TE Connectivity (NYSE:TEL) Price Target Lowered to $163.00 at Truist Financial

TE Connectivity (NYSE:TEL) had its target price cut by stock analysts at Truist Financial from $165.00 to $163.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the electronics maker’s stock. Truist Financial’s target price would indicate a potential upside of 4.82% from the stock’s current price.

Several other brokerages also recently commented on TEL. HSBC upgraded shares of TE Connectivity from a “reduce” rating to a “hold” rating and set a $166.00 price objective for the company in a research report on Thursday. Wells Fargo & Company upped their price objective on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a research report on Thursday. Citigroup boosted their target price on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday. Hsbc Global Res downgraded shares of TE Connectivity from a “hold” rating to a “moderate sell” rating in a research note on Thursday, October 31st. Finally, Bank of America upped their price objective on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday. Seven equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $165.00.

TE Connectivity Price Performance

TE Connectivity stock traded up $0.42 during mid-day trading on Thursday, reaching $155.51. 419,144 shares of the company were exchanged, compared to its average volume of 1,768,928. The company has a fifty day simple moving average of $147.43 and a 200-day simple moving average of $148.80. The firm has a market cap of $46.41 billion, a PE ratio of 15.15, a PEG ratio of 2.02 and a beta of 1.32. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.61 and a quick ratio of 1.08. TE Connectivity has a 12 month low of $137.61 and a 12 month high of $159.98.

TE Connectivity (NYSE:TEL) last posted its quarterly earnings results on Wednesday, January 22nd. The electronics maker reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3,916,310.63 billion. During the same quarter in the previous year, the firm earned $1.84 earnings per share. TE Connectivity’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities research analysts expect that TE Connectivity will post 8.1 earnings per share for the current fiscal year.

TE Connectivity announced that its board has approved a share repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization authorizes the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On TE Connectivity

A number of hedge funds have recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. increased its position in TE Connectivity by 5.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,804 shares of the electronics maker’s stock valued at $422,000 after purchasing an additional 139 shares during the period. Public Sector Pension Investment Board raised its stake in TE Connectivity by 62.5% during the second quarter. Public Sector Pension Investment Board now owns 11,476 shares of the electronics maker’s stock worth $1,726,000 after buying an additional 4,415 shares during the last quarter. Insigneo Advisory Services LLC boosted its position in TE Connectivity by 64.9% during the second quarter. Insigneo Advisory Services LLC now owns 4,422 shares of the electronics maker’s stock valued at $634,000 after acquiring an additional 1,741 shares during the last quarter. AXA S.A. grew its holdings in TE Connectivity by 3.3% during the 2nd quarter. AXA S.A. now owns 502,261 shares of the electronics maker’s stock worth $75,555,000 after acquiring an additional 16,164 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of TE Connectivity by 71.3% in the 2nd quarter. AQR Capital Management LLC now owns 431,626 shares of the electronics maker’s stock worth $64,860,000 after acquiring an additional 179,594 shares in the last quarter. 91.43% of the stock is currently owned by institutional investors.

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.