TE Connectivity Ltd. (NYSE:TEL) Shares Sold by Cubic Asset Management LLC

Cubic Asset Management LLC trimmed its stake in TE Connectivity Ltd. (NYSE:TEL) by 7.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,140 shares of the electronics maker’s stock after selling 1,815 shares during the quarter. Cubic Asset Management LLC’s holdings in TE Connectivity were worth $3,111,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. IHT Wealth Management LLC boosted its position in shares of TE Connectivity by 3.6% in the second quarter. IHT Wealth Management LLC now owns 2,321 shares of the electronics maker’s stock worth $325,000 after buying an additional 80 shares during the period. Vista Investment Management lifted its stake in shares of TE Connectivity by 0.7% in the third quarter. Vista Investment Management now owns 11,970 shares of the electronics maker’s stock worth $1,479,000 after acquiring an additional 84 shares in the last quarter. Bison Wealth LLC lifted its stake in shares of TE Connectivity by 1.4% in the third quarter. Bison Wealth LLC now owns 6,576 shares of the electronics maker’s stock worth $812,000 after acquiring an additional 88 shares in the last quarter. Caprock Group LLC lifted its stake in shares of TE Connectivity by 1.6% in the fourth quarter. Caprock Group LLC now owns 5,581 shares of the electronics maker’s stock worth $784,000 after acquiring an additional 88 shares in the last quarter. Finally, GHP Investment Advisors Inc. lifted its stake in shares of TE Connectivity by 14.2% in the third quarter. GHP Investment Advisors Inc. now owns 756 shares of the electronics maker’s stock worth $92,000 after acquiring an additional 94 shares in the last quarter. 91.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Steven T. Merkt sold 99,777 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $144.00, for a total value of $14,367,888.00. Following the completion of the transaction, the insider now directly owns 30,459 shares of the company’s stock, valued at approximately $4,386,096. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.86% of the company’s stock.

Wall Street Analysts Forecast Growth

TEL has been the topic of several recent analyst reports. Citigroup initiated coverage on TE Connectivity in a research note on Friday, January 5th. They issued a “neutral” rating and a $146.00 price target on the stock. Truist Financial boosted their price target on TE Connectivity from $148.00 to $153.00 and gave the stock a “hold” rating in a research note on Thursday, January 25th. Stifel Nicolaus upped their price objective on TE Connectivity from $140.00 to $145.00 and gave the company a “hold” rating in a research note on Thursday, January 25th. The Goldman Sachs Group restated a “buy” rating on shares of TE Connectivity in a research note on Monday, April 1st. Finally, Robert W. Baird upped their price objective on TE Connectivity from $147.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $146.67.

TE Connectivity Stock Performance

Shares of NYSE:TEL traded up $0.17 during trading on Friday, hitting $144.65. 1,105,682 shares of the company traded hands, compared to its average volume of 1,892,309. The stock has a market capitalization of $44.96 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 2.06 and a beta of 1.39. The business’s fifty day moving average is $142.55 and its 200-day moving average is $134.17. TE Connectivity Ltd. has a one year low of $115.00 and a one year high of $147.96. The company has a quick ratio of 1.16, a current ratio of 1.86 and a debt-to-equity ratio of 0.27.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, January 24th. The electronics maker reported $1.84 EPS for the quarter, beating the consensus estimate of $1.71 by $0.13. The company had revenue of $3.83 billion during the quarter, compared to analyst estimates of $3.87 billion. TE Connectivity had a return on equity of 18.93% and a net margin of 20.69%. The business’s revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.53 earnings per share. As a group, equities analysts predict that TE Connectivity Ltd. will post 7.57 earnings per share for the current fiscal year.

TE Connectivity declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 12th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the electronics maker to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

TE Connectivity Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 21st will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Friday, February 21st. TE Connectivity’s dividend payout ratio (DPR) is 22.39%.

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.