New York Life Investment Management LLC Trims Stake in TE Connectivity Ltd. (NYSE:TEL)

New York Life Investment Management LLC decreased its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 1.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 44,514 shares of the electronics maker’s stock after selling 494 shares during the period. New York Life Investment Management LLC’s holdings in TE Connectivity were worth $6,364,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TEL. Nordea Investment Management AB purchased a new position in shares of TE Connectivity during the 4th quarter worth approximately $149,211,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of TE Connectivity by 2,330.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 753,572 shares of the electronics maker’s stock worth $107,738,000 after acquiring an additional 722,565 shares during the period. Franklin Resources Inc. grew its holdings in shares of TE Connectivity by 31.1% during the 3rd quarter. Franklin Resources Inc. now owns 3,004,540 shares of the electronics maker’s stock worth $445,603,000 after acquiring an additional 712,228 shares during the period. EdgePoint Investment Group Inc. grew its holdings in shares of TE Connectivity by 26.0% during 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 period. Finally, Bank of New York Mellon Corp grew its stake in shares of TE Connectivity by 15.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,749,622 shares of the electronics maker’s stock worth $536,083,000 after buying an additional 488,680 shares during the last quarter. Hedge funds and other institutional investors own 91.43% of the company’s stock.

Wall Street Analysts Forecast Growth

TEL has been the topic of several recent research reports. Citigroup upped their price target on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. StockNews.com downgraded TE Connectivity from a “strong-buy” rating to a “buy” rating in a research note on Friday. Truist Financial cut their price target 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. HSBC upgraded TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price target on the stock in a research note on Thursday, January 23rd. Finally, Hsbc Global Res upgraded TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, TE Connectivity presently has a consensus rating of “Hold” and an average target price of $167.00.

TE Connectivity Stock Performance

TEL stock opened at $154.10 on Friday. The stock has a market capitalization of $45.97 billion, a PE ratio of 24.62, 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. 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 stock’s 50 day simple moving average is $147.87 and its 200 day simple moving average is $148.72.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.06. The firm had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.92 billion. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The company’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.84 EPS. As a group, research analysts forecast that TE Connectivity Ltd. will post 8.05 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the stock in a transaction 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 directly owns 25,976 shares of the company’s stock, valued at $3,925,752.88. This represents a 13.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.90% of the company’s stock.

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.