FY2022 EPS estimates for TE Connectivity Ltd. (NYSE: TEL) downgraded by analyst

TE Connectivity Ltd. (NYSE:TEL – Get Rating) – Investment analysts at Jefferies Financial Group cut their fiscal 2022 earnings estimates for TE Connectivity stock in a note to investors Thursday, July 21. Jefferies Financial Group analyst D. Kelley now expects the electronics maker to post earnings per share of $7.11 for the year, down from its previous forecast of 7. $12. The consensus estimate for TE Connectivity’s current annual earnings is $7.13 per share. Jefferies Financial Group also released estimates for TE Connectivity Q1 2023 earnings at $1.86 EPS, Q2 2023 earnings at $1.93 EPS, Q3 2023 earnings at $1.85 EPS, Q4 2023 earnings at $1.82 EPS and FY2023 earnings at $7.64 EPS.

A number of other analysts have also recently released reports on the stock. Morgan Stanley cut its price target on TE Connectivity shares from $147.00 to $140.00 and set an “equal weight” rating on the stock in a Friday, June 10 report. Cowen lowered his price target on TE Connectivity shares from $160.00 to $125.00 and set a “market performance” rating for the company in a Thursday, June 30 research note. Cowen lowered his price target on TE Connectivity shares from $160.00 to $125.00 and set a “market performance” rating for the company in a Thursday, June 30 research note. Goldman Sachs Group lowered its price target on TE Connectivity shares from $169.00 to $160.00 in a Wednesday, June 1 research note. Finally, StockNews.com upgraded TE Connectivity shares from a “hold” rating to a “buy” rating in a Tuesday, May 10 research note. Five investment analysts gave the stock a hold rating and seven gave the company a buy rating. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $152.55.

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NYSE TEL shares opened at $123.05 on Monday. The company has a debt ratio of 0.33, a quick ratio of 0.88 and a current ratio of 1.47. The company has a market capitalization of $39.64 billion, a P/E ratio of 16.25, a P/E/G ratio of 1.66 and a beta of 1.28. The company’s fifty-day moving average is $120.30 and its two hundred-day moving average is $130.65. TE Connectivity has a 52-week low of $107.12 and a 52-week high of $166.44.

TE Connectivity (NYSE:TEL – Get Rating) last reported quarterly results on Wednesday, April 27. The electronics maker reported earnings per share (EPS) of $1.81 for the quarter, beating consensus analyst estimates of $1.71 by $0.10. The company posted revenue of $4.01 billion for the quarter, versus a consensus estimate of $3.81 billion. TE Connectivity had a net margin of 16.14% and a return on equity of 22.10%. TE Connectivity revenue for the quarter increased 7.2% compared to the same quarter last year. During the same period a year earlier, the company posted EPS of $1.57.

TE Connectivity announced that its board of directors approved a stock repurchase plan on Friday, June 17 that sees the company repurchase $1.50 billion in stock. This repurchase authorization allows the electronics maker to purchase up to 4% of its shares through open market purchases. Stock repurchase plans usually indicate that the company’s board of directors believe its stock is undervalued.

Insider buying and selling

Separately, director Thomas J. Lynch sold 12,600 shares of TE Connectivity in a trade dated Friday, May 6. The shares were sold at an average price of $126.86, for a total transaction of $1,598,436.00. Following completion of the transaction, the administrator now directly owns 11,750 shares of the company, valued at approximately $1,490,605. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. 0.73% of the shares are held by insiders.

Institutional investors weigh in on TE Connectivity

Several large investors have recently increased or reduced their stake in the stock. Vanguard Group Inc. increased its position in TE Connectivity by 1.1% in Q1. Vanguard Group Inc. now owns 27,621,186 shares of the electronics maker valued at $3,617,824,000 after purchasing an additional 308,580 shares during the period. BlackRock Inc. increased its position in TE Connectivity by 1.9% in Q1. BlackRock Inc. now owns 20,944,259 shares of the electronics maker valued at $2,743,278,000 after purchasing an additional 399,898 shares during the period. Capital World Investors increased its position in TE Connectivity by 17.0% in the 4th quarter. Capital World Investors now owns 20,649,105 shares of the electronics maker valued at $3,331,527,000 after purchasing an additional 2,994,368 shares during the period. State Street Corp increased its position in TE Connectivity by 2.6% in the fourth quarter. State Street Corp now owns 12,505,310 shares of the electronics maker valued at $2,017,607,000 after purchasing an additional 321,169 shares during the period. Finally, Norges Bank acquired a new stake in TE Connectivity in Q4, valued at approximately $972,351,000. 91.16% of the shares are held by hedge funds and other institutional investors.

TE Connectivity Company Profile

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

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Earnings history and estimates for TE Connectivity (NYSE: TEL)

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