TE Connectivity Ltd. (NYSE:TEL) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. increased its stake in TE Connectivity Ltd. (NYSE:TEL) by 21.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,349 shares of the electronics maker’s stock after buying an additional 12,140 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in TE Connectivity were worth $10,471,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of TEL. Price T Rowe Associates Inc. MD boosted its holdings in TE Connectivity by 54.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,596,370 shares of the electronics maker’s stock worth $2,265,218,000 after acquiring an additional 5,526,230 shares during the period. Ameriprise Financial Inc. grew its holdings in TE Connectivity by 26.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock valued at $944,791,000 after purchasing an additional 1,304,199 shares in the last quarter. Point72 Asset Management L.P. increased its stake in TE Connectivity by 238.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock worth $108,212,000 after buying an additional 506,754 shares during the period. Bank of Montreal Can lifted its holdings in TE Connectivity by 43.0% in the 2nd quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock worth $174,955,000 after buying an additional 347,315 shares in the last quarter. Finally, Toronto Dominion Bank boosted its holdings in TE Connectivity by 141.3% in the second quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock valued at $70,445,000 after purchasing an additional 274,206 shares during the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Price Performance

Shares of NYSE TEL opened at $154.71 on Thursday. TE Connectivity Ltd. has a 1-year low of $126.87 and a 1-year high of $159.98. The firm has a market capitalization of $47.02 billion, a PE ratio of 15.06, a P/E/G ratio of 2.09 and a beta of 1.33. 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 business’s fifty day moving average price is $148.14 and its two-hundred day moving average price is $149.13.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The firm had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4 billion. During the same period last year, the firm posted $1.78 EPS. TE Connectivity’s quarterly revenue was up .8% compared to the same quarter last year. On average, research analysts expect that TE Connectivity Ltd. will post 8.13 EPS for the current year.

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

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Truist Financial increased their price target on shares of TE Connectivity from $151.00 to $156.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Bank of America lowered their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Robert W. Baird increased their target price on TE Connectivity from $162.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, The Goldman Sachs Group lowered their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock 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.