Covenant Asset Management LLC acquired a new position in shares of Texas Instruments Incorporated (NASDAQ:TXN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,916 shares of the semiconductor company’s stock, valued at approximately $513,000.
A number of other institutional investors have also added to or reduced their stakes in the stock. Patriot Financial Group Insurance Agency LLC increased its position in Texas Instruments by 18.4% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,287 shares of the semiconductor company’s stock worth $101,000 after acquiring an additional 200 shares during the period. Acrospire Investment Management LLC increased its position in Texas Instruments by 55.6% during the second quarter. Acrospire Investment Management LLC now owns 1,400 shares of the semiconductor company’s stock worth $108,000 after acquiring an additional 500 shares during the period. Harvest Fund Management Co. Ltd bought a new position in Texas Instruments in the 2nd quarter valued at about $112,000. Westside Investment Management Inc. increased its holdings in Texas Instruments by 6.9% in the 2nd quarter. Westside Investment Management Inc. now owns 1,552 shares of the semiconductor company’s stock valued at $122,000 after buying an additional 100 shares during the period. Finally, Zions Bancorporation increased its holdings in Texas Instruments by 915.6% in the 3rd quarter. Zions Bancorporation now owns 1,564 shares of the semiconductor company’s stock valued at $140,000 after buying an additional 1,410 shares during the period. 83.85% of the stock is owned by institutional investors and hedge funds.
Texas Instruments Incorporated (NASDAQ TXN) traded up $0.42 during mid-day trading on Friday, hitting $116.83. 6,253,910 shares of the company traded hands, compared to its average volume of 5,793,783. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.96 and a current ratio of 3.89. The company has a market capitalization of $114,810.00, a PE ratio of 26.61, a price-to-earnings-growth ratio of 2.72 and a beta of 1.27. Texas Instruments Incorporated has a one year low of $73.87 and a one year high of $119.98.
Texas Instruments (NASDAQ:TXN) last issued its quarterly earnings results on Tuesday, October 24th. The semiconductor company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.14. Texas Instruments had a net margin of 29.98% and a return on equity of 38.88%. The business had revenue of $4.12 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same period last year, the business earned $0.94 earnings per share. The business’s quarterly revenue was up 12.0% on a year-over-year basis. equities analysts anticipate that Texas Instruments Incorporated will post 4.36 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, February 12th. Stockholders of record on Wednesday, January 31st will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 2.12%. Texas Instruments’s dividend payout ratio is 56.49%.
Texas Instruments declared that its Board of Directors has approved a stock repurchase plan on Thursday, September 21st that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 74% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Several research firms recently commented on TXN. Oppenheimer reiterated a “buy” rating and set a $130.00 target price on shares of Texas Instruments in a research report on Friday. BMO Capital Markets restated an “outperform” rating and issued a $138.00 price target (up previously from $5.08) on shares of Texas Instruments in a research report on Friday. Stifel Nicolaus boosted their price target on shares of Texas Instruments from $98.00 to $115.00 and gave the stock a “hold” rating in a research report on Thursday. Credit Suisse Group reiterated an “in-line” rating and set a $125.00 target price (up previously from $110.00) on shares of Texas Instruments in a research report on Tuesday. Finally, Zacks Investment Research downgraded shares of Texas Instruments from a “buy” rating to a “hold” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Texas Instruments presently has an average rating of “Hold” and a consensus price target of $98.66.
In related news, COO Brian T. Crutcher sold 68,687 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $96.10, for a total value of $6,600,820.70. Following the completion of the sale, the chief operating officer now owns 346,428 shares of the company’s stock, valued at $33,291,730.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Bing Xie sold 17,500 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $96.53, for a total value of $1,689,275.00. Following the completion of the sale, the senior vice president now directly owns 78,102 shares of the company’s stock, valued at approximately $7,539,186.06. The disclosure for this sale can be found here. Insiders sold 1,362,293 shares of company stock worth $131,754,396 in the last 90 days. Company insiders own 0.96% of the company’s stock.
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About Texas Instruments
Texas Instruments Incorporated designs, makes and sells semiconductors to electronics designers and manufacturers across the world. The Company operates through two segments: Analog and Embedded Processing. As of December 31, 2016, the Company had design, manufacturing or sales operations in more than 30 countries.
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