Y Intercept Hong Kong Ltd Cuts Stake in TE Connectivity Ltd. (NYSE:TEL)

Y Intercept Hong Kong Ltd lessened its stake in TE Connectivity Ltd. (NYSE:TEL) by 85.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,804 shares of the electronics maker’s stock after selling 16,971 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in TE Connectivity were worth $423,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Blue Trust Inc. grew its position in shares of TE Connectivity by 48.6% during the second quarter. Blue Trust Inc. now owns 700 shares of the electronics maker’s stock valued at $102,000 after purchasing an additional 229 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in TE Connectivity by 3.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 67,090 shares of the electronics maker’s stock valued at $10,092,000 after buying an additional 2,010 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of TE Connectivity by 4.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 3,134 shares of the electronics maker’s stock worth $471,000 after acquiring an additional 125 shares in the last quarter. Dakota Wealth Management boosted its position in shares of TE Connectivity by 38.5% during the 2nd quarter. Dakota Wealth Management now owns 11,121 shares of the electronics maker’s stock valued at $1,673,000 after acquiring an additional 3,090 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI grew its holdings in shares of TE Connectivity by 3.4% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 2,297 shares of the electronics maker’s stock valued at $346,000 after purchasing an additional 76 shares in the last quarter. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Down 0.1 %

NYSE:TEL opened at $149.95 on Tuesday. The stock has a fifty day simple moving average of $150.21 and a 200-day simple moving average of $149.78. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27. The company has a market cap of $44.86 billion, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 2.04 and a beta of 1.32. TE Connectivity Ltd. has a twelve month low of $128.52 and a twelve month high of $159.98.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (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 company had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. During the same period in the previous year, the company earned $1.78 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. Analysts anticipate that TE Connectivity Ltd. will post 8.14 EPS for the current year.

TE Connectivity announced that its Board of Directors has authorized a stock buyback program on Wednesday, October 30th that permits the company to repurchase $2.50 billion in shares. This repurchase authorization permits the electronics maker to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. The Goldman Sachs Group lowered their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. HSBC cut TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective on the stock. in a research note on Thursday, October 31st. Wells Fargo & Company lowered their price objective on TE Connectivity from $153.00 to $151.00 and set an “equal weight” rating for the company in a research note on Monday. Finally, Bank of America cut their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $159.36.

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.