TE Connectivity Ltd (NYSE:TEL) Cut to Buy at BidaskClub

BidaskClub downgraded shares of TE Connectivity Ltd (NYSE:TEL) from a strong-buy rating to a buy rating in a report issued on Tuesday, July 25th.

Other research analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of TE Connectivity from a hold rating to a buy rating and set a $89.00 price target for the company in a research note on Wednesday, June 7th. Deutsche Bank AG lifted their price target on shares of TE Connectivity from $75.00 to $82.00 and gave the stock a hold rating in a research note on Friday, April 28th. Finally, Royal Bank Of Canada reiterated an outperform rating and issued a $86.00 price target on shares of TE Connectivity in a research note on Tuesday, June 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $83.43.

Shares of TE Connectivity (TEL) traded up 0.83% during midday trading on Tuesday, hitting $80.38. 953,946 shares of the stock traded hands. The company has a market cap of $28.41 billion, a price-to-earnings ratio of 17.07 and a beta of 1.06. TE Connectivity has a 52-week low of $58.33 and a 52-week high of $85.20. The stock has a 50-day moving average of $79.98 and a 200-day moving average of $76.36.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $1.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.07. TE Connectivity had a net margin of 12.83% and a return on equity of 19.37%. The business had revenue of $3.37 billion during the quarter, compared to analyst estimates of $3.28 billion. During the same quarter last 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. On average, equities analysts predict that TE Connectivity will post $4.74 earnings per share for the current fiscal year.

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In other news, SVP Mario Calastri sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $80.23, for a total transaction of $481,380.00. Following the completion of the sale, the senior vice president now owns 23,078 shares in the company, valued at approximately $1,851,547.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John S. Jenkins sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $75.70, for a total transaction of $1,059,800.00. Following the sale, the executive vice president now owns 8,823 shares of the company’s stock, valued at approximately $667,901.10. The disclosure for this sale can be found here. Insiders have sold a total of 734,107 shares of company stock valued at $58,302,629 in the last 90 days. Insiders own 1.30% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of 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 in the last quarter. First Eagle Investment Management LLC boosted its position in shares of TE Connectivity by 112,210.6% in the second quarter. First Eagle Investment Management LLC now owns 1,684,659 shares of the electronics maker’s stock worth $132,549,000 after buying an additional 1,683,159 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of TE Connectivity by 234,499.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,616,388 shares of the electronics maker’s stock worth $120,502,000 after buying an additional 1,615,699 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of TE Connectivity during the first quarter worth approximately $61,260,000. Finally, Vanguard Group Inc. boosted its position in shares of TE Connectivity by 3.6% in the first quarter. Vanguard Group Inc. now owns 22,790,216 shares of the electronics maker’s stock worth $1,699,010,000 after buying an additional 796,516 shares during the last quarter. Institutional investors and hedge funds own 90.89% 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.