TE Connectivity Ltd. (NYSE:TEL) Sees Significant Drop in Short Interest

TE Connectivity Ltd. (NYSE:TEL) saw a significant decrease in short interest in November. As of November 15th, there was short interest totalling 2,180,000 shares, a decrease of 19.3% from the October 31st total of 2,700,000 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,600,000 shares, the short-interest ratio is presently 1.4 days.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TEL. Simplicity Wealth LLC raised its holdings in shares of TE Connectivity by 2.7% in the 2nd quarter. Simplicity Wealth LLC now owns 2,509 shares of the electronics maker’s stock worth $377,000 after acquiring an additional 67 shares during the last quarter. Optas LLC raised its stake in shares of TE Connectivity by 4.2% in the third quarter. Optas LLC now owns 1,778 shares of the electronics maker’s stock worth $268,000 after purchasing an additional 71 shares during the last quarter. Gradient Investments LLC lifted its holdings in shares of TE Connectivity by 2.2% in the second quarter. Gradient Investments LLC now owns 3,602 shares of the electronics maker’s stock valued at $542,000 after purchasing an additional 76 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in shares of TE Connectivity by 3.4% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 2,297 shares of the electronics maker’s stock valued at $346,000 after buying an additional 76 shares during the last quarter. Finally, OLD National Bancorp IN grew its holdings in TE Connectivity by 3.6% during the third quarter. OLD National Bancorp IN now owns 2,478 shares of the electronics maker’s stock worth $374,000 after buying an additional 85 shares in the last quarter. Institutional investors and hedge funds own 91.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Bank of America dropped their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. The Goldman Sachs Group decreased their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. StockNews.com initiated coverage on shares of TE Connectivity in a research note on Sunday, November 24th. They issued a “buy” rating on the stock. Finally, Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, TE Connectivity has an average rating of “Hold” and an average price target of $159.55.

TE Connectivity Trading Down 0.0 %

Shares of TEL stock traded down $0.03 during trading hours on Friday, hitting $151.12. 684,983 shares of the company were exchanged, compared to its average volume of 1,812,517. The company has a 50 day simple moving average of $149.34 and a two-hundred day simple moving average of $149.71. The firm has a market cap of $45.21 billion, a P/E ratio of 14.71, a P/E/G ratio of 2.05 and a beta of 1.33. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. TE Connectivity has a fifty-two week low of $128.52 and a fifty-two week high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, hitting analysts’ consensus estimates of $1.95. The business had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the company posted $1.78 earnings per share. Equities analysts anticipate that TE Connectivity will post 8.14 EPS for the current year.

TE Connectivity announced that its Board of Directors has approved a share buyback plan on Wednesday, October 30th that allows the company to buyback $2.50 billion in shares. This buyback authorization allows the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.