GSA Capital Partners LLP Reduces Holdings in TE Connectivity Ltd. (NYSE:TEL)

GSA Capital Partners LLP trimmed its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 58.8% in the 3rd quarter, Holdings Channel reports. The firm owned 1,646 shares of the electronics maker’s stock after selling 2,350 shares during the period. GSA Capital Partners LLP’s holdings in TE Connectivity were worth $249,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TEL. Ameriprise Financial Inc. boosted its stake in TE Connectivity by 26.2% during the second quarter. Ameriprise Financial Inc. now owns 6,280,632 shares of the electronics maker’s stock worth $944,791,000 after buying an additional 1,304,199 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of TE Connectivity by 238.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 719,354 shares of the electronics maker’s stock valued at $108,212,000 after buying an additional 506,754 shares during the period. Bank of Montreal Can raised its holdings in shares of TE Connectivity by 43.0% in the 2nd quarter. Bank of Montreal Can now owns 1,155,426 shares of the electronics maker’s stock valued at $174,955,000 after buying an additional 347,315 shares during the period. Toronto Dominion Bank increased its holdings in TE Connectivity by 141.3% during the 2nd quarter. Toronto Dominion Bank now owns 468,294 shares of the electronics maker’s stock worth $70,445,000 after purchasing an additional 274,206 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in TE Connectivity by 437.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 284,157 shares of the electronics maker’s stock worth $42,746,000 after purchasing an additional 231,287 shares during the period. Institutional investors and hedge funds own 91.43% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Hsbc Global Res downgraded TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. Wells Fargo & Company lowered their target price on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a report on Friday, September 20th. Wolfe Research upgraded shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Bank of America dropped their price target on shares of TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, The Goldman Sachs Group dropped their price target on shares of TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $159.55.

TE Connectivity Stock Performance

Shares of TEL opened at $152.26 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. The company has a market capitalization of $45.55 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 2.04 and a beta of 1.33. The company’s 50 day simple moving average is $148.96 and its 200 day simple moving average is $149.56. TE Connectivity Ltd. has a 1 year low of $128.52 and a 1 year high of $159.98.

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

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

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.