Renaissance Technologies LLC Sells 283,400 Shares of TE Connectivity Ltd. (NYSE:TEL)

Renaissance Technologies LLC lessened its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 55.4% in the 4th quarter, HoldingsChannel reports. The fund owned 228,000 shares of the electronics maker’s stock after selling 283,400 shares during the period. Renaissance Technologies LLC’s holdings in TE Connectivity were worth $32,597,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TEL. Modera Wealth Management LLC increased its position in shares of TE Connectivity by 2.8% during the fourth quarter. Modera Wealth Management LLC now owns 2,861 shares of the electronics maker’s stock worth $409,000 after purchasing an additional 78 shares in the last quarter. King Luther Capital Management Corp grew its stake in TE Connectivity by 0.6% during the 4th quarter. King Luther Capital Management Corp now owns 14,006 shares of the electronics maker’s stock worth $2,002,000 after buying an additional 83 shares during the last quarter. Ascent Wealth Partners LLC increased its position in TE Connectivity by 1.0% during the 4th quarter. Ascent Wealth Partners LLC now owns 8,610 shares of the electronics maker’s stock valued at $1,231,000 after buying an additional 85 shares in the last quarter. Moors & Cabot Inc. raised its stake in TE Connectivity by 6.0% in the fourth quarter. Moors & Cabot Inc. now owns 1,680 shares of the electronics maker’s stock valued at $240,000 after buying an additional 95 shares during the last quarter. Finally, Callan Capital LLC boosted its holdings in TE Connectivity by 5.4% in the fourth quarter. Callan Capital LLC now owns 2,071 shares of the electronics maker’s stock worth $296,000 after acquiring an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Insider Activity at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 25,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the completion of the transaction, the insider now owns 25,976 shares in the company, valued at $3,812,497.52. This represents a 49.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TEL has been the topic of a number of recent analyst reports. Truist Financial cut their price target on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. The Goldman Sachs Group lowered their price target on TE Connectivity from $190.00 to $170.00 and set a “buy” rating for the company in a research report on Thursday. Citigroup increased their price objective on TE Connectivity from $160.00 to $165.00 and gave the company a “neutral” rating in a report on Wednesday, January 22nd. Bank of America upped their target price on TE Connectivity from $167.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Finally, HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective for the company in a research note on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, TE Connectivity presently has an average rating of “Hold” and a consensus target price of $163.60.

TE Connectivity Stock Up 0.4 %

TEL stock opened at $127.85 on Friday. The firm’s fifty day moving average is $144.78 and its 200 day moving average is $147.05. The firm has a market cap of $38.14 billion, a PE ratio of 20.42, a P/E/G ratio of 2.11 and a beta of 1.25. TE Connectivity Ltd. has a one year low of $116.30 and a one year high of $159.98. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68.

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

TE Connectivity Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 21st will be given a dividend of $0.71 per share. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.22%. TE Connectivity’s dividend payout ratio (DPR) is 45.37%.

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.