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TE Connectivity Ltd. (NYSE:TEL), a global leader in connectivity and sensor solutions, has reached a new 52-week high, with its shares trading at $159.825. This milestone reflects the company's consistent growth and strong performance in the market. Over the past year, TE Connectivity has seen a significant increase in its stock value, with a 1-year change of 12.84%. This upward trend underscores the company's robust financial health and its ability to deliver value to its shareholders. The new 52-week high serves as an affirmation of the company's solid market position and its potential for future growth.
In other recent news, TE Connectivity, a global industrial technology firm, reported an 8% year-over-year increase in its adjusted earnings per share (EPS) for the fiscal third quarter, surpassing both the $1.86 estimate and the company's own $1.85 guidance. Despite a slight decline in sales, the company saw a 2% organic growth and an 11% increase from the previous year in adjusted operating profit. The company also forecasts a slight decline in sales for the fiscal fourth quarter of 2024 but expects a 1% organic growth. TE Connectivity's year-to-date free cash flow was robust at $1.98 billion, well-positioned against its guidance.
Several analyst firms have updated their outlook on TE Connectivity. JPMorgan raised the company's stock target to $180.00 while maintaining a Neutral rating. Jefferies increased its price target for TE Connectivity to $190.00, anticipating strong third-quarter earnings. BofA Securities also raised its price target for TE Connectivity to $170, citing the company's ability to grow its content per vehicle. Baird adjusted its price target down to $162, anticipating a quarter similar to the previous one. Lastly, Evercore ISI maintained an Outperform rating, suggesting that divesting TE Connectivity's medical business could benefit the company strategically. These are the recent developments for TE Connectivity.
InvestingPro Insights
TE Connectivity Ltd. (TEL) has not only reached a new 52-week high but also exhibits a strong financial backbone, as evidenced by its consistent dividend growth and stable earnings. According to InvestingPro data, the company boasts a market capitalization of $48.57 billion, with a P/E ratio that stands at an attractive 14.48. This is further complemented by a PEG ratio of just 0.21, suggesting that the stock may be undervalized relative to its earnings growth potential.
InvestingPro Tips highlight TEL's remarkable track record of raising dividends for 14 consecutive years, which aligns with its current dividend yield of 1.72%. Additionally, the company's stock is noted for its low price volatility, making it a potentially appealing choice for investors seeking stability. With a price that is currently hovering around 99.53% of its 52-week high, TEL is trading near the top end of its 52-week range, indicating strong market confidence.
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