Verdence Capital Advisors LLC Acquires New Position in TE Connectivity Ltd. (NYSE:TEL)

Verdence Capital Advisors LLC bought a new position in shares of TE Connectivity Ltd. (NYSE:TEL) during the third quarter, Holdings Channel reports. The fund bought 1,412 shares of the electronics maker’s stock, valued at approximately $213,000.

A number of other institutional investors also recently bought and sold shares of TEL. Versant Capital Management Inc raised its position in shares of TE Connectivity by 209.8% during the 2nd quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock valued at $28,000 after buying an additional 128 shares during the period. Olistico Wealth LLC purchased a new stake in TE Connectivity in the second quarter valued at $30,000. Armstrong Advisory Group Inc. lifted its stake in shares of TE Connectivity by 208.3% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock valued at $34,000 after purchasing an additional 150 shares during the last quarter. Bank & Trust Co purchased a new position in shares of TE Connectivity during the 2nd quarter worth $35,000. Finally, Wolff Wiese Magana LLC increased its position in shares of TE Connectivity by 2,450.0% during the 3rd quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 245 shares during the last quarter. 91.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TEL has been the subject of several research analyst reports. StockNews.com assumed coverage on shares of TE Connectivity in a research note on Friday, November 8th. They set a “buy” rating for the company. Bank of America dropped their target price on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Truist Financial upped their price target on TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. HSBC downgraded TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective on the stock. in a report on Thursday, October 31st. Finally, Vertical Research assumed coverage on TE Connectivity in a report on Tuesday, July 23rd. They set a “hold” rating and a $155.00 target price for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $159.55.

TE Connectivity Price Performance

Shares of TEL opened at $153.37 on Wednesday. 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’s fifty day simple moving average is $148.04 and its 200-day simple moving average is $149.04. The firm has a market capitalization of $46.61 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 2.11 and a beta of 1.33. TE Connectivity Ltd. has a twelve month low of $124.95 and a twelve month high of $159.98.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4 billion. During the same period in the previous year, the business earned $1.78 EPS. TE Connectivity’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts forecast that TE Connectivity Ltd. will post 8.13 EPS for the current fiscal year.

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

TE Connectivity Company Profile

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.