Morgan Stanley Downgrades TE Connectivity (NYSE:TEL) to Equal Weight

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Morgan Stanley cut shares of TE Connectivity (NYSE:TEL) from an overweight rating to an equal weight rating in a research report report published on Monday morning, BenzingaRatingsTable reports. Morgan Stanley currently has $95.00 target price on the electronics maker’s stock, down from their previous target price of $98.00.

A number of other equities research analysts have also recently commented on TEL. Goldman Sachs Group raised shares of TE Connectivity from a neutral rating to a buy rating and lifted their price target for the stock from $92.00 to $105.00 in a report on Thursday, June 20th. Wells Fargo & Co cut shares of TE Connectivity from an outperform rating to a market perform rating in a report on Thursday, July 25th. Longbow Research cut shares of TE Connectivity from a buy rating to a neutral rating and set a $90.66 price target on the stock. in a report on Monday, June 17th. Finally, Cross Research cut shares of TE Connectivity from a buy rating to a hold rating in a report on Tuesday, July 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $91.83.

TE Connectivity stock opened at $93.09 on Monday. TE Connectivity has a 52 week low of $69.84 and a 52 week high of $97.99. The company’s 50 day moving average price is $91.81 and its two-hundred day moving average price is $90.10. The company has a quick ratio of 0.94, a current ratio of 1.47 and a debt-to-equity ratio of 0.32. The stock has a market cap of $30.76 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.55 and a beta of 1.21.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, July 24th. The electronics maker reported $1.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.42 by $0.08. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.43 billion. TE Connectivity had a net margin of 22.94% and a return on equity of 18.33%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.43 EPS. On average, equities analysts anticipate that TE Connectivity will post 5.52 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 23rd were issued a $0.46 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.84 dividend on an annualized basis and a dividend yield of 1.98%. TE Connectivity’s dividend payout ratio (DPR) is presently 32.80%.

In other TE Connectivity news, SVP Robert J. Ott sold 22,400 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $92.01, for a total transaction of $2,061,024.00. Following the sale, the senior vice president now owns 39,554 shares of the company’s stock, valued at approximately $3,639,363.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas J. Lynch sold 124,400 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $93.41, for a total transaction of $11,620,204.00. Following the sale, the director now directly owns 290,316 shares in the company, valued at approximately $27,118,417.56. The disclosure for this sale can be found here. Insiders sold a total of 255,500 shares of company stock worth $23,737,285 in the last ninety days. 0.80% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Harel Insurance Investments & Financial Services Ltd. raised its holdings in TE Connectivity by 102.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 515 shares of the electronics maker’s stock valued at $49,000 after acquiring an additional 260 shares during the period. Rockefeller Capital Management L.P. grew its position in shares of TE Connectivity by 854,554.5% during the 1st quarter. Rockefeller Capital Management L.P. now owns 846,108 shares of the electronics maker’s stock valued at $68,324,000 after purchasing an additional 846,009 shares in the last quarter. Evercore Wealth Management LLC purchased a new position in shares of TE Connectivity during the 2nd quarter valued at $269,000. Valeo Financial Advisors LLC grew its position in shares of TE Connectivity by 15.0% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,535 shares of the electronics maker’s stock valued at $147,000 after purchasing an additional 200 shares in the last quarter. Finally, Cerebellum GP LLC grew its position in shares of TE Connectivity by 14.7% during the 1st quarter. Cerebellum GP LLC now owns 4,067 shares of the electronics maker’s stock valued at $328,000 after purchasing an additional 520 shares in the last quarter. 89.88% of the stock is currently owned by institutional investors and hedge funds.

About TE Connectivity

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the Asia?Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

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