Bank of New York Mellon Corp Acquires 488,680 Shares of TE Connectivity Ltd. (NYSE:TEL)

Bank of New York Mellon Corp lifted its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 15.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,749,622 shares of the electronics maker’s stock after purchasing an additional 488,680 shares during the period. Bank of New York Mellon Corp owned about 1.26% of TE Connectivity worth $536,083,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in TEL. State Street Corp grew its holdings in shares of TE Connectivity by 2.1% in the third quarter. State Street Corp now owns 12,852,607 shares of the electronics maker’s stock worth $1,940,615,000 after purchasing an additional 268,837 shares during the last quarter. Geode Capital Management LLC boosted its position in TE Connectivity by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,981,870 shares of the electronics maker’s stock valued at $899,681,000 after buying an additional 75,658 shares during the period. EdgePoint Investment Group Inc. grew its holdings in TE Connectivity by 26.0% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,367,650 shares of the electronics maker’s stock worth $508,481,000 after acquiring an additional 694,917 shares during the last quarter. Franklin Resources Inc. increased its position in shares of TE Connectivity by 31.1% in the third quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock valued at $445,603,000 after acquiring an additional 712,228 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of TE Connectivity by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,762,099 shares of the electronics maker’s stock valued at $266,059,000 after acquiring an additional 9,864 shares during the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TEL shares. Truist Financial cut their target price on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a research note on Thursday, January 23rd. Citigroup lifted their price objective on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a report on Thursday, January 23rd. StockNews.com upgraded shares of TE Connectivity from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 19th. Finally, Wells Fargo & Company boosted their price objective on shares of TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Seven investment 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. Based on data from MarketBeat, TE Connectivity has a consensus rating of “Moderate Buy” and a consensus target price of $167.00.

Insider Buying and Selling

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

TE Connectivity Stock Performance

Shares of TEL stock opened at $151.98 on Wednesday. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26. The company’s fifty day moving average price is $147.35 and its 200-day moving average price is $148.61. The stock has a market cap of $45.34 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 2.11 and a beta of 1.32. TE Connectivity Ltd. has a 12 month low of $137.61 and a 12 month high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, topping the consensus estimate of $1.89 by $0.06. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the previous year, the firm posted $1.84 earnings per share. TE Connectivity’s quarterly revenue was up .1% on a year-over-year basis. On average, equities analysts expect that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.

TE Connectivity declared that its board has initiated a stock repurchase program on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.