Lee Danner & Bass Inc. Lowers Holdings in TE Connectivity Ltd. $TEL

Lee Danner & Bass Inc. trimmed its holdings in TE Connectivity Ltd. (NYSE:TEL) by 33.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,919 shares of the electronics maker’s stock after selling 950 shares during the period. Lee Danner & Bass Inc.’s holdings in TE Connectivity were worth $324,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the business. Carnegie Investment Counsel boosted its holdings in TE Connectivity by 0.8% in the second quarter. Carnegie Investment Counsel now owns 117,930 shares of the electronics maker’s stock valued at $19,891,000 after purchasing an additional 908 shares during the last quarter. Forum Financial Management LP boosted its holdings in TE Connectivity by 8.6% in the second quarter. Forum Financial Management LP now owns 3,906 shares of the electronics maker’s stock valued at $659,000 after purchasing an additional 308 shares during the last quarter. Ethic Inc. raised its position in shares of TE Connectivity by 4.3% in the second quarter. Ethic Inc. now owns 32,359 shares of the electronics maker’s stock worth $5,400,000 after acquiring an additional 1,347 shares during the period. Rehmann Capital Advisory Group acquired a new position in shares of TE Connectivity in the second quarter worth about $202,000. Finally, Studio Investment Management LLC raised its position in shares of TE Connectivity by 28.6% in the second quarter. Studio Investment Management LLC now owns 6,376 shares of the electronics maker’s stock worth $1,075,000 after acquiring an additional 1,417 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TEL shares. Truist Financial upped their price objective on shares of TE Connectivity from $156.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, July 24th. Evercore ISI upped their price objective on shares of TE Connectivity from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Wells Fargo & Company upped their price objective on shares of TE Connectivity from $198.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 25th. Zacks Research downgraded shares of TE Connectivity from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 24th. Finally, JPMorgan Chase & Co. upped their price target on shares of TE Connectivity from $186.00 to $204.00 and gave the stock a “neutral” rating in a research report on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, TE Connectivity currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.00.

TE Connectivity Stock Performance

TE Connectivity stock opened at $235.66 on Friday. The firm has a 50 day simple moving average of $215.12 and a 200-day simple moving average of $183.29. TE Connectivity Ltd. has a 1-year low of $116.30 and a 1-year high of $237.63. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.52 and a quick ratio of 0.96. The stock has a market cap of $69.63 billion, a price-to-earnings ratio of 48.79, a price-to-earnings-growth ratio of 2.52 and a beta of 1.26.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, July 23rd. The electronics maker reported $2.27 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.19. TE Connectivity had a net margin of 8.78% and a return on equity of 20.22%. The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.30 billion. During the same quarter last year, the firm earned $1.91 EPS. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, analysts expect that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 21st will be paid a $0.71 dividend. The ex-dividend date is Friday, November 21st. This represents a $2.84 annualized dividend and a dividend yield of 1.2%. TE Connectivity’s payout ratio is 58.80%.

Insiders Place Their Bets

In other TE Connectivity news, SVP Malavika Sagar sold 1,945 shares of the business’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $207.20, for a total value of $403,004.00. Following the completion of the transaction, the senior vice president owned 4,716 shares in the company, valued at $977,155.20. The trade was a 29.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Shadrak W. Kroeger sold 23,850 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $202.99, for a total transaction of $4,841,311.50. Following the completion of the transaction, the insider owned 25,976 shares of the company’s stock, valued at approximately $5,272,868.24. This trade represents a 47.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,645 shares of company stock worth $14,842,096 over the last 90 days. Corporate 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.