TE Connectivity Ltd. (NYSE:TEL) CFO Heath A. Mitts Sells 53,306 Shares

TE Connectivity Ltd. (NYSE:TEL) CFO Heath A. Mitts sold 53,306 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $159.21, for a total transaction of $8,486,848.26. Following the sale, the chief financial officer now directly owns 45,503 shares in the company, valued at approximately $7,244,532.63. This trade represents a 53.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

TE Connectivity Trading Up 0.9%

Shares of TEL opened at $162.47 on Wednesday. The firm’s 50 day simple moving average is $141.11 and its 200 day simple moving average is $146.37. The company has a market capitalization of $48.18 billion, a P/E ratio of 25.95, a P/E/G ratio of 2.11 and a beta of 1.24. 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 1-year low of $116.30 and a 1-year high of $163.39.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.14. The business had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $3.97 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. TE Connectivity’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period last year, the firm posted $1.86 earnings per share. Sell-side analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be paid a $0.71 dividend. This is an increase from TE Connectivity’s previous quarterly dividend of $0.65. This represents a $2.84 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend is Wednesday, May 21st. TE Connectivity’s dividend payout ratio (DPR) is currently 62.42%.

Institutional Investors Weigh In On TE Connectivity

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Pinnacle Bancorp Inc. bought a new position in TE Connectivity during the fourth quarter valued at approximately $26,000. SRS Capital Advisors Inc. grew its position in TE Connectivity by 117.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 107 shares during the last quarter. Costello Asset Management INC bought a new position in TE Connectivity during the first quarter valued at approximately $28,000. Millstone Evans Group LLC bought a new position in TE Connectivity during the first quarter valued at approximately $32,000. Finally, Dagco Inc. bought a new position in TE Connectivity during the first quarter valued at approximately $35,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. StockNews.com downgraded shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. The Goldman Sachs Group dropped their price objective on shares of TE Connectivity from $190.00 to $170.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. HSBC raised shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $175.00 price target on the stock in a report on Thursday, April 24th. UBS Group reissued a “buy” rating and issued a $163.00 price target (up from $155.00) on shares of TE Connectivity in a report on Thursday, April 24th. Finally, Robert W. Baird increased their price target on shares of TE Connectivity from $147.00 to $153.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $159.50.

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.