TE Connectivity (NYSE:TEL) Rating Increased to Overweight at Wells Fargo & Co

TE Connectivity (NYSE:TEL) was upgraded by equities researchers at Wells Fargo & Co from an “equal weight” rating to an “overweight” rating in a note issued to investors on Tuesday, Marketbeat.com reports. The brokerage presently has a $112.00 price target on the electronics maker’s stock, up from their previous price target of $100.00. Wells Fargo & Co‘s target price suggests a potential upside of 13.31% from the stock’s previous close.

Several other analysts have also weighed in on the company. Zacks Investment Research lowered TE Connectivity from a “hold” rating to a “sell” rating and set a $97.00 price objective for the company. in a report on Monday, October 21st. Wolfe Research initiated coverage on TE Connectivity in a report on Tuesday, October 8th. They issued a “market perform” rating and a $91.00 price objective for the company. Morgan Stanley lowered TE Connectivity from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $98.00 to $95.00 in a report on Monday, September 23rd. Citigroup lowered TE Connectivity from a “buy” rating to a “neutral” rating and cut their price objective for the company from $105.00 to $95.00 in a report on Wednesday, October 9th. Finally, ValuEngine upgraded TE Connectivity from a “sell” rating to a “hold” rating in a report on Friday, December 27th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $99.18.

Shares of TE Connectivity stock opened at $98.84 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.57 and a debt-to-equity ratio of 0.32. The firm has a market cap of $32.95 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 1.79 and a beta of 1.14. The business has a fifty day simple moving average of $94.82 and a 200-day simple moving average of $92.81. TE Connectivity has a fifty-two week low of $74.84 and a fifty-two week high of $100.78.

TE Connectivity (NYSE:TEL) last announced its quarterly earnings data on Wednesday, October 30th. The electronics maker reported $1.33 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.02. The business had revenue of $3.30 billion during the quarter, compared to analyst estimates of $3.27 billion. TE Connectivity had a return on equity of 18.20% and a net margin of 13.71%. The company’s revenue was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.35 earnings per share. Analysts anticipate that TE Connectivity will post 5.11 earnings per share for the current fiscal year.

In other news, EVP John S. Jenkins sold 9,835 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $94.11, for a total transaction of $925,571.85. Following the completion of the sale, the executive vice president now directly owns 45,430 shares of the company’s stock, valued at $4,275,417.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Terrence R. Curtin sold 34,853 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $94.11, for a total value of $3,280,015.83. Following the sale, the director now directly owns 164,332 shares of the company’s stock, valued at $15,465,284.52. The disclosure for this sale can be found here. Corporate insiders own 0.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in TEL. Vanguard Group Inc. lifted its stake in TE Connectivity by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 25,331,319 shares of the electronics maker’s stock worth $2,426,234,000 after acquiring an additional 86,271 shares in the last quarter. BlackRock Inc. lifted its stake in TE Connectivity by 4.3% in the 2nd quarter. BlackRock Inc. now owns 16,809,367 shares of the electronics maker’s stock worth $1,610,001,000 after acquiring an additional 698,506 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in TE Connectivity by 7.0% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 14,659,858 shares of the electronics maker’s stock worth $1,404,121,000 after acquiring an additional 953,793 shares in the last quarter. State Street Corp lifted its stake in TE Connectivity by 0.9% in the 3rd quarter. State Street Corp now owns 12,623,826 shares of the electronics maker’s stock worth $1,176,288,000 after acquiring an additional 118,481 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in TE Connectivity by 75.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,783,817 shares of the electronics maker’s stock worth $352,576,000 after acquiring an additional 1,622,398 shares in the last quarter. 90.67% of the stock is owned by institutional investors and hedge funds.

About TE Connectivity

TE Connectivity Ltd., together with its subsidiaries, manufactures and sells connectivity and sensors solutions in Europe, the Middle East, Africa, the Asia-Pacific, and the Americas. The company operates through three segments: Transportation Solutions, Industrial Solutions, and Communications Solutions.

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Analyst Recommendations for TE Connectivity (NYSE:TEL)

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