Crestline Management LP Takes $2.71 Million Position in TE Connectivity Ltd. (NYSE:TEL)

Crestline Management LP acquired a new position in shares of TE Connectivity Ltd. (NYSE:TEL) in the fourth quarter, Holdings Channel.com reports. The firm acquired 18,936 shares of the electronics maker’s stock, valued at approximately $2,707,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Meyer Handelman Co. lifted its stake in TE Connectivity by 9.9% in the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock valued at $14,531,000 after buying an additional 9,175 shares in the last quarter. abrdn plc acquired a new stake in shares of TE Connectivity in the fourth quarter worth approximately $15,739,000. Truist Financial Corp increased its position in shares of TE Connectivity by 32.8% during the fourth quarter. Truist Financial Corp now owns 129,461 shares of the electronics maker’s stock worth $18,509,000 after purchasing an additional 31,991 shares in the last quarter. Carnegie Investment Counsel raised its stake in TE Connectivity by 4.3% in the 4th quarter. Carnegie Investment Counsel now owns 119,041 shares of the electronics maker’s stock valued at $17,019,000 after purchasing an additional 4,913 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new stake in TE Connectivity during the 4th quarter worth $237,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Trading Up 0.9 %

Shares of NYSE TEL opened at $149.89 on Thursday. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $44.45 billion, a PE ratio of 23.94, a PEG ratio of 2.11 and a beta of 1.24. TE Connectivity Ltd. has a twelve month low of $116.30 and a twelve month high of $159.98. The stock has a fifty day simple moving average of $140.48 and a 200-day simple moving average of $146.10.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, April 23rd. The electronics maker reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.14. The company had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $3.97 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. TE Connectivity’s revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.86 EPS. On average, equities analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

TE Connectivity Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be issued a dividend of $0.71 per share. The ex-dividend date is Wednesday, May 21st. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. This represents a $2.84 dividend on an annualized basis and a yield of 1.89%. TE Connectivity’s dividend payout ratio is 62.42%.

Insider Buying and Selling at TE Connectivity

In other news, EVP John S. Jenkins sold 30,000 shares of TE Connectivity stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $149.39, for a total value of $4,481,700.00. Following the completion of the transaction, the executive vice president now owns 24,625 shares in the company, valued at approximately $3,678,728.75. This trade represents a 54.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Shadrak W. Kroeger sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the sale, the insider now owns 25,976 shares in the company, valued at $3,812,497.52. The trade was a 49.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TEL has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their price target on shares of TE Connectivity from $146.00 to $148.00 and gave the stock a “neutral” rating in a research report on Thursday, April 24th. HSBC upgraded TE Connectivity from a “hold” rating to a “buy” rating and set a $175.00 price target for the company in a research report on Thursday, April 24th. UBS Group reiterated a “buy” rating and set a $163.00 price objective (up previously from $155.00) on shares of TE Connectivity in a research report on Thursday, April 24th. The Goldman Sachs Group dropped their target price on TE Connectivity from $190.00 to $170.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, Truist Financial reduced their price target on TE Connectivity from $163.00 to $156.00 and set a “hold” rating on the stock in a report on Thursday, April 24th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, TE Connectivity presently has an average rating of “Moderate Buy” and a consensus target price of $159.50.

About TE Connectivity

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.