Bridgewater Associates LP Buys 38,378 Shares of TE Connectivity Ltd. (NYSE:TEL)

Bridgewater Associates LP grew its stake in TE Connectivity Ltd. (NYSE:TEL) by 76.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,604 shares of the electronics maker’s stock after acquiring an additional 38,378 shares during the period. Bridgewater Associates LP’s holdings in TE Connectivity were worth $13,378,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc grew its stake in TE Connectivity by 209.8% in the second quarter. Versant Capital Management Inc now owns 189 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 128 shares in the last quarter. Olistico Wealth LLC bought a new position in shares of TE Connectivity during the 2nd quarter worth $30,000. Armstrong Advisory Group Inc. grew its position in shares of TE Connectivity by 208.3% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 222 shares of the electronics maker’s stock worth $34,000 after buying an additional 150 shares in the last quarter. Bank & Trust Co bought a new stake in shares of TE Connectivity in the second quarter valued at about $35,000. Finally, Wolff Wiese Magana LLC lifted its stake in TE Connectivity by 2,450.0% in the third quarter. Wolff Wiese Magana LLC now owns 255 shares of the electronics maker’s stock worth $39,000 after acquiring an additional 245 shares during the period. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Price Performance

Shares of TEL stock opened at $151.15 on Friday. TE Connectivity Ltd. has a fifty-two week low of $128.52 and a fifty-two week high of $159.98. 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 firm has a market capitalization of $45.22 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 2.05 and a beta of 1.33. The stock’s 50-day simple moving average is $149.28 and its 200-day simple moving average is $149.69.

TE Connectivity (NYSE:TEL) last released its earnings results on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, hitting the consensus estimate of $1.95. The company had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4 billion. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. TE Connectivity’s revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.78 EPS. As a group, equities analysts forecast that TE Connectivity Ltd. will post 8.14 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

TEL has been the topic of a number of research reports. HSBC downgraded shares of TE Connectivity from a “hold” rating to a “reduce” rating and set a $137.00 target price on the stock. in a research report on Thursday, October 31st. Wolfe Research raised shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Bank of America lowered 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. Wells Fargo & Company cut their price target on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a report on Friday, September 20th. Finally, The Goldman Sachs Group dropped their price objective on TE Connectivity from $189.00 to $179.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target 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.