TE Connectivity Ltd. (TEL) Stake Decreased by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. decreased its stake in TE Connectivity Ltd. (NYSE:TEL) by 83.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 306,955 shares of the company’s stock after selling 1,571,063 shares during the period. PNC Financial Services Group Inc. owned approximately 0.09% of TE Connectivity worth $19,761,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of the company. Renaissance Technologies LLC raised its stake in 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 last quarter. Babson Capital Management LLC purchased a new stake in TE Connectivity during the first quarter valued at about $1,071,000. Logan Capital Management Inc. raised its stake in TE Connectivity by 23.5% in the first quarter. Logan Capital Management Inc. now owns 8,407 shares of the company’s stock valued at $521,000 after buying an additional 1,600 shares during the last quarter. Phocas Financial Corp. raised its stake in TE Connectivity by 72.1% in the first quarter. Phocas Financial Corp. now owns 60,716 shares of the company’s stock valued at $3,760,000 after buying an additional 25,428 shares during the last quarter. Finally, First Republic Investment Management Inc. raised its stake in TE Connectivity by 38.4% in the first quarter. First Republic Investment Management Inc. now owns 88,849 shares of the company’s stock valued at $5,501,000 after buying an additional 24,630 shares during the last quarter. 89.98% of the stock is currently owned by institutional investors and hedge funds.
TE Connectivity Ltd. (NYSE:TEL) traded up 0.74% during mid-day trading on Wednesday, reaching $67.72. 504,193 shares of the company’s stock were exchanged. The stock has a market capitalization of $24.06 billion, a PE ratio of 12.44 and a beta of 1.20. TE Connectivity Ltd. has a 1-year low of $51.70 and a 1-year high of $69.40. The firm’s 50-day moving average is $64.18 and its 200 day moving average is $61.63.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.07. The company had revenue of $3.30 billion for the quarter, compared to analyst estimates of $3.62 billion. TE Connectivity had a net margin of 16.42% and a return on equity of 18.39%. TE Connectivity’s quarterly revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.90 earnings per share. Analysts forecast that TE Connectivity Ltd. will post $4.36 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Shareholders of record on Friday, November 25th will be paid a $0.37 dividend. The ex-dividend date is Tuesday, November 22nd. This represents a $1.48 dividend on an annualized basis and a yield of 2.20%. TE Connectivity’s dividend payout ratio is presently 27.01%.
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Several research analysts recently weighed in on TEL shares. Morgan Stanley restated a “buy” rating on shares of TE Connectivity in a research report on Tuesday, September 20th. Zacks Investment Research downgraded shares of TE Connectivity from a “hold” rating to a “sell” rating in a research report on Tuesday, September 20th. Royal Bank Of Canada upped their price target on shares of TE Connectivity from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, November 3rd. Finally, RBC Capital Markets restated an “outperform” rating and set a $66.00 price target (up previously from $65.00) on shares of TE Connectivity in a research report on Thursday, November 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. TE Connectivity currently has a consensus rating of “Hold” and a consensus target price of $65.67.
In other news, CEO Thomas J. Lynch sold 97,745 shares of TE Connectivity stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $67.22, for a total value of $6,570,418.90. Following the sale, the chief executive officer now owns 300,901 shares of the company’s stock, valued at $20,226,565.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Terrence R. Curtin sold 1,184 shares of TE Connectivity stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $66.53, for a total transaction of $78,771.52. Following the completion of the sale, the insider now directly owns 42,379 shares in the company, valued at approximately $2,819,474.87. The disclosure for this sale can be found here. 1.49% of the stock is currently owned by company insiders.
TE Connectivity Company Profile
TE Connectivity Ltd. is a technology company, which designs and manufactures connectivity and sensors solutions. The Company operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Company’s segments manufacture and distribute its products and solutions to a range of end markets.
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