TE Connectivity Ltd. (TEL) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of TE Connectivity Ltd. (NYSE:TEL) from a hold rating to a buy rating in a research report report published on Monday. Zacks Investment Research currently has $88.00 price target on the electronics maker’s stock.
According to Zacks, “TE Connectivity has a striking earnings surprise history over the four trailing quarters, beating estimates all through. Strong progress on strategic priorities, solid execution and impressive top-line growth are proving conducive to the company’s profitability. It expects transportation business to experience high-single-digit organic growth, fuelled by rise in global auto production and impressive heavy truck business in key end markets. Also, its Communications and Industrial segments are witnessing strong rebound, thus stoking growth. Additionally, TE Connectivity’s solid financial health adds to its strength. However, sluggish industrial 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. The stock has also underperformed the industry average, year to date.”
A number of other research analysts also recently issued reports on the company. Royal Bank Of Canada reissued an outperform rating and issued a $86.00 price target on shares of TE Connectivity in a report on Tuesday, June 6th. BidaskClub downgraded TE Connectivity from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Finally, Cowen and Company reissued an outperform rating and issued a $95.00 price target (up from $90.00) on shares of TE Connectivity in a report on Monday, June 5th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $83.43.
TE Connectivity (NYSE TEL) traded up 0.43% during midday trading on Monday, reaching $81.32. 34,631 shares of the company’s stock were exchanged. TE Connectivity has a 52 week low of $60.59 and a 52 week high of $85.20. The firm’s 50 day moving average is $79.57 and its 200 day moving average is $77.39. The firm has a market capitalization of $28.74 billion, a price-to-earnings ratio of 17.27 and a beta of 1.05.
TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.07. TE Connectivity had a return on equity of 19.76% and a net margin of 12.98%. The company had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $3.28 billion. During the same period in the previous year, the company posted $1.08 earnings per share. TE Connectivity’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities analysts anticipate that TE Connectivity will post $4.75 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 25th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Wednesday, August 23rd. TE Connectivity’s payout ratio is 33.97%.
In other news, insider Thomas J. Lynch sold 186,034 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 504,885 shares of the company’s stock, valued at approximately $39,709,205.25. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Mario Calastri sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $80.23, for a total value of $481,380.00. Following the transaction, the senior vice president now directly owns 23,078 shares of the company’s stock, valued at $1,851,547.94. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 749,165 shares of company stock valued at $59,522,187. Corporate insiders own 1.49% of the company’s stock.
Several hedge funds have recently made changes to their positions in TEL. BlackRock Inc. raised its stake in shares of TE Connectivity by 1,777.1% during the 1st 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 during the period. First Eagle Investment Management LLC raised its stake in shares of TE Connectivity by 112,210.6% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,684,659 shares of the electronics maker’s stock worth $132,549,000 after buying an additional 1,683,159 shares during the period. UBS Asset Management Americas Inc. raised its stake in shares of TE Connectivity by 234,499.1% during the 1st 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 during the period. PNC Financial Services Group Inc. raised its stake in shares of TE Connectivity by 499.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,386,610 shares of the electronics maker’s stock worth $109,098,000 after buying an additional 1,155,316 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of TE Connectivity by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 22,790,216 shares of the electronics maker’s stock worth $1,699,010,000 after buying an additional 796,516 shares during the period. 90.10% of the stock is owned by institutional investors and hedge funds.
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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