TE Connectivity Ltd. (TEL) Upgraded to Hold at Zacks Investment Research
According to Zacks, “TE Connectivity has a decent earnings surprise history, beating estimates thrice in the trailing four quarters. Robust growth in harsh environment and SubCom businesses, along with productivity improvements, boosted growth in the last reported quarter. Strong traction in the connectivity and sensor business, sales growth and design-wins in automotive & integrated multiple components, and rebound in transportation business were key growth drivers. However, sluggish industrial markets, weakness in oil & gas markets and derivative impact of lower oil prices are posing as major headwinds, thwarting growth. Also, adverse currency fluctuations and high restructuring expenses might hurt the company’s performance. Going forward, industrial, data & devices, and communications businesses are expected to be impacted by the weakness in Chinese economy. “
Several other research analysts also recently weighed in on TEL. Morgan Stanley reissued a buy rating on shares of TE Connectivity in a research note on Tuesday, September 20th. Deutsche Bank AG reissued a hold rating and issued a $65.00 target price on shares of TE Connectivity in a research note on Wednesday, June 15th. Royal Bank Of Canada reissued a buy rating and issued a $66.00 target price on shares of TE Connectivity in a research note on Friday, June 17th. Finally, RBC Capital Markets reissued an outperform rating and issued a $65.00 target price (up previously from $63.00) on shares of TE Connectivity in a research note on Thursday, July 21st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $64.33.
Shares of TE Connectivity (NYSE:TEL) traded down 2.17% during midday trading on Wednesday, hitting $60.84. 313,212 shares of the stock were exchanged. The firm has a market cap of $21.63 billion, a PE ratio of 8.88 and a beta of 1.41. TE Connectivity has a 12-month low of $51.70 and a 12-month high of $67.99. The firm has a 50-day moving average price of $63.16 and a 200 day moving average price of $60.86.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, July 20th. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.05. TE Connectivity had a net margin of 21.97% and a return on equity of 16.72%. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the firm posted $0.90 EPS. TE Connectivity’s quarterly revenue was up .1% on a year-over-year basis. Analysts predict that TE Connectivity will post $4.01 earnings per share for the current fiscal year.
In related news, insider James O’toole sold 13,925 shares of the firm’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $61.40, for a total transaction of $854,995.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Joseph B. Donahue sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $63.78, for a total value of $637,800.00. Following the transaction, the chief operating officer now owns 38,825 shares in the company, valued at $2,476,258.50. The disclosure for this sale can be found here. Insiders own 1.49% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its position in shares of TE Connectivity by 253.6% in the first quarter. Renaissance Technologies LLC now owns 213,900 shares of the company’s stock valued at $13,245,000 after buying an additional 153,400 shares during the period. Citizens Financial Group Inc RI boosted its position in shares of TE Connectivity by 0.9% in the first quarter. Citizens Financial Group Inc RI now owns 119,848 shares of the company’s stock valued at $7,421,000 after buying an additional 1,031 shares during the period. HBK Investments L P purchased a new position in shares of TE Connectivity during the first quarter valued at about $1,352,000. Grand Jean Capital Management Inc. purchased a new position in shares of TE Connectivity during the first quarter valued at about $12,971,000. Finally, Geode Capital Management LLC boosted its position in shares of TE Connectivity by 4.0% in the first quarter. Geode Capital Management LLC now owns 3,039,688 shares of the company’s stock valued at $187,837,000 after buying an additional 117,281 shares during the period. Hedge funds and other institutional investors own 91.55% of the company’s stock.
TE Connectivity Company Profile
TE Connectivity Ltd. (TE Connectivity) is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates its business through three segments: Transportation Solutions, which offers various products, including terminals and connector systems and components, relays, circuit protection devices, sensors, and application tooling, among others; Industrial Solutions, which include terminals and connector systems and components, heat shrink tubing, relays, wire and cable, and Communications Solutions, which include terminals and connector systems and components, circuit protection devices, antennas, relays and heat shrink tubing.
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