Longview Partners Guernsey LTD reduced its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 83.3% during the second quarter, Holdings Channel reports. The firm owned 804,450 shares of the electronics maker’s stock after selling 4,018,969 shares during the period. TE Connectivity comprises approximately 0.4% of Longview Partners Guernsey LTD’s holdings, making the stock its 28th largest position. Longview Partners Guernsey LTD’s holdings in TE Connectivity were worth $63,294,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in TE Connectivity by 3.6% in the first quarter. Vanguard Group Inc. now owns 22,790,216 shares of the electronics maker’s stock valued at $1,699,010,000 after buying an additional 796,516 shares during the period. BlackRock Inc. boosted its position in TE Connectivity by 1,777.1% in the first quarter. BlackRock Inc. now owns 17,203,935 shares of the electronics maker’s stock valued at $1,282,551,000 after buying an additional 16,287,414 shares during the period. State Street Corp boosted its position in TE Connectivity by 3.6% in the first quarter. State Street Corp now owns 13,850,157 shares of the electronics maker’s stock valued at $1,032,534,000 after buying an additional 486,340 shares during the period. Boston Partners boosted its position in TE Connectivity by 1.6% in the first quarter. Boston Partners now owns 11,779,206 shares of the electronics maker’s stock valued at $878,140,000 after buying an additional 187,835 shares during the period. Finally, Fiduciary Management Inc. WI boosted its position in TE Connectivity by 3.6% in the first quarter. Fiduciary Management Inc. WI now owns 9,616,782 shares of the electronics maker’s stock valued at $716,931,000 after buying an additional 331,080 shares during the period. 90.89% of the stock is currently owned by institutional investors and hedge funds.
Shares of TE Connectivity Ltd. (TEL) opened at 81.89 on Monday. The firm’s 50-day moving average is $79.92 and its 200-day moving average is $76.09. The stock has a market capitalization of $28.94 billion, a price-to-earnings ratio of 17.39 and a beta of 1.06. TE Connectivity Ltd. has a 52 week low of $57.85 and a 52 week high of $85.20.
TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.07. TE Connectivity had a net margin of 12.98% and a return on equity of 19.76%. The business 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 firm posted $1.08 earnings per share. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. Analysts forecast that TE Connectivity Ltd. will post $4.73 earnings per share for the current fiscal year.
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Several equities analysts recently issued reports on TEL shares. Zacks Investment Research raised TE Connectivity from a “hold” rating to a “buy” rating and set a $86.00 price objective on the stock in a research report on Friday, May 12th. Morgan Stanley upped their price objective on TE Connectivity from $85.00 to $87.00 and gave the company an “overweight” rating in a research report on Friday, April 28th. Cowen and Company reaffirmed an “outperform” rating and issued a $95.00 price objective (up from $90.00) on shares of TE Connectivity in a research report on Monday, June 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $86.00 price objective on shares of TE Connectivity in a research report on Tuesday, June 6th. Finally, BidaskClub cut TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $83.43.
In other news, COO Joseph B. Donahue sold 6,600 shares of TE Connectivity stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $75.57, for a total transaction of $498,762.00. Following the completion of the sale, the chief operating officer now directly owns 40,909 shares in the company, valued at $3,091,493.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas J. Lynch sold 186,034 shares of TE Connectivity stock in a transaction 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 sale, the insider now owns 504,885 shares of the company’s stock, valued at $39,709,205.25. The disclosure for this sale can be found here. Insiders have sold 369,909 shares of company stock valued at $29,169,745 over the last quarter. Insiders own 1.49% of the company’s stock.
TE Connectivity Company Profile
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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