TE Connectivity (NYSE:TEL) Downgraded by HSBC to “Reduce”

HSBC downgraded shares of TE Connectivity (NYSE:TEL) from a hold rating to a reduce rating in a research note published on Thursday morning, MarketBeat reports. HSBC currently has $137.00 target price on the electronics maker’s stock.

A number of other equities analysts have also recently issued reports on the company. Wells Fargo & Company reduced their target price 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. Wolfe Research raised shares of TE Connectivity from a “peer perform” rating to an “outperform” rating in a research note on Thursday, September 5th. Vertical Research started coverage on shares of TE Connectivity in a research report on Tuesday, July 23rd. They set a “hold” rating and a $155.00 price target on the stock. Hsbc Global Res upgraded shares of TE Connectivity to a “hold” rating in a research report on Wednesday, July 24th. Finally, Bank of America reduced their target price on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $159.55.

TE Connectivity Stock Performance

TE Connectivity stock opened at $147.42 on Thursday. The company has a market cap of $44.80 billion, a PE ratio of 14.35, a PEG ratio of 1.95 and a beta of 1.33. The company has a current ratio of 1.61, a quick ratio of 0.99 and a debt-to-equity ratio of 0.27. TE Connectivity has a 1 year low of $122.30 and a 1 year high of $159.98. The company’s 50-day moving average is $148.00 and its two-hundred day moving average is $148.39.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 earnings per share for the quarter, meeting the consensus estimate of $1.95. TE Connectivity had a net margin of 20.15% and a return on equity of 18.48%. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4 billion. During the same period in the prior year, the business posted $1.78 earnings per share. TE Connectivity’s revenue was up .8% compared to the same quarter last year. Equities analysts anticipate that TE Connectivity will post 8.15 earnings per share for the current year.

TE Connectivity announced that its board has initiated a stock buyback plan on Wednesday, October 30th that permits the company to repurchase $2.50 billion in outstanding shares. This repurchase authorization permits the electronics maker to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of TE Connectivity

A number of institutional investors have recently modified their holdings of the company. Norden Group LLC bought a new stake in TE Connectivity in the 1st quarter valued at approximately $575,000. Ashton Thomas Private Wealth LLC boosted its holdings in TE Connectivity by 62.1% during the first quarter. Ashton Thomas Private Wealth LLC now owns 12,996 shares of the electronics maker’s stock worth $1,888,000 after purchasing an additional 4,981 shares during the last quarter. Van ECK Associates Corp grew its position in TE Connectivity by 7.6% in the first quarter. Van ECK Associates Corp now owns 45,705 shares of the electronics maker’s stock valued at $6,638,000 after purchasing an additional 3,240 shares in the last quarter. Mission Wealth Management LP bought a new stake in TE Connectivity during the 1st quarter worth about $307,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of TE Connectivity by 10.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 65,535 shares of the electronics maker’s stock worth $8,878,000 after buying an additional 6,084 shares during the last quarter. 91.43% of the stock is currently owned by institutional investors.

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.