TE Connectivity Ltd. (TEL) Fell on its Auto Business Growth Worries
Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Sustainable Equity Fund highlighted stocks like TE Connectivity Ltd. (NYSE:TEL) in the third quarter 2023 investor letter. Based in Schaffhausen, Switzerland, TE Connectivity Ltd. (NYSE:TEL) is a connectivity and sensor solutions manufacturer. On October 24, 2023, TE Connectivity Ltd. (NYSE:TEL) stock closed at $118.06 per share. One-month return of TE Connectivity Ltd. (NYSE:TEL) was -1.98%, and its shares lost 0.66% of their value over the last 52 weeks. TE Connectivity Ltd. (NYSE:TEL) has a market capitalization of $37.064 billion.
Madison Sustainable Equity Fund made the following comment about TE Connectivity Ltd. (NYSE:TEL) in its Q3 2023 investor letter:
"Although TE Connectivity Ltd. (NYSE:TEL) reported second quarter earnings that were ahead of expectations, the stock has been weak since the report due to concerns that its Auto business would face slower growth in the back half of the year."
A worker utilizing a vision sensor to verify discrete items. Editorial photo for a financial news article. 8k. --ar 16:9
TE Connectivity Ltd. (NYSE:TEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held TE Connectivity Ltd. (NYSE:TEL) at the end of second quarter which was 29 in the previous quarter.
We discussed TE Connectivity Ltd. (NYSE:TEL) in another article and shared the list of technology stocks to buy that are cheap to ignore. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
