Impax Asset Management Group plc Decreases Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Impax Asset Management Group plc lowered its position in TE Connectivity Ltd. (NYSE:TEL) by 8.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 3,166,828 shares of the electronics maker’s stock after selling 310,112 shares during the period. TE Connectivity comprises approximately 2.0% of Impax Asset Management Group plc’s holdings, making the stock its 8th largest position. Impax Asset Management Group plc owned 1.06% of TE Connectivity worth $452,024,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of TEL. Pinnacle Bancorp Inc. bought a new position in shares of TE Connectivity in the fourth quarter worth about $26,000. Golden State Wealth Management LLC bought a new position in TE Connectivity in the 4th quarter worth approximately $44,000. Hilltop National Bank purchased a new stake in TE Connectivity during the 4th quarter valued at approximately $55,000. Deseret Mutual Benefit Administrators purchased a new stake in TE Connectivity during the 4th quarter valued at approximately $57,000. Finally, Webster Bank N. A. bought a new stake in shares of TE Connectivity during the fourth quarter valued at approximately $61,000. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Wall Street Analyst Weigh In

TEL has been the subject of several research analyst reports. Robert W. Baird raised their target price on shares of TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research report on Thursday, January 23rd. Bank of America boosted their target price on TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Truist Financial cut their price target on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a report on Thursday, January 23rd. Finally, HSBC raised TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective on the stock in a report on Thursday, January 23rd. Seven analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $167.00.

TE Connectivity Stock Performance

NYSE TEL opened at $154.55 on Monday. The company has a market cap of $46.11 billion, a P/E ratio of 24.69, a P/E/G ratio of 2.11 and a beta of 1.32. The business’s 50 day moving average price is $147.20 and its 200-day moving average price is $148.48. TE Connectivity Ltd. has a fifty-two week low of $137.61 and a fifty-two week 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 posted its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.06. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.84 earnings per share. Sell-side analysts predict that TE Connectivity Ltd. will post 8.05 earnings per share for the current year.

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

Insider Buying and Selling

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $151.13, for a total transaction of $587,744.57. Following the transaction, the insider now owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.90% of the stock is currently owned by corporate insiders.

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.