Magnetar Financial LLC Cuts Stock Position in TE Connectivity Ltd. (NYSE:TEL)

Magnetar Financial LLC cut its holdings in TE Connectivity Ltd. (NYSE:TEL) by 73.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,107 shares of the electronics maker’s stock after selling 30,801 shares during the quarter. Magnetar Financial LLC’s holdings in TE Connectivity were worth $1,588,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Sandy Spring Bank grew its holdings in shares of TE Connectivity by 55.4% in the fourth quarter. Sandy Spring Bank now owns 1,007 shares of the electronics maker’s stock valued at $144,000 after purchasing an additional 359 shares in the last quarter. Generali Asset Management SPA SGR purchased a new position in TE Connectivity during the fourth quarter worth $6,298,000. Cibc World Markets Corp boosted its stake in TE Connectivity by 14.7% during the fourth quarter. Cibc World Markets Corp now owns 47,425 shares of the electronics maker’s stock worth $6,780,000 after buying an additional 6,095 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in TE Connectivity by 43.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 55,951 shares of the electronics maker’s stock worth $7,999,000 after buying an additional 17,064 shares during the period. Finally, Choate Investment Advisors purchased a new position in TE Connectivity during the fourth quarter worth $636,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on TEL. Hsbc Global Res raised shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Truist Financial dropped their price objective on shares of TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research note on Thursday, January 23rd. Citigroup lifted their target price 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 raised shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 target price for the company in a research note on Thursday, January 23rd. Finally, Robert W. Baird boosted 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. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $167.00.

Insider Activity at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $146.77, for a total value of $3,669,250.00. Following the completion of the sale, the insider now directly owns 25,976 shares in the company, valued at $3,812,497.52. This trade represents a 49.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.90% of the stock is currently owned by corporate insiders.

TE Connectivity Stock Performance

Shares of NYSE:TEL opened at $146.29 on Friday. The firm has a market cap of $43.65 billion, a PE ratio of 23.37, a price-to-earnings-growth ratio of 2.11 and a beta of 1.32. The firm’s 50 day simple moving average is $148.80 and its 200-day simple moving average is $148.38. TE Connectivity Ltd. has a one year low of $137.61 and a one year 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 issued its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.06. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. TE Connectivity’s revenue was up .1% compared to the same quarter last year. During the same period last year, the company posted $1.84 earnings per share. As a group, equities analysts predict that TE Connectivity Ltd. will post 8.05 EPS for the current year.

TE Connectivity Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Wednesday, May 21st will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 1.94%. This is a positive change from TE Connectivity’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Wednesday, May 21st. TE Connectivity’s dividend payout ratio (DPR) is presently 45.37%.

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.