StockNews.com Upgrades TE Connectivity (NYSE:TEL) to Strong-Buy

TE Connectivity (NYSE:TEL) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.

Several other analysts have also weighed in on the company. HSBC lowered 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, October 31st. Hsbc Global Res lowered TE Connectivity from a “hold” rating to a “moderate sell” rating in a report on Thursday, October 31st. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 5th. The Goldman Sachs Group cut their price objective on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, Bank of America decreased their price target on TE Connectivity from $173.00 to $165.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, TE Connectivity currently has an average rating of “Hold” and an average target price of $159.36.

TE Connectivity Trading Down 1.3 %

Shares of TEL stock opened at $147.95 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.08 and a current ratio of 1.61. TE Connectivity has a 1 year low of $128.52 and a 1 year high of $159.98. The stock has a fifty day moving average of $150.25 and a two-hundred day moving average of $149.77. The firm has a market capitalization of $44.26 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 2.04 and a beta of 1.32.

TE Connectivity (NYSE:TEL) last announced 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 company had revenue of $4.07 billion during 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 firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 EPS. As a group, research analysts expect that TE Connectivity will post 8.14 EPS for the current year.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Nomura Asset Management Co. Ltd. raised its holdings in TE Connectivity by 4.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock valued at $36,732,000 after buying an additional 9,670 shares in the last quarter. Venturi Wealth Management LLC raised its stake in shares of TE Connectivity by 1,632.0% in the 3rd quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock valued at $989,000 after acquiring an additional 6,169 shares in the last quarter. Waverton Investment Management Ltd boosted its position in TE Connectivity by 8.2% during the third quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock worth $213,089,000 after purchasing an additional 106,688 shares during the period. Glenmede Trust Co. NA grew its holdings in TE Connectivity by 13.9% during the third quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock valued at $29,322,000 after purchasing an additional 23,755 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in shares of TE Connectivity by 21.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 69,349 shares of the electronics maker’s stock valued at $10,471,000 after purchasing an additional 12,140 shares during the period. Institutional investors and hedge funds own 91.43% of the company’s stock.

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.