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On June 2, Shadrak W. Kroeger, President of Industrial Solutions at TE Connectivity (NYSE:TEL), executed a significant transaction in the company’s stock. Kroeger sold a total of 25,000 common shares, generating approximately $3.98 million. The sale prices ranged from $158.7756 to $159.4648 per share, according to the recent SEC filing. The transaction occurred as TEL trades near its 52-week high of $164.11, with InvestingPro analysis indicating the stock is currently fairly valued. The company maintains a strong market position with a $47.94 billion market capitalization and a "GOOD" overall financial health rating.
In addition to the sales, Kroeger exercised stock options, acquiring 25,000 common shares at prices between $76.66 and $93.36 per share, totaling $2,005,010. These transactions were conducted under a Rule 10b5-1 trading plan, which was adopted on November 4, 2024. Following these transactions, Kroeger holds 25,976 shares directly. According to InvestingPro, management has been actively buying back shares, demonstrating confidence in the company’s future. Subscribers can access 8 additional ProTips and comprehensive analysis in the Pro Research Report, available for over 1,400 US stocks.
In other recent news, TE Connectivity reported fiscal second-quarter results that exceeded expectations, with adjusted earnings reaching $2.10 per share, surpassing the analyst consensus of $1.96. Revenue for the quarter rose 4% year-over-year to $4.1 billion, beating estimates of $3.96 billion. The company has issued optimistic guidance for the fiscal third quarter, forecasting adjusted earnings of approximately $2.06 per share on revenue of about $4.3 billion, both above Wall Street expectations. Additionally, TE Connectivity has priced a $900 million senior notes offering through its subsidiary, Tyco Electronics Group S.A., with the proceeds intended for general corporate purposes, including debt repayment from a recent acquisition. HSBC analysts have upgraded TE Connectivity’s stock from a Hold to a Buy rating, raising the price target to $175 from the previous $166, citing a positive outlook on the company’s valuation and growth prospects. The analysts noted that the stock’s current discount to historical multiples is unwarranted, given the company’s accelerating growth. These recent developments highlight TE Connectivity’s strong operational performance and strategic financial maneuvers.
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