Wetherby Asset Management Inc. increased its position in TE Connectivity Ltd (NYSE:TEL) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,184 shares of the electronics maker’s stock after purchasing an additional 168 shares during the quarter. Wetherby Asset Management Inc.’s holdings in TE Connectivity were worth $1,646,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Weaver Consulting Group acquired a new stake in TE Connectivity in the first quarter worth about $28,000. Thor Advisors LLC acquired a new position in shares of TE Connectivity during the 1st quarter worth about $26,000. Synovus Financial Corp grew its position in shares of TE Connectivity by 97.2% during the 1st quarter. Synovus Financial Corp now owns 355 shares of the electronics maker’s stock worth $28,000 after buying an additional 175 shares during the period. CX Institutional grew its position in shares of TE Connectivity by 220.2% during the 2nd quarter. CX Institutional now owns 365 shares of the electronics maker’s stock worth $35,000 after buying an additional 251 shares during the period. Finally, First Interstate Bank acquired a new position in shares of TE Connectivity during the 1st quarter worth about $32,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.
Shares of TE Connectivity stock traded up $0.21 during trading on Tuesday, hitting $87.89. 51,313 shares of the company were exchanged, compared to its average volume of 1,767,939. The company has a market capitalization of $29.45 billion, a price-to-earnings ratio of 15.71, a P/E/G ratio of 1.53 and a beta of 1.20. TE Connectivity Ltd has a 1-year low of $69.84 and a 1-year high of $97.99. The stock has a fifty day moving average price of $93.12. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.47 and a quick ratio of 0.94.
In related news, Director Thomas J. Lynch sold 124,400 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $93.41, for a total value of $11,620,204.00. Following the completion of the transaction, the director now directly owns 290,316 shares in the company, valued at approximately $27,118,417.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven T. Merkt sold 65,650 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $93.55, for a total value of $6,141,557.50. Following the completion of the transaction, the insider now owns 89,854 shares of the company’s stock, valued at $8,405,841.70. The disclosure for this sale can be found here. 0.80% of the stock is currently owned by insiders.
Several equities analysts have recently issued reports on the company. Morgan Stanley decreased their target price on TE Connectivity from $100.00 to $98.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Goldman Sachs Group upgraded TE Connectivity from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $92.00 to $105.00 in a research report on Thursday, June 20th. Wells Fargo & Co lowered TE Connectivity from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 25th. HC Wainwright restated a “sell” rating on shares of TE Connectivity in a research report on Friday, May 3rd. Finally, Cross Research lowered TE Connectivity from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. TE Connectivity presently has a consensus rating of “Hold” and a consensus target price of $92.21.
About TE Connectivity
TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors 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.
Further Reading: Cost of Goods Sold (COGS)
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