Oppenheimer & Co. Inc. reduced its position in shares of TE Connectivity Ltd. (NYSE:TEL – Free Report) by 21.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,525 shares of the electronics maker’s stock after selling 2,040 shares during the period. Oppenheimer & Co. Inc.’s holdings in TE Connectivity were worth $987,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the company. Cullen Frost Bankers Inc. bought a new stake in TE Connectivity in the first quarter worth about $27,000. Magellan Asset Management Ltd bought a new stake in TE Connectivity in the fourth quarter worth about $28,000. Silicon Valley Capital Partners bought a new stake in TE Connectivity in the fourth quarter worth about $30,000. Delta Asset Management LLC TN bought a new stake in TE Connectivity in the fourth quarter worth about $33,000. Finally, Centerpoint Advisors LLC bought a new stake in TE Connectivity in the first quarter worth about $33,000. 93.18% of the stock is owned by institutional investors.
Insider Transactions at TE Connectivity
In other news, Director Terrence R. Curtin sold 70,721 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $143.02, for a total value of $10,114,517.42. Following the completion of the sale, the director now directly owns 54,969 shares in the company, valued at approximately $7,861,666.38. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.80% of the company’s stock.
TE Connectivity Price Performance
TE Connectivity (NYSE:TEL – Get Free Report) last released its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.66 by $0.11. TE Connectivity had a net margin of 12.63% and a return on equity of 19.55%. The business had revenue of $4 billion during the quarter, compared to analysts’ expectations of $4.05 billion. During the same quarter in the previous year, the company earned $1.86 EPS. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, analysts predict that TE Connectivity Ltd. will post 6.69 EPS for the current fiscal year.
Analyst Ratings Changes
Several analysts have commented on the stock. Evercore ISI raised shares of TE Connectivity from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $130.00 to $150.00 in a research report on Friday, May 5th. Credit Suisse Group boosted their price target on shares of TE Connectivity from $138.00 to $150.00 in a research report on Tuesday, June 20th. Robert W. Baird boosted their price target on shares of TE Connectivity from $149.00 to $153.00 in a research report on Thursday, July 27th. StockNews.com began coverage on shares of TE Connectivity in a research report on Thursday, August 17th. They issued a “buy” rating on the stock. Finally, Truist Financial boosted their price target on shares of TE Connectivity from $127.00 to $147.00 and gave the company a “hold” rating in a research report on Thursday, July 27th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $144.33.
Check Out Our Latest Research Report on TE Connectivity
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.
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