HITE Hedge Asset Management LLC Takes $486,000 Position in TE Connectivity Ltd. (NYSE:TEL)

HITE Hedge Asset Management LLC bought a new stake in TE Connectivity Ltd. (NYSE:TEL) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,220 shares of the electronics maker’s stock, valued at approximately $486,000.

A number of other large investors have also modified their holdings of the business. Versant Capital Management Inc grew its holdings in shares of TE Connectivity by 209.8% during the 2nd quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock valued at $28,000 after acquiring an additional 128 shares in the last quarter. Olistico Wealth LLC acquired a new position in TE Connectivity in the 2nd quarter valued at approximately $30,000. Armstrong Advisory Group Inc. lifted its stake in shares of TE Connectivity by 208.3% in the third quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock valued at $34,000 after buying an additional 150 shares in the last quarter. Wolff Wiese Magana LLC increased its stake in shares of TE Connectivity by 2,450.0% in the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after purchasing an additional 245 shares in the last quarter. Finally, Family Firm Inc. bought a new stake in TE Connectivity during the second quarter valued at approximately $43,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TEL shares. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Wells Fargo & Company dropped their target price on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research note on Friday, September 20th. Bank of America reduced their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. The Goldman Sachs Group reduced their target price on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Finally, StockNews.com assumed coverage on shares of TE Connectivity in a research note on Sunday, November 24th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $159.55.

TE Connectivity Trading Up 2.1 %

TE Connectivity stock opened at $154.33 on Tuesday. TE Connectivity Ltd. has a 52 week low of $128.52 and a 52 week high of $159.98. The firm has a market capitalization of $46.17 billion, a PE ratio of 15.03, a PEG ratio of 2.05 and a beta of 1.32. The business’s 50-day simple moving average is $149.34 and its 200-day simple moving average is $149.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 EPS for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The business had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4 billion. During the same quarter last year, the business earned $1.78 earnings per share. TE Connectivity’s quarterly revenue was up .8% compared to the same quarter last year. Equities research analysts forecast that TE Connectivity Ltd. will post 8.14 earnings per share for the current year.

TE Connectivity declared that its board has initiated a stock repurchase 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 usually an indication that the company’s leadership believes its stock is undervalued.

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.