TE Connectivity (NYSE:TEL) Posts Quarterly Earnings Results, Meets Estimates

by · The Markets Daily

TE Connectivity (NYSE:TEL – Get Free Report) posted its quarterly earnings data on Wednesday. The electronics maker reported $1.95 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.95, Briefing.com reports. The firm had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4 billion. TE Connectivity had a net margin of 21.94% and a return on equity of 18.53%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company posted $1.78 EPS. TE Connectivity updated its Q1 2024 guidance to 1.880-1.880 EPS and its Q1 guidance to $1.88 EPS.

TE Connectivity Stock Performance

Shares of TEL stock traded down $3.85 during mid-day trading on Thursday, hitting $147.94. 1,685,424 shares of the stock were exchanged, compared to its average volume of 1,844,978. TE Connectivity has a 12-month low of $116.01 and a 12-month high of $159.98. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.99 and a current ratio of 1.51. The stock has a market capitalization of $45.30 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 1.92 and a beta of 1.33. The stock’s fifty day simple moving average is $148.06 and its two-hundred day simple moving average is $148.40.

TE Connectivity declared that its board has initiated a stock repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $2.50 billion in shares. This repurchase authorization authorizes the electronics maker to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TEL shares. Truist Financial lifted their price objective on TE Connectivity from $151.00 to $156.00 and gave the company a “hold” rating in a research note on Thursday, July 25th. Vertical Research began coverage on TE Connectivity in a research report on Tuesday, July 23rd. They issued a “hold” rating and a $155.00 target price for the company. Hsbc Global Res raised shares of TE Connectivity to a “hold” rating in a research report on Wednesday, July 24th. Wells Fargo & Company dropped their price objective on shares of TE Connectivity from $155.00 to $153.00 and set an “equal weight” rating for the company in a report on Friday, September 20th. Finally, StockNews.com assumed coverage on shares of TE Connectivity in a report on Thursday. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $159.55.

Get Our Latest Stock Analysis on TEL

TE Connectivity Company Profile

(Get Free Report)

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.

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