Kestra Investment Management LLC Sells 299 Shares of TE Connectivity Ltd. (NYSE:TEL)

Kestra Investment Management LLC trimmed its holdings in shares of TE Connectivity Ltd. (NYSE:TEL) by 3.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 9,445 shares of the electronics maker’s stock after selling 299 shares during the quarter. Kestra Investment Management LLC’s holdings in TE Connectivity were worth $1,350,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Pinnacle Bancorp Inc. bought a new position in shares of TE Connectivity in the fourth quarter valued at approximately $26,000. Golden State Wealth Management LLC bought a new position in TE Connectivity during the 4th quarter worth approximately $44,000. Hilltop National Bank bought a new stake in shares of TE Connectivity in the 4th quarter valued at $55,000. Webster Bank N. A. acquired a new stake in shares of TE Connectivity during the fourth quarter worth about $61,000. Finally, R Squared Ltd bought a new position in TE Connectivity in the fourth quarter valued at approximately $64,000. 91.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TEL has been the topic of a number of research reports. Robert W. Baird boosted their price objective on shares of TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Citigroup increased their target price on TE Connectivity from $160.00 to $165.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company increased their target price on TE Connectivity from $151.00 to $155.00 and gave the stock an “equal weight” rating in a report on Thursday, January 23rd. Bank of America increased their target price on shares of TE Connectivity from $167.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Finally, Truist Financial dropped their target price on TE Connectivity from $165.00 to $163.00 and set a “hold” rating for the company in a research report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $167.00.

Insider Transactions at TE Connectivity

In related news, insider Shadrak W. Kroeger sold 3,889 shares of TE Connectivity stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $151.13, for a total value of $587,744.57. Following the completion of the sale, the insider now owns 25,976 shares of the company’s stock, valued at approximately $3,925,752.88. This trade represents a 13.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.90% of the company’s stock.

TE Connectivity Stock Performance

NYSE TEL opened at $152.87 on Tuesday. The company has a market cap of $45.61 billion, a P/E ratio of 24.42, a PEG ratio of 2.01 and a beta of 1.32. The company has a fifty day simple moving average of $146.79 and a 200 day simple moving average of $148.13. TE Connectivity Ltd. has a 12-month low of $137.61 and a 12-month high of $159.98. The company has a current ratio of 1.68, a quick ratio of 1.10 and a debt-to-equity ratio of 0.26.

TE Connectivity (NYSE:TEL) last issued its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.06. The business had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.92 billion. TE Connectivity had a net margin of 12.10% and a return on equity of 18.82%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.84 EPS. Sell-side analysts predict that TE Connectivity Ltd. will post 7.95 earnings per share for the current fiscal year.

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

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.