TE Connectivity Ltd (TEL) Stake Lifted by Nomura Asset Management Co. Ltd.
Nomura Asset Management Co. Ltd. lifted its holdings in TE Connectivity Ltd (NYSE:TEL) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 637,065 shares of the electronics maker’s stock after acquiring an additional 12,093 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.18% of TE Connectivity worth $56,017,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in TEL. Janus Henderson Group PLC lifted its holdings in TE Connectivity by 12.9% during the 2nd quarter. Janus Henderson Group PLC now owns 12,603,520 shares of the electronics maker’s stock worth $1,135,059,000 after buying an additional 1,443,941 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in TE Connectivity by 35.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,631,749 shares of the electronics maker’s stock worth $327,075,000 after buying an additional 950,039 shares in the last quarter. EdgePoint Investment Group Inc. lifted its holdings in TE Connectivity by 16.2% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 5,698,700 shares of the electronics maker’s stock worth $513,225,000 after buying an additional 795,423 shares in the last quarter. American Century Companies Inc. lifted its holdings in TE Connectivity by 28.8% during the 3rd quarter. American Century Companies Inc. now owns 2,309,519 shares of the electronics maker’s stock worth $203,076,000 after buying an additional 516,227 shares in the last quarter. Finally, Royal London Asset Management Ltd. acquired a new position in TE Connectivity during the 2nd quarter worth $36,683,000. 87.92% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on TEL. Morgan Stanley reduced their price objective on TE Connectivity from $117.00 to $116.00 and set an “overweight” rating on the stock in a report on Thursday, July 26th. Zacks Investment Research downgraded TE Connectivity from a “hold” rating to a “sell” rating in a report on Wednesday, July 18th. Wells Fargo & Co reduced their price objective on TE Connectivity from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Tuesday, July 17th. Royal Bank of Canada set a $114.00 price objective on TE Connectivity and gave the stock a “buy” rating in a report on Tuesday, September 25th. Finally, Robert W. Baird downgraded TE Connectivity from an “outperform” rating to a “neutral” rating in a report on Monday, October 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. TE Connectivity presently has an average rating of “Buy” and an average target price of $108.00.
TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, October 31st. The electronics maker reported $1.35 EPS for the quarter, beating the consensus estimate of $1.33 by $0.02. The company had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.65 billion. TE Connectivity had a net margin of 17.69% and a return on equity of 20.06%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 EPS. As a group, sell-side analysts forecast that TE Connectivity Ltd will post 5.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Wednesday, November 21st. TE Connectivity’s payout ratio is 31.37%.
About TE Connectivity
TE Connectivity Ltd., together with its subsidiaries, engages in the design, manufacture, and sale of connectivity and sensors solutions in the Americas, Europe, the Middle East, Africa, and the AsiaPacific. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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