PNC Financial Services Group Inc. Purchases 889 Shares of TE Connectivity Ltd. (NYSE:TEL)

PNC Financial Services Group Inc. lifted its holdings in TE Connectivity Ltd. (NYSE:TEL) by 0.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 116,966 shares of the electronics maker’s stock after acquiring an additional 889 shares during the period. PNC Financial Services Group Inc.’s holdings in TE Connectivity were worth $17,661,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of TEL. Price T Rowe Associates Inc. MD increased its position in shares of TE Connectivity by 54.9% during the first 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. boosted its holdings in TE Connectivity by 26.2% in the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after acquiring an additional 1,304,199 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of TE Connectivity by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,118,636 shares of the electronics maker’s stock worth $469,113,000 after acquiring an additional 223,842 shares during the last quarter. Cooke & Bieler LP increased its holdings in shares of TE Connectivity by 3.3% during the second quarter. Cooke & Bieler LP now owns 1,753,850 shares of the electronics maker’s stock valued at $263,832,000 after acquiring an additional 55,777 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of TE Connectivity by 13.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,434,642 shares of the electronics maker’s stock valued at $215,813,000 after purchasing an additional 166,339 shares during the last quarter. Institutional investors own 91.43% of the company’s stock.

TE Connectivity Stock Performance

NYSE TEL opened at $150.73 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.08 and a debt-to-equity ratio of 0.27. TE Connectivity Ltd. has a twelve month low of $128.52 and a twelve month high of $159.98. The stock has a 50-day moving average of $148.83 and a 200 day moving average of $149.45. The stock has a market capitalization of $45.09 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 2.00 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.95. The firm had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. TE Connectivity had a return on equity of 18.48% and a net margin of 20.15%. The business’s revenue was up .8% on a year-over-year basis. During the same period in the previous year, the company posted $1.78 earnings per share. Sell-side analysts anticipate that TE Connectivity Ltd. will post 8.14 EPS for the current fiscal year.

TE Connectivity declared that its Board of Directors has approved a share repurchase program on Wednesday, October 30th that permits the company to buyback $2.50 billion in outstanding shares. This buyback authorization permits the electronics maker to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wells Fargo & Company decreased 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 report on Friday, September 20th. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. Bank of America decreased their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. The Goldman Sachs Group reduced their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Finally, Robert W. Baird upped their price objective on shares of TE Connectivity from $162.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, TE Connectivity has an average rating of “Hold” and a consensus target price of $159.55.

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.