Smith Salley Wealth Management Sells 62,542 Shares of TE Connectivity Ltd. (NYSE:TEL)

Smith Salley Wealth Management lessened its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 96.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,215 shares of the electronics maker’s stock after selling 62,542 shares during the quarter. Smith Salley Wealth Management’s holdings in TE Connectivity were worth $322,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of TEL. Norges Bank purchased a new position in TE Connectivity during the 4th quarter worth $693,985,000. First Trust Advisors LP boosted its holdings in TE Connectivity by 150.9% during the 4th quarter. First Trust Advisors LP now owns 2,143,423 shares of the electronics maker’s stock worth $301,151,000 after acquiring an additional 1,289,230 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in TE Connectivity by 1,000.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,335,477 shares of the electronics maker’s stock worth $193,965,000 after acquiring an additional 1,214,122 shares during the last quarter. Wellington Management Group LLP boosted its holdings in TE Connectivity by 12.5% during the 4th quarter. Wellington Management Group LLP now owns 3,630,003 shares of the electronics maker’s stock worth $510,015,000 after acquiring an additional 403,750 shares during the last quarter. Finally, Morgan Stanley boosted its holdings in TE Connectivity by 11.7% during the 3rd quarter. Morgan Stanley now owns 3,738,943 shares of the electronics maker’s stock worth $461,872,000 after acquiring an additional 390,723 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Performance

NYSE TEL traded down $0.84 during trading on Tuesday, hitting $149.82. 1,435,466 shares of the company’s stock traded hands, compared to its average volume of 1,949,897. The stock has a market capitalization of $45.88 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 2.20 and a beta of 1.33. TE Connectivity Ltd. has a 12-month low of $115.00 and a 12-month high of $153.54. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.92 and a current ratio of 1.45. The business has a 50 day moving average of $148.63 and a 200-day moving average of $143.59.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, April 24th. The electronics maker reported $1.86 EPS for the quarter, beating the consensus estimate of $1.83 by $0.03. TE Connectivity had a net margin of 21.63% and a return on equity of 18.80%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. The company’s revenue was down 4.6% compared to the same quarter last year. As a group, equities research analysts anticipate that TE Connectivity Ltd. will post 7.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Robert W. Baird cut their price objective on shares of TE Connectivity from $159.00 to $158.00 and set an “outperform” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. cut their price target on shares of TE Connectivity from $170.00 to $169.00 and set a “neutral” rating on the stock in a report on Thursday, April 25th. Jefferies Financial Group began coverage on shares of TE Connectivity in a report on Tuesday, April 9th. They issued a “buy” rating and a $180.00 price target on the stock. Wells Fargo & Company cut their price target on shares of TE Connectivity from $152.00 to $150.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 25th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of TE Connectivity in a report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, TE Connectivity currently has an average rating of “Moderate Buy” and a consensus price target of $155.13.

Insider Activity

In other news, Director Mark Trudeau sold 7,044 shares of the company’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $141.49, for a total transaction of $996,655.56. Following the sale, the director now directly owns 5,917 shares in the company, valued at $837,196.33. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Mark Trudeau sold 7,044 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $141.49, for a total value of $996,655.56. Following the transaction, the director now directly owns 5,917 shares in the company, valued at $837,196.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Shadrak W. Kroeger sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $149.86, for a total transaction of $749,300.00. Following the completion of the transaction, the insider now owns 25,976 shares in the company, valued at $3,892,763.36. The disclosure for this sale can be found here. Company insiders own 0.86% 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.