DnB Asset Management AS Grows Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

DnB Asset Management AS boosted its holdings in TE Connectivity Ltd. (NYSE:TEL) by 2.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 57,525 shares of the electronics maker’s stock after buying an additional 1,231 shares during the period. DnB Asset Management AS’s holdings in TE Connectivity were worth $8,224,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in TE Connectivity by 14.2% in the 4th quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock worth $4,629,225,000 after purchasing an additional 4,029,596 shares in the last quarter. Norges Bank purchased a new position in shares of TE Connectivity in the fourth quarter worth $508,199,000. Amundi bought a new position in shares of TE Connectivity during the fourth quarter worth $159,992,000. Nordea Investment Management AB purchased a new position in TE Connectivity during the fourth quarter valued at $149,211,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in TE Connectivity by 2,330.3% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 753,572 shares of the electronics maker’s stock valued at $107,738,000 after acquiring an additional 722,565 shares during the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Trading Down 3.4 %

Shares of TEL opened at $142.04 on Friday. The company’s fifty day simple moving average is $149.32 and its 200-day simple moving average is $148.41. The company has a market cap of $42.38 billion, a P/E ratio of 22.69, a P/E/G ratio of 2.11 and a beta of 1.32. 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 Ltd. has a twelve month low of $137.61 and a twelve month high of $159.98.

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

TE Connectivity Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 2.00%. The ex-dividend date is Wednesday, May 21st. This is an increase from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s dividend payout ratio is 45.37%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on TEL shares. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 23rd. Robert W. Baird raised their price target on TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Citigroup upped their price objective on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Truist Financial lowered their target price on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research report on Thursday, January 23rd. Finally, 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. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $167.00.

Insiders Place Their Bets

In other news, insider Shadrak W. Kroeger sold 25,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total value of $3,669,250.00. Following the transaction, the insider now directly owns 25,976 shares in the company, valued at approximately $3,812,497.52. This represents a 49.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.90% of the company’s stock.

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.