Shayne & Jacobs LLC Trims Stake in TE Connectivity Ltd. (NYSE:TEL)

Shayne & Jacobs LLC lessened its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 8.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 12,067 shares of the electronics maker’s stock after selling 1,120 shares during the period. Shayne & Jacobs LLC’s holdings in TE Connectivity were worth $1,725,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Lake Street Advisors Group LLC increased its position in TE Connectivity by 5.3% during the 4th quarter. Lake Street Advisors Group LLC now owns 2,171 shares of the electronics maker’s stock valued at $310,000 after buying an additional 109 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of TE Connectivity by 47.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 18,558 shares of the electronics maker’s stock valued at $2,653,000 after acquiring an additional 6,002 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in TE Connectivity by 15.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,749,622 shares of the electronics maker’s stock worth $536,083,000 after purchasing an additional 488,680 shares in the last quarter. RWC Asset Management LLP purchased a new stake in TE Connectivity during the 4th quarter valued at about $18,702,000. Finally, Waverton Investment Management Ltd increased its stake in TE Connectivity by 4.7% during the 4th quarter. Waverton Investment Management Ltd now owns 1,477,981 shares of the electronics maker’s stock valued at $211,373,000 after purchasing an additional 66,933 shares in the last quarter. 91.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TEL has been the topic of several analyst reports. 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 report on Thursday, January 23rd. Truist Financial dropped their price objective on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research report on Thursday, January 23rd. StockNews.com raised TE Connectivity from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, February 19th. Citigroup upped their price objective on TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, January 22nd. Finally, HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target for the company in a research report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, TE Connectivity presently has a consensus rating of “Moderate Buy” and an average target price of $167.00.

TE Connectivity Stock Performance

Shares of TEL stock opened at $151.98 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $45.34 billion, a PE ratio of 24.28, a P/E/G ratio of 2.11 and a beta of 1.32. The firm has a 50 day moving average of $147.35 and a two-hundred day moving average of $148.61. TE Connectivity Ltd. has a 52 week low of $137.61 and a 52 week high of $159.98.

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

TE Connectivity announced that its board has authorized a share buyback plan on Wednesday, October 30th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the firm’s stock in a transaction dated Monday, January 27th. The shares were 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 owns 25,976 shares in the company, valued at $3,925,752.88. This trade represents a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.90% of the company’s stock.

TE Connectivity 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.