Naples Global Advisors LLC Raises Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Naples Global Advisors LLC lifted its stake in TE Connectivity Ltd. (NYSE:TEL) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,059 shares of the electronics maker’s stock after buying an additional 587 shares during the period. Naples Global Advisors LLC’s holdings in TE Connectivity were worth $2,010,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. lifted its stake in TE Connectivity by 4.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after buying an additional 9,670 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in TE Connectivity by 13.9% during the third quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock worth $29,322,000 after purchasing an additional 23,755 shares in the last quarter. Venturi Wealth Management LLC lifted 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 valued at $989,000 after purchasing an additional 6,169 shares during the period. Waverton Investment Management Ltd boosted its holdings in 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 in the last quarter. Finally, Meyer Handelman Co. increased its position in TE Connectivity by 9.9% during the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock worth $14,531,000 after purchasing an additional 9,175 shares during the period. 91.43% of the stock is currently owned by institutional investors and hedge funds.

TE Connectivity Trading Down 1.6 %

Shares of TEL opened at $146.51 on Thursday. TE Connectivity Ltd. has a 1-year low of $137.61 and a 1-year high of $159.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.68 and a quick ratio of 1.10. The firm has a 50 day simple moving average of $146.90 and a 200-day simple moving average of $148.21. The stock has a market cap of $43.71 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 2.01 and a beta of 1.32.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.06. The company had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.92 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.84 earnings per share. Equities analysts forecast that TE Connectivity Ltd. will post 7.95 EPS for the current fiscal year.

TE Connectivity announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization allows the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

TEL has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Robert W. Baird boosted their target price on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Truist Financial cut their price target on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a report on Thursday, January 23rd. HSBC raised shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective on the stock in a report on Thursday, January 23rd. Finally, StockNews.com cut shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $167.00.

Insiders Place Their Bets

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $151.13, for a total transaction of $587,744.57. Following the sale, the insider now owns 25,976 shares in the company, valued at $3,925,752.88. This trade represents a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.90% of the stock is owned by corporate insiders.

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.