Connor Clark & Lunn Investment Management Ltd. Reduces Holdings in TE Connectivity Ltd. (NYSE:TEL)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 28.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,912 shares of the electronics maker’s stock after selling 32,489 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in TE Connectivity were worth $11,425,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of TEL. Assetmark Inc. lifted its position in TE Connectivity by 11.9% during the 3rd quarter. Assetmark Inc. now owns 2,266 shares of the electronics maker’s stock valued at $342,000 after acquiring an additional 241 shares during the period. Apollon Wealth Management LLC lifted its position in TE Connectivity by 2.7% during the 3rd quarter. Apollon Wealth Management LLC now owns 8,346 shares of the electronics maker’s stock valued at $1,260,000 after acquiring an additional 223 shares during the period. Prime Capital Investment Advisors LLC lifted its position in TE Connectivity by 17.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,984 shares of the electronics maker’s stock valued at $300,000 after acquiring an additional 288 shares during the period. Victory Capital Management Inc. lifted its position in TE Connectivity by 0.8% during the 3rd quarter. Victory Capital Management Inc. now owns 146,810 shares of the electronics maker’s stock valued at $22,167,000 after acquiring an additional 1,154 shares during the period. Finally, Huntington National Bank lifted its position in TE Connectivity by 5.6% during the 3rd quarter. Huntington National Bank now owns 3,870 shares of the electronics maker’s stock valued at $585,000 after acquiring an additional 204 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Stock Performance

Shares of TEL stock opened at $146.22 on Friday. The company has a 50 day moving average price of $148.53 and a 200-day moving average price of $148.53. TE Connectivity Ltd. has a 52 week low of $137.61 and a 52 week high of $159.98. The firm has a market capitalization of $43.63 billion, a PE ratio of 23.36, a P/E/G ratio of 2.11 and a beta of 1.32. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.06. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the previous year, the business posted $1.84 earnings per share. As a group, equities research analysts expect that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 1.94%. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. The ex-dividend date is Wednesday, May 21st. TE Connectivity’s payout ratio is 41.53%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on TEL shares. Truist Financial lowered their price target on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research report on Thursday, January 23rd. Hsbc Global Res upgraded shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Wells Fargo & Company raised their price objective on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. StockNews.com lowered shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 28th. Finally, Robert W. Baird raised their price objective on shares of TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $167.00.

Insider Activity at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $151.13, for a total transaction of $587,744.57. Following the completion of the sale, the insider now directly owns 25,976 shares in the company, valued at approximately $3,925,752.88. The trade was a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.90% 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.