TE Connectivity (NYSE:TEL) Downgraded to “Reduce” Rating by HSBC

TE Connectivity (NYSE:TEL) was downgraded by HSBC from a “hold” rating to a “reduce” rating in a note issued to investors on Thursday, Marketbeat reports. They currently have a $137.00 price objective on the electronics maker’s stock. HSBC’s price objective indicates a potential downside of 8.68% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Vertical Research initiated coverage on shares of TE Connectivity in a report on Tuesday, July 23rd. They set a “hold” rating and a $155.00 price objective on the stock. Hsbc Global Res upgraded TE Connectivity to a “hold” rating in a research note on Wednesday, July 24th. StockNews.com assumed coverage on TE Connectivity in a research report on Thursday. They set a “buy” rating on the stock. Wells Fargo & Company lowered their price objective on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. Finally, Robert W. Baird lifted their price objective on shares of TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $159.55.

TE Connectivity Trading Up 1.8 %

Shares of TE Connectivity stock opened at $150.02 on Thursday. The business has a 50 day moving average price of $147.94 and a 200 day moving average price of $148.45. The company has a market capitalization of $45.59 billion, a P/E ratio of 14.61, a P/E/G ratio of 2.00 and a beta of 1.33. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 0.99. TE Connectivity has a 1 year low of $122.30 and a 1 year high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, meeting analysts’ consensus estimates of $1.95. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. During the same quarter last year, the company earned $1.78 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Sell-side analysts anticipate that TE Connectivity will post 8.16 EPS for the current fiscal year.

TE Connectivity declared that its board has approved a stock buyback plan on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On TE Connectivity

Institutional investors have recently modified their holdings of the business. Lindbrook Capital LLC lifted its holdings in TE Connectivity by 160.6% in the third quarter. Lindbrook Capital LLC now owns 1,665 shares of the electronics maker’s stock worth $251,000 after acquiring an additional 1,026 shares during the last quarter. Assetmark Inc. grew its stake in TE Connectivity by 11.9% during the 3rd quarter. Assetmark Inc. now owns 2,266 shares of the electronics maker’s stock worth $342,000 after buying an additional 241 shares during the last quarter. Verdence Capital Advisors LLC bought a new stake in TE Connectivity in the third quarter valued at $213,000. Galvin Gaustad & Stein LLC grew its position in shares of TE Connectivity by 12.0% during the third quarter. Galvin Gaustad & Stein LLC now owns 4,764 shares of the electronics maker’s stock worth $719,000 after acquiring an additional 510 shares during the last quarter. Finally, Washington Trust Bank lifted its position in TE Connectivity by 11.2% in the 3rd quarter. Washington Trust Bank now owns 3,249 shares of the electronics maker’s stock valued at $491,000 after purchasing an additional 326 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.

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.