Russell Investments Group Ltd. Trims Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Russell Investments Group Ltd. cut its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 11.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 148,748 shares of the electronics maker’s stock after selling 19,988 shares during the quarter. Russell Investments Group Ltd.’s holdings in TE Connectivity were worth $20,842,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Tucker Asset Management LLC purchased a new position in TE Connectivity during the first quarter valued at approximately $25,000. Cullen Frost Bankers Inc. purchased a new position in TE Connectivity during the first quarter valued at approximately $27,000. Centerpoint Advisors LLC purchased a new position in TE Connectivity during the first quarter valued at approximately $33,000. Blume Capital Management Inc. purchased a new position in TE Connectivity during the first quarter valued at approximately $36,000. Finally, Money Concepts Capital Corp increased its holdings in TE Connectivity by 101.3% during the fourth quarter. Money Concepts Capital Corp now owns 322 shares of the electronics maker’s stock valued at $37,000 after buying an additional 162 shares during the period. 90.75% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Trading Down 0.2 %

NYSE:TEL opened at $131.26 on Tuesday. TE Connectivity Ltd. has a 12 month low of $111.94 and a 12 month high of $146.60. The firm has a fifty day simple moving average of $123.77 and a 200-day simple moving average of $129.29. The company has a current ratio of 1.77, a quick ratio of 1.20 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $40.79 billion, a P/E ratio of 21.80, a PEG ratio of 2.52 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, November 1st. The electronics maker reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.02. The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $4.01 billion. TE Connectivity had a net margin of 11.91% and a return on equity of 18.88%. The firm’s quarterly revenue was down 9.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.88 earnings per share. On average, equities research analysts anticipate that TE Connectivity Ltd. will post 7.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TEL. StockNews.com began coverage on shares of TE Connectivity in a report on Thursday, October 5th. They set a “buy” rating on the stock. Truist Financial cut their price objective on shares of TE Connectivity from $147.00 to $135.00 and set a “hold” rating on the stock in a report on Friday, November 3rd. TD Cowen upgraded shares of TE Connectivity from a “market perform” rating to an “outperform” rating and raised their target price for the company from $115.00 to $140.00 in a research note on Friday, October 6th. Finally, Robert W. Baird raised their target price on shares of TE Connectivity from $149.00 to $153.00 in a research note on Thursday, July 27th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $143.63.

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.