Chicago Partners Investment Group LLC Sells 47,109 Shares of TE Connectivity Ltd. (TEL)
Chicago Partners Investment Group LLC decreased its holdings in TE Connectivity Ltd. (NYSE:TEL) by 48.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 50,109 shares of the electronics maker’s stock after selling 47,109 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in TE Connectivity were worth $4,162,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Prudential Financial Inc. lifted its position in TE Connectivity by 4.6% in the 2nd quarter. Prudential Financial Inc. now owns 511,865 shares of the electronics maker’s stock valued at $40,273,000 after acquiring an additional 22,478 shares in the last quarter. Calamos Advisors LLC lifted its position in TE Connectivity by 2.7% in the 2nd quarter. Calamos Advisors LLC now owns 57,157 shares of the electronics maker’s stock valued at $4,497,000 after acquiring an additional 1,512 shares in the last quarter. Swiss National Bank lifted its position in TE Connectivity by 3.0% in the 2nd quarter. Swiss National Bank now owns 1,297,509 shares of the electronics maker’s stock valued at $102,088,000 after acquiring an additional 38,400 shares in the last quarter. Vanguard Group Inc. lifted its position in TE Connectivity by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 23,312,100 shares of the electronics maker’s stock valued at $1,834,196,000 after acquiring an additional 521,884 shares in the last quarter. Finally, Atlantic Trust Group LLC lifted its position in shares of TE Connectivity by 5.0% during the 2nd quarter. Atlantic Trust Group LLC now owns 177,785 shares of the electronics maker’s stock worth $13,989,000 after buying an additional 8,438 shares in the last quarter. 90.22% of the stock is currently owned by institutional investors and hedge funds.
TE Connectivity Ltd. (NYSE:TEL) traded up $0.24 during trading hours on Friday, hitting $95.51. 1,396,800 shares of the company were exchanged, compared to its average volume of 1,446,727. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.54 and a quick ratio of 1.07. The company has a market cap of $33,500.47, a PE ratio of 19.73, a PEG ratio of 1.66 and a beta of 1.08. TE Connectivity Ltd. has a 52 week low of $66.20 and a 52 week high of $96.78.
The business also recently declared a quarterly dividend, which was paid on Friday, December 8th. Investors of record on Friday, November 24th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, November 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.68%. TE Connectivity’s dividend payout ratio (DPR) is presently 33.97%.
TE Connectivity announced that its board has approved a share repurchase program on Friday, December 8th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
Several equities analysts have commented on the stock. BidaskClub cut shares of TE Connectivity from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Morgan Stanley reissued an “overweight” rating and set a $89.00 target price on shares of TE Connectivity in a research report on Wednesday, September 20th. Zacks Investment Research cut shares of TE Connectivity from a “hold” rating to a “sell” rating in a research report on Monday, October 23rd. Stifel Nicolaus lifted their target price on shares of TE Connectivity from $98.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Cross Research raised shares of TE Connectivity from a “hold” rating to a “buy” rating in a research report on Friday, December 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $151.93.
In related news, insider Thomas J. Lynch sold 52,650 shares of TE Connectivity stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $94.32, for a total value of $4,965,948.00. Following the sale, the insider now owns 136,336 shares of the company’s stock, valued at approximately $12,859,211.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas J. Lynch sold 130,617 shares of TE Connectivity stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $91.29, for a total transaction of $11,924,025.93. Following the completion of the sale, the insider now directly owns 429,500 shares in the company, valued at approximately $39,209,055. The disclosure for this sale can be found here. Insiders sold a total of 759,805 shares of company stock worth $69,542,539 in the last ninety days. 1.30% of the stock is currently owned by insiders.
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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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