TE Connectivity Ltd. (TEL) Stake Reduced by Reliance Trust Co. of Delaware
Reliance Trust Co. of Delaware cut its stake in TE Connectivity Ltd. (NYSE:TEL) by 46.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,218 shares of the company’s stock after selling 24,745 shares during the period. Reliance Trust Co. of Delaware’s holdings in TE Connectivity were worth $1,817,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of TEL. Boston Partners raised its stake in shares of TE Connectivity by 161.8% in the second quarter. Boston Partners now owns 8,963,462 shares of the company’s stock worth $511,903,000 after buying an additional 5,539,080 shares during the last quarter. River Road Asset Management LLC acquired a new position in TE Connectivity during the second quarter worth $48,729,000. Alliancebernstein L.P. increased its position in TE Connectivity by 132.0% in the second quarter. Alliancebernstein L.P. now owns 1,109,587 shares of the company’s stock worth $63,369,000 after buying an additional 631,412 shares during the period. Raymond James & Associates increased its position in TE Connectivity by 57.7% in the second quarter. Raymond James & Associates now owns 1,304,428 shares of the company’s stock worth $74,496,000 after buying an additional 477,278 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its position in TE Connectivity by 167.4% in the second quarter. O Shaughnessy Asset Management LLC now owns 761,595 shares of the company’s stock worth $38,424,000 after buying an additional 476,792 shares during the period. Institutional investors own 89.98% of the company’s stock.
Shares of TE Connectivity Ltd. (NYSE:TEL) traded down 0.71% on Tuesday, hitting $67.22. 1,355,852 shares of the stock were exchanged. The stock’s 50-day moving average is $64.18 and its 200-day moving average is $61.63. The stock has a market cap of $23.89 billion, a price-to-earnings ratio of 12.35 and a beta of 1.20. TE Connectivity Ltd. has a 1-year low of $51.70 and a 1-year high of $68.14.
TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, November 2nd. The company reported $1.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.07. The business had revenue of $3.30 billion for the quarter, compared to analyst estimates of $3.62 billion. TE Connectivity had a net margin of 16.42% and a return on equity of 18.39%. TE Connectivity’s revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 earnings per share. Analysts forecast that TE Connectivity Ltd. will post $4.36 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 25th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Tuesday, November 22nd. TE Connectivity’s dividend payout ratio is presently 27.01%.
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A number of research analysts recently weighed in on the stock. Royal Bank Of Canada raised their target price on shares of TE Connectivity from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, November 3rd. RBC Capital Markets reaffirmed an “outperform” rating and issued a $66.00 target price (up previously from $65.00) on shares of TE Connectivity in a research report on Thursday, November 3rd. Zacks Investment Research downgraded shares of TE Connectivity from a “hold” rating to a “sell” rating in a research report on Monday, October 31st. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of TE Connectivity in a research report on Tuesday, September 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $65.67.
In related news, CEO Thomas J. Lynch sold 123,633 shares of the stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $63.07, for a total transaction of $7,797,533.31. Following the transaction, the chief executive officer now directly owns 507,812 shares of the company’s stock, valued at $32,027,702.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas J. Lynch sold 123,635 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $62.78, for a total transaction of $7,761,805.30. Following the transaction, the chief executive officer now directly owns 507,776 shares in the company, valued at $31,878,177.28. The disclosure for this sale can be found here. Corporate insiders own 1.49% of the company’s stock.
TE Connectivity Company Profile
TE Connectivity Ltd. is a technology company, which designs and manufactures connectivity and sensors solutions. The Company operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Company’s segments manufacture and distribute its products and solutions to a range of end markets.
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