TE Connectivity (NYSE:TEL) Updates Q3 2024 Earnings Guidance

TE Connectivity (NYSE:TEL) issued an update on its third quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 1.850-1.850 for the period, compared to the consensus earnings per share estimate of 1.920. The company issued revenue guidance of $4.0 billion-$4.0 billion, compared to the consensus revenue estimate of $4.1 billion. TE Connectivity also updated its Q3 guidance to $1.85 EPS.

TE Connectivity Stock Down 2.0 %

Shares of TE Connectivity stock traded down $2.92 during trading hours on Wednesday, reaching $140.31. 4,454,850 shares of the company’s stock were exchanged, compared to its average volume of 2,182,950. The company has a 50 day moving average of $142.71 and a two-hundred day moving average of $136.00. TE Connectivity has a fifty-two week low of $115.00 and a fifty-two week high of $147.98. The company has a current ratio of 1.86, a quick ratio of 1.16 and a debt-to-equity ratio of 0.27. The stock has a market cap of $43.61 billion, a P/E ratio of 13.30, a P/E/G ratio of 2.04 and a beta of 1.39.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, January 24th. The electronics maker reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.13. The firm had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.87 billion. TE Connectivity had a return on equity of 18.93% and a net margin of 20.69%. The business’s revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.53 earnings per share. On average, sell-side analysts forecast that TE Connectivity will post 7.59 EPS for the current fiscal year.

TE Connectivity Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 21st will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Friday, February 21st. TE Connectivity’s dividend payout ratio (DPR) is presently 24.67%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TEL shares. Truist Financial boosted their price target on TE Connectivity from $148.00 to $153.00 and gave the stock a hold rating in a research report on Thursday, January 25th. Robert W. Baird boosted their price target on TE Connectivity from $147.00 to $155.00 and gave the stock an outperform rating in a research report on Thursday, January 25th. Jefferies Financial Group began coverage on TE Connectivity in a research report on Tuesday, April 9th. They issued a buy rating and a $180.00 target price on the stock. Stifel Nicolaus upped their target price on TE Connectivity from $140.00 to $145.00 and gave the company a hold rating in a research report on Thursday, January 25th. Finally, JPMorgan Chase & Co. upped their target price on TE Connectivity from $169.00 to $170.00 and gave the company a neutral rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, TE Connectivity has a consensus rating of Moderate Buy and an average price target of $153.30.

Insider Activity

In other TE Connectivity news, insider Steven T. Merkt sold 99,777 shares of TE Connectivity stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $144.00, for a total transaction of $14,367,888.00. Following the transaction, the insider now owns 30,459 shares of the company’s stock, valued at approximately $4,386,096. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.86% of the stock is currently owned by company insiders.

TE Connectivity Company Profile

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