Allstate Corp Acquires New Position in TE Connectivity Ltd. (NYSE:TEL)

Allstate Corp bought a new position in TE Connectivity Ltd. (NYSE:TEL) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 8,576 shares of the electronics maker’s stock, valued at approximately $1,226,000.

Other institutional investors also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. grew its position in shares of TE Connectivity by 4.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after purchasing an additional 9,670 shares during the period. Central Pacific Bank Trust Division purchased a new stake in TE Connectivity in the 4th quarter valued at about $2,920,000. Meyer Handelman Co. increased 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 valued at $14,531,000 after acquiring an additional 9,175 shares during the last quarter. abrdn plc purchased a new position in shares of TE Connectivity during the 4th quarter worth about $15,739,000. Finally, Truist Financial Corp boosted its position in shares of TE Connectivity by 32.8% in the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker’s stock worth $18,509,000 after acquiring an additional 31,991 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on TEL shares. Wells Fargo & Company increased their price target on shares of TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 23rd. Bank of America lifted their target price on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Citigroup lifted their price objective on TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. Finally, Truist Financial dropped their target price 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. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, TE Connectivity currently has a consensus rating of “Hold” and a consensus price target of $167.00.

TE Connectivity Stock Down 3.4 %

Shares of NYSE:TEL opened at $142.04 on Monday. The company has a market capitalization of $42.38 billion, a price-to-earnings ratio of 22.69, a price-to-earnings-growth ratio of 2.11 and a beta of 1.32. The company has a 50 day moving average of $149.32 and a two-hundred day moving average of $148.44. TE Connectivity Ltd. has a 52-week low of $137.61 and a 52-week high of $159.98. 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 released its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share 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 net margin of 12.10% and a return on equity of 18.82%. The business’s revenue was up .1% on a year-over-year basis. During the same period last year, the business earned $1.84 EPS. As a group, analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

TE Connectivity Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be issued a $0.71 dividend. The ex-dividend date is Wednesday, May 21st. This represents a $2.84 dividend on an annualized basis and a yield of 2.00%. This is an increase from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s dividend payout ratio is currently 45.37%.

Insider Buying and Selling at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 3,889 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the transaction, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.90% of the stock is owned by insiders.

TE Connectivity 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.