TE Connectivity (NYSE:TEL) Given New $153.00 Price Target at Wells Fargo & Company

TE Connectivity (NYSE:TEL) had its price objective cut by Wells Fargo & Company from $155.00 to $153.00 in a report published on Friday morning, Benzinga reports. They currently have an equal weight rating on the electronics maker’s stock.

A number of other brokerages also recently commented on TEL. Robert W. Baird upped their price objective on shares of TE Connectivity from $162.00 to $170.00 and gave the stock an outperform rating in a research report on Thursday, July 25th. Wolfe Research upgraded shares of TE Connectivity from a peer perform rating to an outperform rating in a report on Thursday, September 5th. Truist Financial raised their target price on shares of TE Connectivity from $151.00 to $156.00 and gave the company a hold rating in a report on Thursday, July 25th. Vertical Research assumed coverage on shares of TE Connectivity in a research note on Tuesday, July 23rd. They set a hold rating and a $155.00 price target on the stock. Finally, Hsbc Global Res raised shares of TE Connectivity to a hold rating in a research note on Wednesday, July 24th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $158.73.

TE Connectivity Price Performance

TE Connectivity stock opened at $148.49 on Friday. The company’s 50 day simple moving average is $149.43 and its 200-day simple moving average is $147.53. The company has a market capitalization of $45.47 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.98 and a beta of 1.33. TE Connectivity has a 1 year low of $115.00 and a 1 year high of $159.98. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 1.51.

TE Connectivity (NYSE:TEL) last announced its earnings results on Wednesday, July 24th. The electronics maker reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.05. TE Connectivity had a net margin of 21.94% and a return on equity of 18.53%. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm earned $1.77 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. As a group, equities research analysts expect that TE Connectivity will post 7.57 earnings per share for the current year.

Insider Activity

In other news, CFO Heath A. Mitts sold 59,700 shares of TE Connectivity stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $154.70, for a total transaction of $9,235,590.00. Following the sale, the chief financial officer now owns 38,073 shares in the company, valued at $5,889,893.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Heath A. Mitts sold 59,700 shares of TE Connectivity stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $154.70, for a total value of $9,235,590.00. Following the completion of the sale, the chief financial officer now owns 38,073 shares in the company, valued at $5,889,893.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Robert J. Ott sold 2,913 shares of TE Connectivity stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $154.59, for a total transaction of $450,320.67. Following the completion of the sale, the senior vice president now owns 25,504 shares of the company’s stock, valued at approximately $3,942,663.36. The disclosure for this sale can be found here. Insiders have sold 71,363 shares of company stock worth $11,042,161 over the last 90 days. Company insiders own 0.86% of the company’s stock.

Hedge Funds Weigh In On TE Connectivity

Hedge funds have recently added to or reduced their stakes in the business. Salem Investment Counselors Inc. grew its position in shares of TE Connectivity by 112.4% during the first quarter. Salem Investment Counselors Inc. now owns 189 shares of the electronics maker’s stock worth $27,000 after acquiring an additional 100 shares during the last quarter. Versant Capital Management Inc grew its position in TE Connectivity by 209.8% in the 2nd quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock valued at $28,000 after buying an additional 128 shares in the last quarter. Olistico Wealth LLC bought a new position in TE Connectivity in the 2nd quarter valued at about $30,000. Bank & Trust Co bought a new position in TE Connectivity in the 2nd quarter valued at about $35,000. Finally, Rise Advisors LLC bought a new position in TE Connectivity in the 1st quarter valued at about $40,000. Institutional investors and hedge funds own 91.43% of the company’s stock.

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.