Cramer Rosenthal Mcglynn LLC Sells 303,912 Shares of TE Connectivity Ltd (NYSE:TEL)

Cramer Rosenthal Mcglynn LLC lowered its position in TE Connectivity Ltd (NYSE:TEL) by 48.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 319,476 shares of the electronics maker’s stock after selling 303,912 shares during the period. Cramer Rosenthal Mcglynn LLC’s holdings in TE Connectivity were worth $30,599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Weaver Consulting Group bought a new stake in TE Connectivity in the first quarter worth about $28,000. Thor Advisors LLC bought a new stake in TE Connectivity in the first quarter worth about $26,000. Synovus Financial Corp lifted its stake in TE Connectivity by 97.2% in the first quarter. Synovus Financial Corp now owns 355 shares of the electronics maker’s stock worth $28,000 after purchasing an additional 175 shares during the last quarter. CX Institutional lifted its stake in TE Connectivity by 220.2% in the second quarter. CX Institutional now owns 365 shares of the electronics maker’s stock worth $35,000 after purchasing an additional 251 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in TE Connectivity in the second quarter worth about $41,000. 90.56% of the stock is owned by institutional investors and hedge funds.

TEL has been the subject of several analyst reports. Morgan Stanley decreased their price objective on shares of TE Connectivity from $100.00 to $98.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Wells Fargo & Co downgraded shares of TE Connectivity from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 25th. Goldman Sachs Group raised shares of TE Connectivity from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $92.00 to $105.00 in a research note on Thursday, June 20th. Longbow Research downgraded shares of TE Connectivity from a “buy” rating to a “neutral” rating and set a $90.66 price objective for the company. in a research note on Monday, June 17th. Finally, Cross Research downgraded shares of TE Connectivity from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $92.21.

In other news, insider Steven T. Merkt sold 65,650 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $93.55, for a total value of $6,141,557.50. Following the transaction, the insider now directly owns 89,854 shares in the company, valued at approximately $8,405,841.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Robert J. Ott sold 22,400 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $92.01, for a total transaction of $2,061,024.00. Following the sale, the senior vice president now owns 39,554 shares in the company, valued at $3,639,363.54. The disclosure for this sale can be found here. Insiders sold 255,500 shares of company stock valued at $23,737,285 in the last ninety days. 0.80% of the stock is owned by corporate insiders.

Shares of NYSE:TEL traded up $0.01 during trading on Friday, reaching $97.00. 6,751 shares of the company were exchanged, compared to its average volume of 1,249,087. The firm has a market capitalization of $32.17 billion, a PE ratio of 17.29, a P/E/G ratio of 1.62 and a beta of 1.21. The business’s fifty day simple moving average is $91.11 and its 200-day simple moving average is $89.30. TE Connectivity Ltd has a 12-month low of $69.84 and a 12-month high of $97.99. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.47 and a quick ratio of 0.94.

TE Connectivity (NYSE:TEL) last issued its earnings results on Wednesday, July 24th. The electronics maker reported $1.50 EPS for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.08. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.43 billion. TE Connectivity had a net margin of 22.94% and a return on equity of 18.33%. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the company posted $1.43 earnings per share. On average, sell-side analysts anticipate that TE Connectivity Ltd will post 5.52 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 23rd were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.84 dividend on an annualized basis and a yield of 1.90%. TE Connectivity’s dividend payout ratio is presently 32.80%.

TE Connectivity Company Profile

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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Institutional Ownership by Quarter for TE Connectivity (NYSE:TEL)

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