State of Michigan Retirement System 13F: Adds $28M to APH Stake
Key Points
- The State of Michigan Retirement System's reported value for its Amphenol position is approximately $58.3 million after the boost.
- State of Michigan Retirement System held 692,148 $APH shares at quarter end, up 90.37% from the prior quarter.
- Amphenol shares recently traded around $78.27, which is about equal to the closing price of $78.21 on October 27, 2026.
- Analysts are optimistic about Amphenol, with a consensus rating of 'strong buy' and a mean price target of $102.97.
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On October 27, 2026, the State of Michigan Retirement System boosted its stake in Amphenol Corporation (NYSE: APH) by 328,574 shares, increasing its total holdings to 692,148 shares. This change is valued at approximately $58.3 million, reflecting a 90.4% increase in its position since the last report.
APH
Amphenol Corporation
Where Amphenol Fits in State of Michigan Retirement System's Portfolio
Amphenol now represents about 0.53% of the State of Michigan Retirement System's total portfolio, ranking 30th among its 966 reported positions.
Other Institutional Activity in Amphenol
Capital International Investors also holds a notable position in Amphenol, with 86,072,516 shares valued at approximately $6.73 billion after increasing its holdings by 15,405,426 shares, a 21.8% boost.
Amphenol Corporation Stock Up 5.6%
Amphenol shares recently traded around $78.27, which is about equal to the closing price of $78.21 on October 27, 2026. The stock is currently below its 50-day moving average but above its 52-week low of $59.01, showing a 32.6% advantage from that low point.
Recent Earnings
Amphenol reported trailing twelve-month revenue of about $29 billion, with a year-over-year growth of 55.0%. The next earnings report is scheduled for October 28, 2026, which investors will be watching closely.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 analysts raised price targets.
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EPS & revenue
EPS beat estimates by 11.3%. Revenue beat estimates by 6.5%.
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Profit surprise
EBITDA beat by 10 percent. Operating income met by 1 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
5 target raises.
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Earnings quality
Gross margin up 2.6 points. Operating margin up 1.8 points. Positive free cash flow.
Earnings Call Summary
Amphenol delivered record $7.6 billion revenue in Q1 2026, up 58 percent year over year with organic growth of 33 percent. IT datacom surged 81 percent organically driven by AI demand and now represents 41 percent of sales. The company booked record $9.4 billion in orders with a 1.24 to 1 book-to-bill ratio. Adjusted operating margins hit 27.3 percent despite CommScope acquisition being margin dilutive. Management is confident in long-term AI data center opportunity with broad product portfolio including copper, power and optical solutions.
Guidance Management guided Q2 revenue of $8.1 to $8.2 billion and adjusted EPS of $1.14 to $1.16, representing 43 to 45 percent sales growth and 41 to 43 percent EPS growth versus last year. They expect IT datacom to grow low teens sequentially as AI data center investments accelerate.
Good report. The company beat and showed some forward improvement, with a few meaningful caveats.
Dividend
Amphenol pays an annual dividend rate of $0.50 per share, which translates to a yield of 0.66% based on recent trading prices.
Insider Buying and Selling at Amphenol Corporation
Several insiders sold shares earlier this year, including CEO Richard Adam Norwitt, who sold 686,104 shares on July 31, 2026, valued at about $111 million. Other notable sales included General Counsel Lance E. D'Amico, who sold 100,000 shares, and CFO Craig A. Lampo, who sold 193,200 shares.
Analysts Set New Price Targets
On September 23, 2026, Bernstein initiated coverage with an 'Outperform' rating and a price target of $99. Goldman Sachs maintained a 'Buy' rating with a target of $116 on October 6, 2026, while UBS and Citigroup also maintained their 'Buy' ratings with targets of $105 and $112, respectively.
About Amphenol Corporation
Amphenol Corporation designs, manufactures, and markets electrical and electronic connectors. The company serves various sectors globally, including communications and sensor systems, which are crucial in today's technology-driven environment.
Bottom Line
Investors should keep an eye on Amphenol's upcoming earnings report on October 28, 2026, as well as any further filings from the State of Michigan Retirement System. The fund's recent increase in its stake suggests ongoing confidence in Amphenol's performance in the technology sector.
Related Filing Alerts
Source: State of Michigan Retirement System's 13F filing on $APH (Oct 27, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts