TE Connectivity Ltd. (NYSE:TEL) Position Lessened by Wells Fargo & Company MN

Wells Fargo & Company MN cut its stake in TE Connectivity Ltd. (NYSE:TEL) by 4.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,728,832 shares of the electronics maker’s stock after selling 71,900 shares during the period. Wells Fargo & Company MN owned 0.58% of TE Connectivity worth $247,171,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. bought a new stake in TE Connectivity in the 4th quarter valued at about $26,000. SRS Capital Advisors Inc. raised its holdings in shares of TE Connectivity by 117.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 198 shares of the electronics maker’s stock valued at $28,000 after buying an additional 107 shares during the last quarter. Fairway Wealth LLC acquired a new position in shares of TE Connectivity during the fourth quarter worth approximately $43,000. Golden State Wealth Management LLC bought a new position in TE Connectivity in the 4th quarter worth approximately $44,000. Finally, Hilltop National Bank acquired a new stake in TE Connectivity in the 4th quarter valued at approximately $55,000. 91.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on TEL. Truist Financial decreased their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research note on Thursday, January 23rd. Bank of America increased their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. 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 research report on Wednesday, January 22nd. HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective on the stock in a research note on Thursday, January 23rd. Finally, StockNews.com downgraded TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 28th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, TE Connectivity has a consensus rating of “Hold” and a consensus target price of $167.00.

TE Connectivity Price Performance

Shares of NYSE:TEL opened at $121.92 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. The company has a market capitalization of $36.38 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 2.11 and a beta of 1.25. The stock has a fifty day moving average of $147.64 and a 200-day moving average of $148.05. TE Connectivity Ltd. has a one year low of $120.99 and a one year high of $159.98.

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 return on equity of 18.82% and a net margin of 12.10%. TE Connectivity’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the company posted $1.84 EPS. As a group, equities analysts anticipate 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 issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.33%. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. TE Connectivity’s payout ratio is currently 45.37%.

Insider Buying and Selling

In other news, insider Shadrak W. Kroeger sold 25,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $146.77, for a total value of $3,669,250.00. Following the completion of the sale, the insider now owns 25,976 shares in the company, valued at $3,812,497.52. This represents a 49.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.90% of the company’s stock.

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.