The Manufacturers Life Insurance Company Purchases 8,360 Shares of TE Connectivity Ltd. (NYSE:TEL)

The Manufacturers Life Insurance Company boosted its position in shares of TE Connectivity Ltd. (NYSE:TEL) by 2.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 336,096 shares of the electronics maker’s stock after acquiring an additional 8,360 shares during the period. The Manufacturers Life Insurance Company’s holdings in TE Connectivity were worth $50,747,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Private Trust Co. NA boosted its stake in TE Connectivity by 11.7% during the third quarter. Private Trust Co. NA now owns 1,418 shares of the electronics maker’s stock valued at $214,000 after buying an additional 148 shares during the last quarter. Truvestments Capital LLC bought a new position in TE Connectivity during the third quarter valued at approximately $145,000. Brown Brothers Harriman & Co. boosted its stake in TE Connectivity by 3.0% during the third quarter. Brown Brothers Harriman & Co. now owns 6,219 shares of the electronics maker’s stock valued at $927,000 after buying an additional 184 shares during the last quarter. Independent Advisor Alliance boosted its stake in TE Connectivity by 48.9% during the third quarter. Independent Advisor Alliance now owns 7,889 shares of the electronics maker’s stock valued at $1,191,000 after buying an additional 2,592 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in TE Connectivity by 5.9% during the third quarter. Daiwa Securities Group Inc. now owns 47,874 shares of the electronics maker’s stock valued at $7,229,000 after buying an additional 2,649 shares during the last quarter. 91.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TEL has been the subject of a number of research reports. The Goldman Sachs Group dropped their price target on TE Connectivity from $189.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Bank of America decreased their price objective on TE Connectivity from $173.00 to $165.00 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Wolfe Research upgraded TE Connectivity from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 5th. Wells Fargo & Company decreased their price objective on TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating on the stock in a research report on Friday, September 20th. Finally, StockNews.com initiated coverage on TE Connectivity in a research report on Sunday, November 24th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $159.55.

TE Connectivity Trading Up 0.9 %

Shares of NYSE TEL opened at $151.15 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 business’s 50 day moving average price is $149.28 and its 200-day moving average price is $149.69. 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 market cap of $45.22 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 2.07 and a beta of 1.33.

TE Connectivity (NYSE:TEL) last released its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.95 EPS 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 return on equity of 18.48% and a net margin of 20.15%. TE Connectivity’s quarterly revenue was up .8% on a year-over-year basis. During the same period last year, the business posted $1.78 EPS. On average, sell-side analysts expect that TE Connectivity Ltd. will post 8.14 earnings per share for the current year.

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

TE Connectivity Profile

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.