Texas Instruments Incorporated (TXN) Stake Lowered by M&T Bank Corp
M&T Bank Corp decreased its holdings in shares of Texas Instruments Incorporated (NASDAQ:TXN) by 5.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 172,477 shares of the semiconductor company’s stock after selling 10,149 shares during the quarter. M&T Bank Corp’s holdings in Texas Instruments were worth $13,268,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Legal & General Group Plc grew its holdings in shares of Texas Instruments by 1.5% during the second quarter. Legal & General Group Plc now owns 5,089,028 shares of the semiconductor company’s stock worth $391,499,000 after purchasing an additional 73,740 shares in the last quarter. 1st Global Advisors Inc. purchased a new position in shares of Texas Instruments during the first quarter worth about $406,000. Cullinan Associates Inc. grew its holdings in shares of Texas Instruments by 1.3% during the second quarter. Cullinan Associates Inc. now owns 123,800 shares of the semiconductor company’s stock worth $9,524,000 after purchasing an additional 1,575 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Texas Instruments by 29.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 74,152 shares of the semiconductor company’s stock worth $5,974,000 after purchasing an additional 16,857 shares in the last quarter. Finally, American International Group Inc. grew its holdings in shares of Texas Instruments by 1.6% during the first quarter. American International Group Inc. now owns 471,415 shares of the semiconductor company’s stock worth $37,977,000 after purchasing an additional 7,369 shares in the last quarter. 83.66% of the stock is owned by institutional investors.
Several research analysts have recently commented on the company. Zacks Investment Research lowered Texas Instruments from a “buy” rating to a “hold” rating in a report on Tuesday. SunTrust Banks, Inc. reissued a “hold” rating and set a $86.00 price objective on shares of Texas Instruments in a report on Thursday, October 12th. Stifel Nicolaus reissued a “hold” rating and set a $85.00 price objective on shares of Texas Instruments in a report on Wednesday, October 4th. Jefferies Group LLC reissued a “buy” rating and set a $96.00 price objective on shares of Texas Instruments in a report on Monday, September 25th. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $95.00 price objective on shares of Texas Instruments in a report on Tuesday, September 26th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $86.51.
Shares of Texas Instruments Incorporated (NASDAQ:TXN) opened at 94.27 on Wednesday. The stock has a market capitalization of $93.33 billion, a PE ratio of 23.58 and a beta of 1.24. Texas Instruments Incorporated has a 52 week low of $66.80 and a 52 week high of $94.31. The company has a 50-day moving average price of $86.61 and a 200 day moving average price of $81.95.
Texas Instruments (NASDAQ:TXN) last issued its earnings results on Tuesday, July 25th. The semiconductor company reported $1.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.07. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.57 billion. Texas Instruments had a return on equity of 36.52% and a net margin of 28.68%. Texas Instruments’s revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 EPS. Equities 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 initiated a share buyback plan on Thursday, September 21st that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 74% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st will be given a dividend of $0.62 per share. The ex-dividend date is Monday, October 30th. This is a positive change from Texas Instruments’s previous quarterly dividend of $0.50. This represents a $2.48 dividend on an annualized basis and a yield of 2.63%. Texas Instruments’s payout ratio is 50.51%.
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In other news, Director Carrie Smith Cox sold 14,000 shares of Texas Instruments 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 transaction, the director now directly owns 38,435 shares in the company, valued at approximately $3,161,278.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Kevin J. Ritchie sold 105,396 shares of Texas Instruments stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $81.91, for a total value of $8,632,986.36. Following the completion of the transaction, the insider now owns 252,257 shares in the company, valued at $20,662,370.87. 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. 0.96% of the stock is currently owned by corporate insiders.
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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