Millennium Management LLC Sells 634,766 Shares of TE Connectivity Ltd (TEL)

Millennium Management LLC decreased its position in shares of TE Connectivity Ltd (NYSE:TEL) by 56.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 494,824 shares of the electronics maker’s stock after selling 634,766 shares during the period. Millennium Management LLC owned about 0.15% of TE Connectivity worth $37,424,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new position in shares of TE Connectivity in the 4th quarter valued at about $25,000. Taylor Hoffman Wealth Management boosted its stake in TE Connectivity by 432.8% during the 4th quarter. Taylor Hoffman Wealth Management now owns 357 shares of the electronics maker’s stock valued at $27,000 after purchasing an additional 290 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in TE Connectivity by 7,370.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,870,688 shares of the electronics maker’s stock valued at $38,000 after purchasing an additional 2,832,263 shares during the period. Patten Group Inc. acquired a new position in TE Connectivity during the 4th quarter valued at about $41,000. Finally, Bruderman Asset Management LLC boosted its stake in TE Connectivity by 916.7% during the 4th quarter. Bruderman Asset Management LLC now owns 610 shares of the electronics maker’s stock valued at $46,000 after purchasing an additional 550 shares during the period. 91.41% of the stock is currently owned by hedge funds and other institutional investors.

Shares of TEL stock traded up $0.41 during trading hours on Friday, reaching $89.43. 851,372 shares of the stock traded hands, compared to its average volume of 1,338,183. TE Connectivity Ltd has a 1-year low of $69.84 and a 1-year high of $101.59. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.55 and a quick ratio of 0.98. The firm has a market capitalization of $30.30 billion, a P/E ratio of 15.94, a P/E/G ratio of 1.53 and a beta of 1.03.

TE Connectivity (NYSE:TEL) last released its quarterly earnings results on Wednesday, January 23rd. The electronics maker reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.01. TE Connectivity had a net margin of 20.06% and a return on equity of 19.22%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.38 billion. During the same quarter in the previous year, the business earned $1.40 earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. Sell-side analysts predict that TE Connectivity Ltd will post 5.44 EPS for the current fiscal year.

TEL has been the subject of a number of research analyst reports. ValuEngine raised shares of TE Connectivity from a “sell” rating to a “hold” rating in a research note on Tuesday, March 26th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $92.00 price target on shares of TE Connectivity in a research note on Sunday, January 6th. Robert W. Baird reaffirmed a “hold” rating and issued a $79.00 price target on shares of TE Connectivity in a research note on Sunday, January 6th. Finally, Zacks Investment Research raised shares of TE Connectivity from a “sell” rating to a “hold” rating in a research note on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $94.14.

In related news, CFO Heath A. Mitts sold 12,908 shares of the business’s stock in a transaction that occurred on Wednesday, February 6th. The shares were sold at an average price of $83.05, for a total transaction of $1,072,009.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Eric Resch sold 34,050 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $82.70, for a total transaction of $2,815,935.00. Following the transaction, the senior vice president now directly owns 68,790 shares in the company, valued at $5,688,933. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.

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TE Connectivity Profile

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the Asia–Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

See Also: Mutual Funds

Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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