PNC Financial Services Group Inc. Decreases Stake in TE Connectivity Ltd. (NYSE:TEL)

PNC Financial Services Group Inc. lessened its stake in shares of TE Connectivity Ltd. (NYSE:TEL) by 9.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 106,386 shares of the electronics maker’s stock after selling 10,580 shares during the quarter. PNC Financial Services Group Inc.’s holdings in TE Connectivity were worth $15,210,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. grew its holdings in TE Connectivity by 4.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 243,274 shares of the electronics maker’s stock worth $36,732,000 after acquiring an additional 9,670 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of TE Connectivity by 13.9% in the third quarter. Glenmede Trust Co. NA now owns 194,264 shares of the electronics maker’s stock worth $29,322,000 after purchasing an additional 23,755 shares during the last quarter. Meyer Handelman Co. increased its holdings in TE Connectivity by 9.9% during the 4th quarter. Meyer Handelman Co. now owns 101,640 shares of the electronics maker’s stock valued at $14,531,000 after purchasing an additional 9,175 shares during the period. Venturi Wealth Management LLC raised its position in TE Connectivity by 1,632.0% during the 3rd quarter. Venturi Wealth Management LLC now owns 6,547 shares of the electronics maker’s stock valued at $989,000 after purchasing an additional 6,169 shares during the last quarter. Finally, Waverton Investment Management Ltd lifted its holdings in TE Connectivity by 8.2% in the 3rd quarter. Waverton Investment Management Ltd now owns 1,411,048 shares of the electronics maker’s stock worth $213,089,000 after buying an additional 106,688 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at TE Connectivity

In other news, insider Shadrak W. Kroeger sold 3,889 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $151.13, for a total value of $587,744.57. Following the transaction, the insider now owns 25,976 shares in the company, valued at approximately $3,925,752.88. This represents a 13.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TEL shares. Wells Fargo & Company boosted their target price on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Bank of America upped their price objective 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. Robert W. Baird lifted their target price on shares of TE Connectivity from $162.00 to $168.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Hsbc Global Res raised shares of TE Connectivity from a “moderate sell” rating to a “hold” rating in a research note on Thursday, January 23rd. Finally, StockNews.com cut TE Connectivity from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 28th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $167.00.

TE Connectivity Price Performance

TEL stock opened at $148.25 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.10 and a current ratio of 1.68. The firm has a 50 day moving average price of $148.41 and a 200-day moving average price of $148.72. TE Connectivity Ltd. has a 52-week low of $137.61 and a 52-week high of $159.98. The firm has a market capitalization of $44.23 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 2.11 and a beta of 1.32.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, January 22nd. The electronics maker reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.06. TE Connectivity had a return on equity of 18.82% and a net margin of 12.10%. The business had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the business earned $1.84 earnings per share. The firm’s quarterly revenue was up .1% compared to the same quarter last year. Equities research analysts forecast that TE Connectivity Ltd. will post 8.05 EPS for the current fiscal year.

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.