Tortoise Capital Advisors L.L.C. Purchases New Shares in TE Connectivity Ltd. (NYSE:TEL)

Tortoise Capital Advisors L.L.C. purchased a new stake in shares of TE Connectivity Ltd. (NYSE:TEL) during the 1st quarter, HoldingsChannel reports. The firm purchased 66,406 shares of the electronics maker’s stock, valued at approximately $8,574,000.

A number of other hedge funds have also recently added to or reduced their stakes in TEL. Canada Pension Plan Investment Board lifted its holdings in TE Connectivity by 96.0% during the first quarter. Canada Pension Plan Investment Board now owns 1,158,834 shares of the electronics maker’s stock valued at $149,617,000 after purchasing an additional 567,470 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in TE Connectivity by 71.3% during the first quarter. D. E. Shaw & Co. Inc. now owns 213,816 shares of the electronics maker’s stock valued at $27,606,000 after purchasing an additional 89,011 shares in the last quarter. Eaton Vance Management lifted its holdings in TE Connectivity by 946.5% during the first quarter. Eaton Vance Management now owns 671,648 shares of the electronics maker’s stock valued at $86,716,000 after purchasing an additional 607,468 shares in the last quarter. Verition Fund Management LLC lifted its holdings in TE Connectivity by 261.0% during the first quarter. Verition Fund Management LLC now owns 20,733 shares of the electronics maker’s stock valued at $2,677,000 after purchasing an additional 14,990 shares in the last quarter. Finally, Loomis Sayles & Co. L P purchased a new position in TE Connectivity during the first quarter valued at $827,000. Institutional investors own 89.59% of the company’s stock.

In other news, EVP John S. Jenkins sold 9,140 shares of the business’s stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $135.65, for a total transaction of $1,239,841.00. Following the completion of the sale, the executive vice president now owns 24,710 shares in the company, valued at approximately $3,351,911.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Eric Resch sold 23,900 shares of the business’s stock in a transaction that occurred on Thursday, May 27th. The stock was sold at an average price of $136.00, for a total transaction of $3,250,400.00. Following the sale, the senior vice president now owns 49,963 shares of the company’s stock, valued at approximately $6,794,968. The disclosure for this sale can be found here. 0.79% of the stock is owned by insiders.

TEL has been the topic of several research reports. Loop Capital raised their price target on shares of TE Connectivity from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, April 23rd. Jefferies Financial Group lifted their target price on shares of TE Connectivity from $156.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, April 22nd. Zacks Investment Research downgraded shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $140.00 target price on the stock. in a research note on Monday, April 19th. Robert W. Baird lifted their target price on shares of TE Connectivity from $142.00 to $145.00 and gave the stock an “outperform” rating in a research note on Thursday, April 22nd. Finally, lifted their target price on shares of TE Connectivity from $130.00 to $145.00 in a research note on Thursday, April 22nd. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $216.40.

Shares of TEL stock traded down $1.44 during trading on Thursday, reaching $137.86. The company’s stock had a trading volume of 37,935 shares, compared to its average volume of 1,126,482. The company has a quick ratio of 1.05, a current ratio of 1.47 and a debt-to-equity ratio of 0.37. The firm has a market cap of $45.53 billion, a P/E ratio of 28.29, a price-to-earnings-growth ratio of 2.11 and a beta of 1.35. The company has a 50-day simple moving average of $135.34. TE Connectivity Ltd. has a 1-year low of $84.16 and a 1-year high of $139.58.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Tuesday, April 20th. The electronics maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.09. TE Connectivity had a net margin of 8.23% and a return on equity of 16.76%. The firm had revenue of $3.74 billion during the quarter, compared to analysts’ expectations of $3.52 billion. During the same quarter in the previous year, the business posted $1.29 earnings per share. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. Sell-side analysts anticipate that TE Connectivity Ltd. will post 6.16 EPS for the current fiscal year.

TE Connectivity announced that its board has approved a stock repurchase plan on Friday, June 11th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the electronics maker to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

About TE Connectivity

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensor solutions in Europe, the Middle East, Africa, the AsiaÂ-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

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Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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