Dana Investment Advisors Inc. Has $259,000 Stake in TE Connectivity Ltd (TEL)
Dana Investment Advisors Inc. cut its stake in TE Connectivity Ltd (NYSE:TEL) by 59.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,421 shares of the electronics maker’s stock after selling 5,092 shares during the quarter. Dana Investment Advisors Inc.’s holdings in TE Connectivity were worth $259,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC lifted its stake in shares of TE Connectivity by 490.8% in the 3rd quarter. SG Americas Securities LLC now owns 45,277 shares of the electronics maker’s stock valued at $3,981,000 after purchasing an additional 37,613 shares during the period. Toronto Dominion Bank raised its stake in TE Connectivity by 0.7% during the 3rd quarter. Toronto Dominion Bank now owns 226,663 shares of the electronics maker’s stock worth $19,926,000 after buying an additional 1,469 shares during the period. Commonwealth Bank of Australia raised its stake in TE Connectivity by 8.0% during the 3rd quarter. Commonwealth Bank of Australia now owns 43,387 shares of the electronics maker’s stock worth $3,810,000 after buying an additional 3,200 shares during the period. Norinchukin Bank The raised its stake in TE Connectivity by 12.9% during the 3rd quarter. Norinchukin Bank The now owns 45,865 shares of the electronics maker’s stock worth $4,033,000 after buying an additional 5,233 shares during the period. Finally, Hartford Investment Management Co. acquired a new position in TE Connectivity during the 3rd quarter worth approximately $3,419,000. 90.42% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on the company. Zacks Investment Research raised TE Connectivity from a “sell” rating to a “hold” rating in a research note on Monday, February 25th. ValuEngine downgraded TE Connectivity from a “hold” rating to a “sell” rating in a research note on Thursday, February 28th. Finally, Jefferies Financial Group assumed coverage on TE Connectivity in a research note on Tuesday, December 4th. They set a “hold” rating and a $84.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $97.78.
TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, January 23rd. The electronics maker reported $1.29 EPS for the quarter, topping the consensus estimate of $1.28 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.38 billion. TE Connectivity had a return on equity of 19.22% and a net margin of 20.06%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.40 earnings per share. On average, equities research analysts predict that TE Connectivity Ltd will post 5.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 22nd were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Thursday, February 21st. TE Connectivity’s dividend payout ratio (DPR) is presently 31.37%.
TE Connectivity declared that its board has initiated a stock repurchase plan on Friday, December 14th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the electronics maker to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, CFO Heath A. Mitts sold 12,908 shares of the stock in a transaction that occurred on Wednesday, February 6th. The stock was sold at an average price of $83.05, for a total value of $1,072,009.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Eric Resch sold 34,050 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $82.70, for a total value of $2,815,935.00. Following the completion of the sale, the senior vice president now directly owns 68,790 shares of the company’s stock, valued at $5,688,933. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.
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About TE Connectivity
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the AsiaPacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.
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