70,269 TE Connectivity Ltd. $TEL Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC trimmed its stake in TE Connectivity Ltd. (NYSE:TEL) by 12.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 485,368 shares of the electronics maker’s stock after selling 70,269 shares during the period. Pzena Investment Management LLC’s holdings in TE Connectivity were worth $102,451,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in TEL. Wellington Management Group LLP increased its holdings in TE Connectivity by 48.2% during the second quarter. Wellington Management Group LLP now owns 7,709,235 shares of the electronics maker’s stock valued at $1,554,259,000 after buying an additional 2,507,569 shares during the period. Hsbc Holdings PLC lifted its stake in shares of TE Connectivity by 385.0% during the 1st quarter. Hsbc Holdings PLC now owns 1,115,692 shares of the electronics maker’s stock worth $232,677,000 after purchasing an additional 885,658 shares during the last quarter. State Street Corp boosted its position in TE Connectivity by 5.7% during the second quarter. State Street Corp now owns 13,639,381 shares of the electronics maker’s stock valued at $2,750,079,000 after purchasing an additional 730,084 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in TE Connectivity by 415.4% during the second quarter. Alyeska Investment Group L.P. now owns 849,218 shares of the electronics maker’s stock valued at $171,211,000 after purchasing an additional 684,463 shares in the last quarter. Finally, Amundi grew its stake in TE Connectivity by 37.2% in the first quarter. Amundi now owns 2,256,878 shares of the electronics maker’s stock valued at $471,733,000 after purchasing an additional 612,180 shares during the last quarter. 91.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TEL has been the subject of several analyst reports. Citigroup increased their price target on shares of TE Connectivity from $230.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, October 29th. JPMorgan Chase & Co. cut their price objective on shares of TE Connectivity from $260.00 to $235.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Wall Street Zen upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a research note on Sunday, October 18th. HSBC decreased their target price on shares of TE Connectivity from $234.00 to $216.00 and set a “hold” rating for the company in a research report on Thursday, July 23rd. Finally, Robert W. Baird raised their target price on shares of TE Connectivity from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Tuesday, October 6th. Eleven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $255.50.

TE Connectivity Stock Up 0.4%

Shares of NYSE TEL opened at $220.54 on Thursday. TE Connectivity Ltd. has a 12-month low of $190.27 and a 12-month high of $252.56. The stock has a market cap of $63.85 billion, a PE ratio of 19.92, a P/E/G ratio of 1.39 and a beta of 1.15. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average of $212.04 and a 200 day moving average of $212.84.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, October 28th. The electronics maker reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.07 by $0.07. TE Connectivity had a net margin of 16.36% and a return on equity of 25.55%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the firm earned $2.44 EPS. TE Connectivity’s revenue was up 11.9% on a year-over-year basis. As a group, sell-side analysts predict that TE Connectivity Ltd. will post 13.33 EPS for the current fiscal year.

TE Connectivity Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 20th will be issued a dividend of $0.78 per share. The ex-dividend date is Friday, November 20th. This represents a $3.12 dividend on an annualized basis and a yield of 1.4%. TE Connectivity’s dividend payout ratio is 28.18%.

TE Connectivity Company Profile

TE Connectivity Ltd. (NYSE: TEL) is a global technology and manufacturing company that designs and produces connectivity and sensor solutions. Its products help transmit power, data and signals across a range of applications, including vehicles, industrial equipment, communications networks, aerospace systems, medical devices and consumer electronics.

The company’s product portfolio includes connectors, terminals, relays, sensors, antennas, circuit-protection products, wire and cable assemblies, and related application tooling.