The Goldman Sachs Group Lowers TE Connectivity (NYSE:TEL) Price Target to $170.00

TE Connectivity (NYSE:TEL) had its target price cut by The Goldman Sachs Group from $190.00 to $170.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the electronics maker’s stock.

A number of other research firms also recently weighed in on TEL. Wells Fargo & Company raised their price target on TE Connectivity from $151.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday, January 23rd. Truist Financial decreased their price objective on TE Connectivity from $165.00 to $163.00 and set a “hold” rating on the stock in a report on Thursday, January 23rd. Robert W. Baird upped their target price on TE Connectivity from $162.00 to $168.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. StockNews.com downgraded shares of TE Connectivity from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 28th. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $163.60.

TE Connectivity Price Performance

TE Connectivity stock opened at $127.85 on Thursday. The stock has a market cap of $38.14 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 2.11 and a beta of 1.25. The company has a quick ratio of 1.10, a current ratio of 1.68 and a debt-to-equity ratio of 0.26. The business has a 50-day simple moving average of $144.78 and a 200 day simple moving average of $147.05. TE Connectivity has a 52 week low of $116.30 and a 52 week high of $159.98.

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

TE Connectivity Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 21st will be given a $0.71 dividend. This is a boost from TE Connectivity’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Wednesday, May 21st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.22%. TE Connectivity’s payout ratio is presently 45.37%.

Insider Transactions at TE Connectivity

In other TE Connectivity news, insider Shadrak W. Kroeger sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $146.77, for a total transaction of $3,669,250.00. Following the completion of the transaction, the insider now owns 25,976 shares of the company’s stock, valued at $3,812,497.52. This represents a 49.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TE Connectivity

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP purchased a new position in TE Connectivity during the 4th quarter valued at $909,598,000. Vanguard Group Inc. boosted its stake in shares of TE Connectivity by 14.2% during the 4th quarter. Vanguard Group Inc. now owns 32,378,995 shares of the electronics maker’s stock valued at $4,629,225,000 after purchasing an additional 4,029,596 shares in the last quarter. Norges Bank purchased a new position in shares of TE Connectivity during the fourth quarter valued at about $508,199,000. Clearbridge Investments LLC raised its stake in TE Connectivity by 72.1% in the fourth quarter. Clearbridge Investments LLC now owns 4,064,822 shares of the electronics maker’s stock worth $581,148,000 after buying an additional 1,702,825 shares in the last quarter. Finally, Amundi purchased a new stake in TE Connectivity in the fourth quarter worth about $159,992,000. 91.43% of the stock is owned by hedge funds and other institutional investors.

TE Connectivity Company 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.