Top 5 Stock Picks of Peter Avellone’s Cartenna Capital

2. TE Connectivity Ltd. (NYSE: TEL)

Avellone’s Stake Value: $14,873,000
Percentage of Peter Avellone’s 13F Portfolio: 4.25%
Number of Hedge Fund Holders: 39

TE Connectivity Ltd. (NYSE: TEL) and its subsidiaries produce and market connectivity and sensor systems. It was incorporated in 2000 and stands second on the list of top 10 stock picks of Peter Avellone’s Cartenna Capital.

On July 29, Truist analyst William Stein raised the price target on TE Connectivity Ltd. (NYSE: TEL) to $149 from $139 and maintained a “Hold” rating on the shares. On July 28, TE Connectivity Ltd. (NYSE: TEL) announced earnings for the third quarter of 2021. It reported earnings per share of $1.79, surpassing the estimates by $0.21. Revenue over the period was $3.8 billion, up 52.0% year over year, beating the analysts’ expectation by $70 million. 

Cartenna Capital holds 110,000 shares in TE Connectivity Ltd. (NYSE: TEL), worth over $14.87 million, representing 4.25% of their portfolio. The stock is a new arrival on Peter Avellone’s portfolio. Harris Associates is a leading shareholder of TE Connectivity Ltd. (NYSE: TEL), with 9.38 million shares worth $1.27 million.

In its first quarter 2021 investor letter ClearBridge Investments, mentioned TE Connectivity Ltd. (NYSE: TEL). Here is what the fund said: 

“The portfolio’s quality bias and valuation discipline have generated compelling returns over time with typically strong relative results in more challenging environments as it did through the first three quarters of 2020. However, that same quality bias tends to create a more challenging relative performance environment for the Strategy during periods of sharp economic acceleration, which tend to benefit stocks that are more commodity linked or of lower quality. This has been the case during the vaccine- and stimulus-driven rally experienced late last year and during the most recent quarter. Sectors that lagged in the quarter included information technology (IT), where TE Connectivity performed well but trailed the sector in the first quarter after a strong 2020.”