Renaissance Technologies LLC Trims Position in TE Connectivity Ltd. (NYSE:TEL)

Renaissance Technologies LLC trimmed its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 55.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 228,000 shares of the electronics maker’s stock after selling 283,400 shares during the period. Renaissance Technologies LLC owned 0.08% of TE Connectivity worth $32,597,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of TEL. Vanguard Group Inc. raised its holdings in TE Connectivity by 14.2% during the fourth quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock valued at $4,629,225,000 after acquiring an additional 4,029,596 shares during the period. Wellington Management Group LLP bought a new stake in TE Connectivity during the 4th quarter valued at approximately $909,598,000. Geode Capital Management LLC raised its stake in TE Connectivity by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 6,015,210 shares of the electronics maker’s stock valued at $857,499,000 after purchasing an additional 33,340 shares during the period. Clearbridge Investments LLC lifted its holdings in TE Connectivity by 72.1% in the 4th quarter. Clearbridge Investments LLC now owns 4,064,822 shares of the electronics maker’s stock worth $581,148,000 after purchasing an additional 1,702,825 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in TE Connectivity by 15.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,749,622 shares of the electronics maker’s stock worth $536,083,000 after purchasing an additional 488,680 shares during the period. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Insider Activity at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the 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 owns 25,976 shares of the company’s stock, valued at $3,925,752.88. This represents a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.90% of the stock is currently owned by company insiders.

TE Connectivity Stock Up 0.4 %

Shares of NYSE TEL opened at $127.85 on Friday. The company has a market cap of $38.14 billion, a P/E ratio of 20.42, a PEG ratio of 2.11 and a beta of 1.25. The firm has a 50-day simple moving average of $144.78 and a two-hundred day simple moving average of $147.05. TE Connectivity Ltd. has a 1 year low of $116.30 and a 1 year high of $159.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data 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 company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations 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 was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.84 EPS. Research analysts anticipate that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Increases Dividend

The business 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 $0.71 dividend. The ex-dividend date is Wednesday, May 21st. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.22%. TE Connectivity’s dividend payout ratio is presently 45.37%.

Wall Street Analysts Forecast Growth

TEL has been the topic of several research analyst reports. StockNews.com downgraded shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Friday, February 28th. Robert W. Baird boosted their price target on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Wells Fargo & Company raised their price objective on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Truist Financial reduced their target price on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a report on Thursday, January 23rd. Finally, Bank of America increased their price target on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, TE Connectivity presently has a consensus rating of “Hold” and an average target price of $163.60.

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.