TE Connectivity (TEL) Price Target Lowered to $96.00 at Royal Bank of Canada

TE Connectivity (NYSE:TEL) had its target price reduced by Royal Bank of Canada to $96.00 in a report released on Thursday, The Fly reports. Royal Bank of Canada currently has a positive rating on the electronics maker’s stock. The analysts noted that the move was a valuation call.

A number of other research firms also recently commented on TEL. Morgan Stanley reduced their target price on TE Connectivity from $117.00 to $116.00 and set an overweight rating on the stock in a research report on Thursday, July 26th. Zacks Investment Research downgraded TE Connectivity from a hold rating to a sell rating in a research report on Wednesday, July 18th. Wells Fargo & Co reduced their target price on TE Connectivity from $120.00 to $115.00 and set an outperform rating on the stock in a research report on Tuesday, July 17th. Robert W. Baird downgraded TE Connectivity from an outperform rating to a neutral rating in a research report on Monday, October 1st. Finally, ValuEngine downgraded TE Connectivity from a hold rating to a sell rating in a research report on Wednesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. TE Connectivity presently has an average rating of Buy and a consensus target price of $108.00.

NYSE:TEL traded up $0.19 on Thursday, reaching $77.44. The company’s stock had a trading volume of 2,714,785 shares, compared to its average volume of 2,743,440. TE Connectivity has a 12-month low of $73.70 and a 12-month high of $108.23. The company has a quick ratio of 0.98, a current ratio of 1.41 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $26.98 billion, a P/E ratio of 13.83, a P/E/G ratio of 1.21 and a beta of 1.16.

TE Connectivity (NYSE:TEL) last posted its earnings results on Wednesday, October 31st. The electronics maker reported $1.35 EPS for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.02. TE Connectivity had a return on equity of 20.06% and a net margin of 17.69%. The company had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter in the previous year, the business earned $1.25 earnings per share. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. Sell-side analysts anticipate that TE Connectivity will post 5.78 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. Commonwealth Bank of Australia raised its holdings in shares of TE Connectivity by 2.2% in the 2nd quarter. Commonwealth Bank of Australia now owns 40,187 shares of the electronics maker’s stock valued at $3,614,000 after buying an additional 879 shares during the period. HPM Partners LLC raised its holdings in shares of TE Connectivity by 43.5% in the 2nd quarter. HPM Partners LLC now owns 5,697 shares of the electronics maker’s stock valued at $513,000 after buying an additional 1,728 shares during the period. AMP Capital Investors Ltd raised its holdings in shares of TE Connectivity by 7.9% in the 2nd quarter. AMP Capital Investors Ltd now owns 169,363 shares of the electronics maker’s stock valued at $15,254,000 after buying an additional 12,364 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of TE Connectivity by 1,066.6% in the 2nd quarter. Advisors Asset Management Inc. now owns 7,233 shares of the electronics maker’s stock valued at $498,000 after buying an additional 6,613 shares during the period. Finally, Bridgewater Associates LP raised its holdings in shares of TE Connectivity by 758.6% in the 2nd quarter. Bridgewater Associates LP now owns 262,904 shares of the electronics maker’s stock valued at $23,677,000 after buying an additional 232,285 shares during the period. Hedge funds and other institutional investors own 88.01% of the company’s stock.

About TE Connectivity

TE Connectivity Ltd., together with its subsidiaries, engages in the design, manufacture, and sale of connectivity and sensors solutions in the Americas, Europe, the Middle East, Africa, and the Asia–Pacific. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

Further Reading: Institutional Investors

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