Univest Corp of Pennsylvania reduced its position in TE Connectivity Ltd (NYSE:TEL) by 3.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 54,629 shares of the electronics maker’s stock after selling 1,688 shares during the quarter. TE Connectivity makes up about 2.1% of Univest Corp of Pennsylvania’s holdings, making the stock its 12th largest holding. Univest Corp of Pennsylvania’s holdings in TE Connectivity were worth $5,192,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. AllSquare Wealth Management LLC purchased a new stake in shares of TE Connectivity during the 3rd quarter worth $113,000. Harfst & Associates Inc. boosted its position in shares of TE Connectivity by 46.2% during the 2nd quarter. Harfst & Associates Inc. now owns 1,722 shares of the electronics maker’s stock worth $135,000 after purchasing an additional 544 shares in the last quarter. Robecosam AG purchased a new stake in shares of TE Connectivity during the 3rd quarter worth $155,000. BB&T Investment Services Inc. boosted its position in shares of TE Connectivity by 87.3% during the 3rd quarter. BB&T Investment Services Inc. now owns 2,038 shares of the electronics maker’s stock worth $168,000 after purchasing an additional 950 shares in the last quarter. Finally, Schroder Investment Management Group purchased a new stake in shares of TE Connectivity during the 2nd quarter worth $206,000. 90.08% of the stock is currently owned by institutional investors.
Several equities research analysts have commented on TEL shares. SunTrust Banks boosted their target price on shares of TE Connectivity to $90.00 and gave the stock a “hold” rating in a research report on Thursday, November 2nd. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a research report on Monday, January 15th. Stifel Nicolaus restated a “buy” rating and set a $87.00 target price on shares of TE Connectivity in a research report on Tuesday, October 17th. Royal Bank of Canada restated a “buy” rating and set a $95.00 target price (up from $90.00) on shares of TE Connectivity in a research report on Monday, October 30th. Finally, ValuEngine upgraded shares of TE Connectivity from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. TE Connectivity currently has an average rating of “Buy” and an average target price of $145.92.
TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, November 1st. The electronics maker reported $1.25 EPS for the quarter, topping the consensus estimate of $1.16 by $0.09. TE Connectivity had a net margin of 12.84% and a return on equity of 18.97%. The business had revenue of $3.46 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same period in the previous year, the firm earned $1.22 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. research analysts forecast that TE Connectivity Ltd will post 5.28 earnings per share for the current fiscal year.
TE Connectivity declared that its board has initiated a share buyback plan on Friday, December 8th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
In other TE Connectivity news, SVP Mario Calastri sold 8,539 shares of the company’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $93.27, for a total value of $796,432.53. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Thomas J. Lynch sold 130,617 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $91.29, for a total transaction of $11,924,025.93. Following the completion of the transaction, the insider now owns 429,500 shares in the company, valued at $39,209,055. The disclosure for this sale can be found here. Insiders sold a total of 705,373 shares of company stock worth $65,870,755 over the last quarter. Insiders own 1.49% of the company’s stock.
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About TE Connectivity
TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies.
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