Meyer Handelman Co. Decreases Stake in TE Connectivity Ltd. (NYSE:TEL)

Meyer Handelman Co. lessened its holdings in TE Connectivity Ltd. (NYSE:TEL) by 12.3% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,465 shares of the electronics maker’s stock after selling 12,983 shares during the period. Meyer Handelman Co.’s holdings in TE Connectivity were worth $13,961,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of TEL. Price T Rowe Associates Inc. MD increased its position in shares of TE Connectivity by 54.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock valued at $2,265,218,000 after purchasing an additional 5,526,230 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in 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 acquiring an additional 1,304,199 shares during the last quarter. Wellington Management Group LLP grew its position in shares of TE Connectivity by 12.5% during the 4th quarter. Wellington Management Group LLP now owns 3,630,003 shares of the electronics maker’s stock valued at $510,015,000 after acquiring an additional 403,750 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of TE Connectivity by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,118,636 shares of the electronics maker’s stock worth $469,113,000 after purchasing an additional 223,842 shares during the period. Finally, Pzena Investment Management LLC lifted its stake in TE Connectivity by 9.3% in the first quarter. Pzena Investment Management LLC now owns 2,798,532 shares of the electronics maker’s stock valued at $406,459,000 after purchasing an additional 238,370 shares during the last quarter. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Price Performance

TE Connectivity stock opened at $147.51 on Friday. The stock has a market cap of $44.83 billion, a price-to-earnings ratio of 13.27, a PEG ratio of 1.83 and a beta of 1.33. The company has a quick ratio of 0.99, a current ratio of 1.51 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $147.59 and a 200 day simple moving average of $148.05. TE Connectivity Ltd. has a 52 week low of $115.00 and a 52 week high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, July 24th. The electronics maker reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.05. TE Connectivity had a net margin of 21.94% and a return on equity of 18.53%. The company had revenue of $4 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the business earned $1.77 earnings per share. TE Connectivity’s revenue for the quarter was up .1% compared to the same quarter last year. On average, research analysts forecast that TE Connectivity Ltd. will post 7.57 earnings per share for the current fiscal year.

Insider Transactions at TE Connectivity

In related news, CFO Heath A. Mitts sold 59,700 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $154.70, for a total value of $9,235,590.00. Following the transaction, the chief financial officer now owns 38,073 shares of the company’s stock, valued at $5,889,893.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Heath A. Mitts sold 59,700 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $154.70, for a total transaction of $9,235,590.00. Following the transaction, the chief financial officer now directly owns 38,073 shares in the company, valued at approximately $5,889,893.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert J. Ott sold 2,913 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $154.59, for a total value of $450,320.67. Following the completion of the sale, the senior vice president now directly owns 25,504 shares of the company’s stock, valued at approximately $3,942,663.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wells Fargo & Company lowered their target price on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a research note on Friday, September 20th. Robert W. Baird upped their price objective on shares of TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. The Goldman Sachs Group dropped their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Finally, Bank of America reduced their price objective on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research note on Wednesday. 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, TE Connectivity presently has an average rating of “Hold” and an average price target of $161.82.

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.