

Truist Financial Corp boosted its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 32.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,461 shares of the electronics maker’s stock after purchasing an additional 31,991 shares during the period. Truist Financial Corp’s holdings in TE Connectivity were worth $18,509,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. acquired a new stake in TE Connectivity during the 4th quarter valued at $46,675,000. Secured Retirement Advisors LLC bought a new stake in TE Connectivity in the 4th quarter valued at about $649,000. Allworth Financial LP lifted its position in TE Connectivity by 27.7% in the 4th quarter. Allworth Financial LP now owns 1,444 shares of the electronics maker’s stock valued at $224,000 after purchasing an additional 313 shares during the last quarter. Principal Securities Inc. lifted its position in TE Connectivity by 8.8% in the 4th quarter. Principal Securities Inc. now owns 3,362 shares of the electronics maker’s stock valued at $481,000 after purchasing an additional 271 shares during the last quarter. Finally, Congress Asset Management Co. raised its position in shares of TE Connectivity by 3.5% during the 4th quarter. Congress Asset Management Co. now owns 97,044 shares of the electronics maker’s stock worth $13,874,000 after buying an additional 3,309 shares in the last quarter. 91.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at TE Connectivity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of TE Connectivity stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $151.13, for a total value of $587,744.57. Following the transaction, the insider now directly owns 25,976 shares of the company’s stock, valued at $3,925,752.88. This trade represents a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

TEL has been the topic of a number of recent analyst reports. Bank of America boosted their price target on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. StockNews.com upgraded shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Robert W. Baird boosted their price target on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target on the stock in a research report on Thursday, January 23rd. Finally, Truist Financial dropped their price target on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research report on Thursday, January 23rd. 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

TE Connectivity Stock Performance

TE Connectivity stock opened at $156.10 on Thursday. The firm’s 50 day simple moving average is $147.02 and its 200-day simple moving average is $148.27. The company has a market cap of $46.57 billion, a P/E ratio of 24.94, a price-to-earnings-growth ratio of 2.07 and a beta of 1.32. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. TE Connectivity Ltd. has a fifty-two week low of $137.61 and a fifty-two week high of $159.98.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.06. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the firm posted $1.84 earnings per share. As a group, equities research analysts predict that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity declared that its Board of Directors has approved a share buyback plan on Wednesday, October 30th that authorizes the company to buyback $2.50 billion in outstanding shares. This buyback authorization authorizes the electronics maker to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board 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.