Stock Repurchase Program Declared by TE Connectivity (NYSE:TEL) Board

TE Connectivity (NYSE:TEL) declared that its board has approved a stock buyback program on Wednesday, October 30th, RTT News reports. The company plans to repurchase $2.50 billion in shares. This repurchase authorization authorizes the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Vertical Research assumed coverage on TE Connectivity in a research report on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 price target for the company. Truist Financial lifted their price target on TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Hsbc Global Res raised shares of TE Connectivity to a “hold” rating in a research note on Wednesday, July 24th. Wolfe Research raised shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Finally, StockNews.com assumed coverage on shares of TE Connectivity in a research note on Wednesday, October 23rd. They issued a “buy” rating for the company. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $161.82.

TE Connectivity Stock Down 0.5 %

NYSE:TEL traded down $0.81 during trading hours on Wednesday, reaching $151.83. The company’s stock had a trading volume of 2,710,686 shares, compared to its average volume of 1,845,737. The company has a market capitalization of $46.49 billion, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.92 and a beta of 1.33. TE Connectivity has a 12 month low of $116.01 and a 12 month high of $159.98. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 1.51. The stock has a 50 day moving average price of $148.06 and a two-hundred day moving average price of $148.40.

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.