Zurcher Kantonalbank Zurich Cantonalbank Has $48.72 Million Stake in TE Connectivity Ltd. (NYSE:TEL)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 13.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 322,696 shares of the electronics maker’s stock after buying an additional 38,539 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in TE Connectivity were worth $48,724,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Manning & Napier Advisors LLC bought a new stake in shares of TE Connectivity during the second quarter valued at approximately $15,847,000. Venturi Wealth Management LLC raised its position in TE Connectivity by 1,632.0% in the third quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock worth $989,000 after purchasing an additional 6,169 shares in the last quarter. Marshall Financial Group LLC bought a new position in TE Connectivity during the second quarter worth about $995,000. Oppenheimer Asset Management Inc. boosted its holdings in TE Connectivity by 21.2% during the third quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock valued at $10,471,000 after purchasing an additional 12,140 shares in the last quarter. Finally, Waverton Investment Management Ltd grew its stake in shares of TE Connectivity by 8.2% in the 3rd quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock valued at $213,089,000 after purchasing an additional 106,688 shares during the period. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Price Performance

Shares of TEL stock opened at $151.15 on Friday. The firm’s 50 day moving average price is $149.28 and its two-hundred day moving average price is $149.69. The stock has a market cap of $45.22 billion, a PE ratio of 14.72, a PEG ratio of 2.05 and a beta of 1.33. TE Connectivity Ltd. has a 52-week low of $128.52 and a 52-week high of $159.98. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61.

TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.95. The firm had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The company’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business earned $1.78 earnings per share. As a group, analysts forecast that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity announced that its board has authorized a stock buyback program on Wednesday, October 30th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. HSBC downgraded TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price for the company. in a research report on Thursday, October 31st. Wolfe Research raised shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. Wells Fargo & Company cut their price target on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a report on Friday, September 20th. Hsbc Global Res downgraded TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. Finally, The Goldman Sachs Group decreased their target price on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $159.55.

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.