Gateway Investment Advisers LLC Cuts Position in TE Connectivity Ltd (NYSE:TEL)
Gateway Investment Advisers LLC cut its stake in shares of TE Connectivity Ltd (NYSE:TEL) by 6.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 298,471 shares of the electronics maker’s stock after selling 19,981 shares during the period. Gateway Investment Advisers LLC owned approximately 0.08% of TE Connectivity worth $23,484,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Dodge & Cox acquired a new position in TE Connectivity during the fourth quarter worth $1,913,073,000. BlackRock Inc. boosted its position in TE Connectivity by 1,777.1% in the first quarter. BlackRock Inc. now owns 17,203,935 shares of the electronics maker’s stock worth $1,282,551,000 after buying an additional 16,287,414 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in TE Connectivity by 234,499.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,616,388 shares of the electronics maker’s stock worth $120,502,000 after buying an additional 1,615,699 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in TE Connectivity during the first quarter worth $61,260,000. Finally, Vanguard Group Inc. raised its position in TE Connectivity by 3.6% in the first quarter. Vanguard Group Inc. now owns 22,790,216 shares of the electronics maker’s stock valued at $1,699,010,000 after buying an additional 796,516 shares during the last quarter. Institutional investors own 90.89% of the company’s stock.
Shares of TE Connectivity Ltd (TEL) traded up 0.83% on Friday, hitting $80.38. The company’s stock had a trading volume of 953,946 shares. The firm has a market cap of $28.41 billion, a PE ratio of 17.07 and a beta of 1.06. TE Connectivity Ltd has a 1-year low of $58.33 and a 1-year high of $85.20. The company has a 50 day moving average of $79.98 and a 200 day moving average of $76.36.
TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, topping the consensus estimate of $1.17 by $0.07. TE Connectivity had a net margin of 12.83% and a return on equity of 19.37%. The firm had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.28 billion. During the same period in the previous year, the firm posted $1.08 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. Equities analysts forecast that TE Connectivity Ltd will post $4.74 EPS for the current year.
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TEL has been the topic of several research reports. Zacks Investment Research raised TE Connectivity from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research note on Friday, June 16th. Deutsche Bank AG increased their price target on TE Connectivity from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Royal Bank Of Canada increased their price target on TE Connectivity from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, June 27th. BidaskClub lowered TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Finally, Cowen and Company reissued an “outperform” rating and set a $95.00 target price (up previously from $90.00) on shares of TE Connectivity in a research report on Monday, June 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. TE Connectivity currently has an average rating of “Buy” and a consensus target price of $83.43.
In other news, EVP John S. Jenkins sold 14,000 shares of the business’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $75.70, for a total transaction of $1,059,800.00. Following the transaction, the executive vice president now directly owns 8,823 shares in the company, valued at approximately $667,901.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas J. Lynch sold 186,034 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $78.65, for a total transaction of $14,631,574.10. Following the transaction, the insider now owns 504,885 shares in the company, valued at $39,709,205.25. The disclosure for this sale can be found here. Insiders have sold a total of 734,107 shares of company stock worth $58,302,629 over the last three months. Insiders own 1.30% of the company’s stock.
About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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