TE Connectivity (NYSE:TEL) to Repurchase $2.50 billion in Outstanding Shares

TE Connectivity (NYSE:TEL) announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 30th, RTT News reports. The company plans to buyback $2.50 billion in shares. This buyback authorization permits the electronics maker to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on TEL. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. HSBC downgraded shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 price objective for the company. in a report on Thursday. Vertical Research began coverage on shares of TE Connectivity in a research report on Tuesday, July 23rd. They set a “hold” rating and a $155.00 target price on the stock. Wells Fargo & Company dropped their price target on shares of 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, The Goldman Sachs Group reduced their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $159.55.

TE Connectivity Trading Down 2.9 %

Shares of TEL opened at $147.42 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 1.51. TE Connectivity has a 52-week low of $116.01 and a 52-week high of $159.98. The firm has a market cap of $45.14 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.92 and a beta of 1.33. The business’s fifty day moving average is $148.00 and its 200-day moving average is $148.39.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.95. The firm had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $4 billion. TE Connectivity had a return on equity of 18.53% and a net margin of 21.94%. The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.78 earnings per share. Equities analysts anticipate that TE Connectivity will post 7.57 EPS for the current fiscal year.

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.