Cibc World Markets Corp Raises Stake in TE Connectivity Ltd. (NYSE:TEL)

Cibc World Markets Corp boosted its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 14.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 47,425 shares of the electronics maker’s stock after buying an additional 6,095 shares during the quarter. Cibc World Markets Corp’s holdings in TE Connectivity were worth $6,780,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nomura Asset Management Co. Ltd. lifted its holdings in shares of TE Connectivity by 4.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after buying an additional 9,670 shares during the period. Glenmede Trust Co. NA boosted its position in TE Connectivity by 13.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock worth $29,322,000 after purchasing an additional 23,755 shares in the last quarter. Meyer Handelman Co. grew its stake in shares of TE Connectivity by 9.9% during the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock worth $14,531,000 after purchasing an additional 9,175 shares during the period. Central Pacific Bank Trust Division purchased a new position in shares of TE Connectivity during the 4th quarter valued at approximately $2,920,000. Finally, abrdn plc acquired a new position in shares of TE Connectivity in the 4th quarter valued at $15,739,000. 91.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at TE Connectivity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $151.13, for a total value of $587,744.57. Following the completion of the sale, the insider now owns 25,976 shares of the company’s stock, valued at $3,925,752.88. This represents a 13.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

TEL has been the subject of a number of recent analyst reports. Hsbc Global Res raised shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a report on Thursday, January 23rd. Truist Financial reduced their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a report on Thursday, January 23rd. Robert W. Baird raised their price objective on TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Bank of America upped their target price on TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Finally, Citigroup boosted their price target on shares of TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a report on Wednesday, January 22nd. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $167.00.

TE Connectivity Stock Up 0.0 %

Shares of NYSE TEL opened at $146.80 on Wednesday. The stock has a market cap of $43.80 billion, a PE ratio of 23.45, a P/E/G ratio of 2.11 and a beta of 1.32. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. TE Connectivity Ltd. has a 12-month low of $137.61 and a 12-month high of $159.98. The company has a 50-day moving average of $148.67 and a 200 day moving average of $148.40.

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

TE Connectivity Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be given a dividend of $0.71 per share. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $2.84 annualized dividend and a dividend yield of 1.93%. TE Connectivity’s payout ratio is presently 45.37%.

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.