TE Connectivity Ltd. (NYSE:TEL) Holdings Lowered by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. cut its stake in TE Connectivity Ltd. (NYSE:TEL) by 10.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,122 shares of the electronics maker’s stock after selling 586 shares during the period. Cornercap Investment Counsel Inc.’s holdings in TE Connectivity were worth $773,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TEL. Price T Rowe Associates Inc. MD lifted its position in TE Connectivity by 54.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock worth $2,265,218,000 after purchasing an additional 5,526,230 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of TE Connectivity by 26.2% in the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after buying an additional 1,304,199 shares during the period. Point72 Asset Management L.P. boosted its stake in TE Connectivity by 238.4% during the second quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock valued at $108,212,000 after buying an additional 506,754 shares in the last quarter. Bank of Montreal Can grew its holdings in TE Connectivity by 43.0% during the second quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock worth $174,955,000 after acquiring an additional 347,315 shares during the period. Finally, Toronto Dominion Bank grew its holdings in TE Connectivity by 141.3% during the second quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock worth $70,445,000 after acquiring an additional 274,206 shares during the period. Institutional investors and hedge funds own 91.43% of the company’s stock.

TE Connectivity Stock Down 3.2 %

NYSE:TEL opened at $148.35 on Friday. TE Connectivity Ltd. has a 1-year low of $128.52 and a 1-year high of $159.98. The firm has a market capitalization of $44.38 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 2.10 and a beta of 1.33. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27. The business’s fifty day moving average price is $148.40 and its 200 day moving average price is $149.20.

TE Connectivity (NYSE:TEL) last posted its quarterly 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. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The business had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4 billion. During the same period in the prior year, the firm earned $1.78 earnings per share. The firm’s revenue was up .8% compared to the same quarter last year. On average, sell-side analysts forecast that TE Connectivity Ltd. will post 8.13 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Hsbc Global Res lowered shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research report on Thursday, October 31st. Bank of America reduced their target price on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Truist Financial upped their price target on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a report on Thursday, July 25th. HSBC downgraded TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a research report on Thursday, October 31st. Finally, The Goldman Sachs Group cut their target price on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $159.55.

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.