Mitsubishi UFJ Trust & Banking Corp Raises Stake in TE Connectivity Ltd. (NYSE:TEL)

Mitsubishi UFJ Trust & Banking Corp grew its holdings in TE Connectivity Ltd. (NYSE:TEL) by 67.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 400,892 shares of the electronics maker’s stock after buying an additional 161,595 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.13% of TE Connectivity worth $57,316,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of TE Connectivity by 14.2% in the fourth quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock valued at $4,629,225,000 after purchasing an additional 4,029,596 shares during the period. Amundi purchased a new position in TE Connectivity in the 4th quarter valued at $159,992,000. Nordea Investment Management AB acquired a new position in TE Connectivity in the 4th quarter valued at $149,211,000. Sumitomo Mitsui Trust Group Inc. raised its position in TE Connectivity by 2,330.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 753,572 shares of the electronics maker’s stock worth $107,738,000 after buying an additional 722,565 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of TE Connectivity by 31.1% in the 3rd quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock worth $445,603,000 after acquiring an additional 712,228 shares during the period. Institutional investors and hedge funds own 91.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TEL. 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. Robert W. Baird increased their target price on TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Citigroup lifted their price target on TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a research note on Wednesday, January 22nd. HSBC upgraded TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective for the company in a research report on Thursday, January 23rd. Finally, Bank of America boosted their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $167.00.

Insider Activity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $151.13, for a total value of $587,744.57. Following the completion of the transaction, the insider now owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. The trade was a 13.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.90% of the company’s stock.

TE Connectivity Price Performance

TE Connectivity stock opened at $150.56 on Wednesday. The firm has a market capitalization of $44.92 billion, a PE ratio of 24.05, a P/E/G ratio of 2.11 and a beta of 1.32. TE Connectivity Ltd. has a 52 week low of $137.61 and a 52 week high of $159.98. The firm’s 50-day simple moving average is $149.22 and its 200 day simple moving average is $148.40. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the firm earned $1.84 earnings per share. The company’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities research analysts predict that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.

TE Connectivity Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 1.89%. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Wednesday, May 21st. TE Connectivity’s payout ratio is 45.37%.

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.