Gareth Morgan Investments Limited Partnership Takes Position in Texas Instruments Incorporated (TXN)
Gareth Morgan Investments Limited Partnership bought a new position in Texas Instruments Incorporated (NASDAQ:TXN) in the second quarter, according to its most recent filing with the SEC. The firm bought 49,099 shares of the semiconductor company’s stock, valued at approximately $3,777,000.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Texas Instruments by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 79,646,537 shares of the semiconductor company’s stock worth $6,416,325,000 after purchasing an additional 3,551,400 shares in the last quarter. BlackRock Inc. lifted its stake in Texas Instruments by 1,924.6% during the 1st quarter. BlackRock Inc. now owns 64,718,640 shares of the semiconductor company’s stock valued at $5,213,733,000 after acquiring an additional 61,521,990 shares during the period. State Street Corp lifted its stake in Texas Instruments by 1.4% during the 1st quarter. State Street Corp now owns 40,943,910 shares of the semiconductor company’s stock valued at $3,298,445,000 after acquiring an additional 573,645 shares during the period. FMR LLC lifted its stake in Texas Instruments by 12.3% during the 1st quarter. FMR LLC now owns 12,172,327 shares of the semiconductor company’s stock valued at $980,603,000 after acquiring an additional 1,328,606 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Texas Instruments by 9.6% during the 1st quarter. Geode Capital Management LLC now owns 11,181,980 shares of the semiconductor company’s stock valued at $899,705,000 after acquiring an additional 975,010 shares during the period. Institutional investors own 83.68% of the company’s stock.
Several analysts have commented on the stock. Drexel Hamilton lifted their price objective on shares of Texas Instruments from $93.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. B. Riley restated a “neutral” rating and set a $89.00 price objective on shares of Texas Instruments in a research note on Monday, July 31st. Barclays PLC decreased their price objective on shares of Texas Instruments from $78.00 to $83.00 in a research note on Wednesday, July 26th. Cowen and Company restated a “market perform” rating and set a $85.00 price objective (up from $82.00) on shares of Texas Instruments in a research note on Wednesday, July 26th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Texas Instruments in a research note on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the company’s stock. Texas Instruments currently has a consensus rating of “Buy” and an average price target of $86.51.
Texas Instruments Incorporated (NASDAQ TXN) opened at 91.14 on Friday. Texas Instruments Incorporated has a 12-month low of $66.80 and a 12-month high of $91.30. The stock’s 50 day moving average is $84.41 and its 200 day moving average is $81.42. The stock has a market capitalization of $90.23 billion, a price-to-earnings ratio of 22.80 and a beta of 1.24.
Texas Instruments (NASDAQ:TXN) last issued its quarterly earnings results on Tuesday, July 25th. The semiconductor company reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.07. Texas Instruments had a return on equity of 36.52% and a net margin of 28.68%. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period last year, the company earned $0.76 earnings per share. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. Equities research analysts forecast that Texas Instruments Incorporated will post $4.13 EPS for the current fiscal year.
Texas Instruments declared that its Board of Directors has authorized a share repurchase plan on Thursday, September 21st that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the semiconductor company to reacquire up to 74% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 13th. Investors of record on Tuesday, October 31st will be issued a dividend of $0.62 per share. The ex-dividend date is Monday, October 30th. This is an increase from Texas Instruments’s previous quarterly dividend of $0.50. This represents a $2.48 annualized dividend and a dividend yield of 2.72%. Texas Instruments’s dividend payout ratio (DPR) is currently 50.51%.
In other Texas Instruments news, Director Carrie Smith Cox sold 14,000 shares of the firm’s stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $82.25, for a total value of $1,151,500.00. Following the completion of the sale, the director now owns 38,435 shares of the company’s stock, valued at $3,161,278.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Brian T. Crutcher sold 50,000 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $81.09, for a total value of $4,054,500.00. Following the completion of the sale, the chief operating officer now directly owns 201,440 shares of the company’s stock, valued at approximately $16,334,769.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 211,301 shares of company stock valued at $17,259,256. Corporate insiders own 0.96% of the company’s stock.
Texas Instruments Profile
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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