Hardy Reed LLC Sells 230 Shares of TE Connectivity Ltd. (NYSE:TEL)

Hardy Reed LLC cut its stake in TE Connectivity Ltd. (NYSE:TEL) by 4.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,573 shares of the electronics maker’s stock after selling 230 shares during the period. Hardy Reed LLC’s holdings in TE Connectivity were worth $654,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp boosted its holdings in TE Connectivity by 2.1% in the third quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock valued at $1,940,615,000 after acquiring an additional 268,837 shares during the last quarter. Geode Capital Management LLC boosted its holdings in TE Connectivity by 1.3% in the third quarter. Geode Capital Management LLC now owns 5,981,870 shares of the electronics maker’s stock valued at $899,681,000 after acquiring an additional 75,658 shares during the last quarter. EdgePoint Investment Group Inc. boosted its holdings in TE Connectivity by 26.0% in the third quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock valued at $508,481,000 after acquiring an additional 694,917 shares during the last quarter. Franklin Resources Inc. boosted its holdings in TE Connectivity by 31.1% in the third quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after acquiring an additional 712,228 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of TE Connectivity by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,762,099 shares of the electronics maker’s stock worth $266,059,000 after buying an additional 9,864 shares in the last quarter. 91.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TEL has been the topic of a number of research analyst reports. Truist Financial cut their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a report on Thursday, January 23rd. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a report on Thursday, January 23rd. Citigroup increased their price target on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. StockNews.com upgraded TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Finally, Robert W. Baird increased their price target on TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Seven investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $167.00.

TE Connectivity Trading Up 1.1 %

NYSE TEL opened at $156.10 on Thursday. The firm has a market capitalization of $46.57 billion, a P/E ratio of 24.94, a PEG ratio of 2.09 and a beta of 1.32. The business has a fifty day simple moving average of $147.02 and a 200 day simple moving average of $148.27. TE Connectivity Ltd. has a 12 month low of $137.61 and a 12 month high of $159.98. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26.

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

TE Connectivity declared that its Board of Directors has initiated a share repurchase plan on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the completion of the sale, the insider now directly owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.90% of the stock is currently owned by insiders.

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.