Walter & Keenan Financial Consulting Co. MI ADV maintained its stake in TE Connectivity Ltd (NYSE:TEL) during the first quarter, Holdings Channel reports. The firm owned 4,199 shares of the electronics maker’s stock at the end of the first quarter. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in TE Connectivity were worth $313,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Daiwa SB Investments Ltd. acquired a new stake in shares of TE Connectivity during the first quarter worth $101,000. Portfolio Solutions LLC acquired a new stake in shares of TE Connectivity during the first quarter worth $104,000. Virtus Investment Advisers Inc. acquired a new stake in shares of TE Connectivity during the third quarter worth $105,000. Intellectus Partners LLC acquired a new stake in shares of TE Connectivity during the fourth quarter worth $107,000. Finally, Webster Bank N. A. boosted its stake in shares of TE Connectivity by 675.0% in the first quarter. Webster Bank N. A. now owns 1,550 shares of the electronics maker’s stock worth $116,000 after buying an additional 1,350 shares during the period. Institutional investors and hedge funds own 91.08% of the company’s stock.
TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, April 26th. The electronics maker reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.10 billion. TE Connectivity had a net margin of 16.56% and a return on equity of 19.26%. TE Connectivity’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 9th. Stockholders of record on Friday, May 26th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, May 24th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.17%. This is an increase from TE Connectivity’s previous quarterly dividend of $0.37. TE Connectivity’s dividend payout ratio (DPR) is currently 25.92%.
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A number of brokerages recently weighed in on TEL. Morgan Stanley upped their price target on shares of TE Connectivity from $85.00 to $87.00 and gave the stock an “overweight” rating in a research report on Friday, April 28th. Zacks Investment Research raised shares of TE Connectivity from a “hold” rating to a “buy” rating and set a $86.00 price target for the company in a research report on Friday, May 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price target (up from $82.00) on shares of TE Connectivity in a research report on Saturday, April 29th. Deutsche Bank AG upped their price target on shares of TE Connectivity from $75.00 to $82.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Finally, Cowen and Company began coverage on shares of TE Connectivity in a research report on Tuesday, March 21st. They set an “outperform” rating and a $90.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $82.29.
In other news, CEO Thomas J. Lynch sold 131,875 shares of the firm’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $75.93, for a total transaction of $10,013,268.75. Following the transaction, the chief executive officer now owns 318,787 shares in the company, valued at approximately $24,205,496.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John S. Jenkins sold 14,000 shares of the firm’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $75.70, for a total transaction of $1,059,800.00. Following the transaction, the executive vice president now owns 8,823 shares in the company, valued at approximately $667,901.10. The disclosure for this sale can be found here. Insiders have sold a total of 437,209 shares of company stock worth $33,006,586 in the last 90 days. 1.49% of the stock is owned by insiders.
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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