Hardy Reed LLC Cuts Stock Holdings in TE Connectivity Ltd. (NYSE:TEL)

Hardy Reed LLC lowered its stake in TE Connectivity Ltd. (NYSE:TEL) by 1.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,803 shares of the electronics maker’s stock after selling 83 shares during the period. Hardy Reed LLC’s holdings in TE Connectivity were worth $725,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of TEL. Manning & Napier Advisors LLC purchased a new position in shares of TE Connectivity in the second quarter valued at about $15,847,000. Venturi Wealth Management LLC raised its position in TE Connectivity by 1,632.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock valued at $989,000 after purchasing an additional 6,169 shares during the last quarter. Marshall Financial Group LLC purchased a new stake in TE Connectivity in the 2nd quarter worth approximately $995,000. Oppenheimer Asset Management Inc. grew its position in shares of TE Connectivity by 21.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock worth $10,471,000 after buying an additional 12,140 shares during the last quarter. Finally, Waverton Investment Management Ltd increased its stake in shares of TE Connectivity by 8.2% during the third quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock valued at $213,089,000 after buying an additional 106,688 shares during the period. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Price Performance

Shares of NYSE:TEL opened at $149.84 on Wednesday. The business has a fifty day moving average price of $149.14 and a 200-day moving average price of $149.67. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. The company has a market capitalization of $44.83 billion, a PE ratio of 14.59, a PEG ratio of 2.07 and a beta of 1.33. TE Connectivity Ltd. has a 1-year low of $128.52 and a 1-year high of $159.98.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.95. The business had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. TE Connectivity’s revenue was up .8% compared to the same quarter last year. During the same period last year, the business earned $1.78 EPS. As a group, equities analysts expect that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.

TE Connectivity announced that its board has approved a share buyback program on Wednesday, October 30th that allows the company to repurchase $2.50 billion in shares. This repurchase authorization allows the electronics maker to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

TEL has been the topic of several recent analyst reports. StockNews.com started coverage on shares of TE Connectivity in a report on Sunday. They issued a “buy” rating on the stock. Bank of America reduced their price target on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. HSBC cut TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective on the stock. in a research report on Thursday, October 31st. Wells Fargo & Company decreased their target price on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a research report on Friday, September 20th. Finally, Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $159.55.

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.