Eaton Vance Management lifted its position in TE Connectivity Ltd. (NYSE:TEL) by 946.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 671,648 shares of the electronics maker’s stock after purchasing an additional 607,468 shares during the quarter. Eaton Vance Management owned approximately 0.20% of TE Connectivity worth $86,716,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pinnacle Bancorp Inc. acquired a new stake in shares of TE Connectivity in the 1st quarter valued at about $25,000. Childress Capital Advisors LLC acquired a new stake in TE Connectivity during the 4th quarter worth approximately $27,000. Ameritas Investment Company LLC acquired a new stake in TE Connectivity during the 1st quarter worth approximately $31,000. Jackson Grant Investment Advisers Inc. acquired a new stake in TE Connectivity during the 4th quarter worth approximately $30,000. Finally, Wealthcare Advisory Partners LLC purchased a new position in shares of TE Connectivity during the 1st quarter worth approximately $32,000. 89.59% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on the company. increased their target price on TE Connectivity from $130.00 to $145.00 in a research note on Thursday, April 22nd. Robert W. Baird raised their price objective on TE Connectivity from $142.00 to $145.00 and gave the company an “outperform” rating in a research note on Thursday, April 22nd. Zacks Investment Research downgraded TE Connectivity from a “buy” rating to a “hold” rating and set a $140.00 price objective for the company. in a research note on Monday, April 19th. Citigroup raised their price objective on TE Connectivity from $130.00 to $145.00 in a research note on Thursday, April 22nd. Finally, Jefferies Financial Group raised their price target on TE Connectivity from $156.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, April 22nd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. TE Connectivity currently has an average rating of “Buy” and a consensus target price of $216.40.
Shares of TE Connectivity stock opened at $139.30 on Thursday. TE Connectivity Ltd. has a twelve month low of $84.16 and a twelve month high of $139.58. The firm has a market capitalization of $46.00 billion, a PE ratio of 28.29, a P/E/G ratio of 2.11 and a beta of 1.35. 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 fifty day moving average price of $135.34.
TE Connectivity (NYSE:TEL) last issued its earnings results on Tuesday, April 20th. The electronics maker reported $1.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.48 by $0.09. TE Connectivity had a return on equity of 16.76% and a net margin of 8.23%. The firm had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.52 billion. During the same quarter last year, the firm earned $1.29 earnings per share. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, analysts predict that TE Connectivity Ltd. will post 6.16 EPS for the current fiscal year.
TE Connectivity declared that its Board of Directors has approved a share buyback program on Friday, June 11th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the electronics maker to buy up to 3.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is 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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