State Board of Administration of Florida Retirement System Grows Position in TE Connectivity Ltd. (TEL)
State Board of Administration of Florida Retirement System increased its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 0.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,220 shares of the electronics maker’s stock after acquiring an additional 60 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in TE Connectivity were worth $2,220,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in TE Connectivity by 3.6% during the first quarter. Vanguard Group Inc. now owns 22,790,216 shares of the electronics maker’s stock worth $1,699,010,000 after acquiring an additional 796,516 shares during the period. BlackRock Inc. raised its stake in TE Connectivity by 1,777.1% during the first quarter. BlackRock Inc. now owns 17,203,935 shares of the electronics maker’s stock worth $1,282,551,000 after acquiring an additional 16,287,414 shares during the period. State Street Corp raised its stake in TE Connectivity by 3.6% during the first quarter. State Street Corp now owns 13,850,157 shares of the electronics maker’s stock worth $1,032,534,000 after acquiring an additional 486,340 shares during the period. Fiduciary Management Inc. WI raised its stake in TE Connectivity by 3.6% during the first quarter. Fiduciary Management Inc. WI now owns 9,616,782 shares of the electronics maker’s stock worth $716,931,000 after acquiring an additional 331,080 shares during the period. Finally, FMR LLC raised its stake in TE Connectivity by 7.2% during the first quarter. FMR LLC now owns 4,867,718 shares of the electronics maker’s stock worth $362,888,000 after acquiring an additional 325,039 shares during the period. Hedge funds and other institutional investors own 90.10% of the company’s stock.
Several equities research analysts recently weighed in on TEL shares. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research note on Monday. Cowen and Company reiterated an “outperform” rating and set a $95.00 price objective (up previously from $90.00) on shares of TE Connectivity in a research note on Monday, June 5th. Royal Bank Of Canada reiterated an “outperform” rating and set a $86.00 price objective on shares of TE Connectivity in a research note on Tuesday, June 6th. Finally, BidaskClub lowered shares of TE Connectivity from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. TE Connectivity currently has a consensus rating of “Hold” and a consensus price target of $83.43.
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In other TE Connectivity news, insider Thomas J. Lynch sold 186,034 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $78.65, for a total value of $14,631,574.10. Following the completion of the transaction, the insider now directly owns 504,885 shares of the company’s stock, valued at $39,709,205.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Thomas J. Lynch sold 186,033 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $79.75, for a total transaction of $14,836,131.75. Following the completion of the transaction, the insider now directly owns 504,884 shares of the company’s stock, valued at $40,264,499. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 749,165 shares of company stock valued at $59,522,187. Insiders own 1.49% of the company’s stock.
Shares of TE Connectivity Ltd. (TEL) opened at 80.97 on Tuesday. The firm has a 50 day moving average of $79.57 and a 200 day moving average of $77.39. TE Connectivity Ltd. has a 52 week low of $60.59 and a 52 week high of $85.20. The firm has a market cap of $28.61 billion, a price-to-earnings ratio of 17.19 and a beta of 1.05.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.07. TE Connectivity had a net margin of 12.98% and a return on equity of 19.76%. The firm had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same period in the previous year, the business earned $1.08 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities analysts predict that TE Connectivity Ltd. will post $4.75 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 8th. Shareholders of record on Friday, August 25th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date was Wednesday, August 23rd. TE Connectivity’s dividend payout ratio is presently 33.97%.
TE Connectivity Company Profile
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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