Westfield Capital Management Co. LP bought a new position in Texas Instruments Incorporated (NASDAQ:TXN) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 77,120 shares of the semiconductor company’s stock, valued at approximately $6,913,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in TXN. Janus Henderson Group PLC grew its position in Texas Instruments by 729.1% in the second quarter. Janus Henderson Group PLC now owns 12,427,361 shares of the semiconductor company’s stock worth $955,996,000 after acquiring an additional 10,928,410 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Texas Instruments by 2.1% in the second quarter. Vanguard Group Inc. now owns 81,330,150 shares of the semiconductor company’s stock worth $6,256,728,000 after buying an additional 1,683,613 shares during the last quarter. Waddell & Reed Financial Inc. lifted its stake in shares of Texas Instruments by 476.4% in the first quarter. Waddell & Reed Financial Inc. now owns 1,988,640 shares of the semiconductor company’s stock worth $160,205,000 after buying an additional 1,643,640 shares during the last quarter. Koch Industries Inc. lifted its stake in shares of Texas Instruments by 36,796.2% in the second quarter. Koch Industries Inc. now owns 1,359,255 shares of the semiconductor company’s stock worth $1,342,000 after buying an additional 1,355,571 shares during the last quarter. Finally, Janus Capital Management LLC lifted its stake in shares of Texas Instruments by 22.3% in the first quarter. Janus Capital Management LLC now owns 7,433,168 shares of the semiconductor company’s stock worth $598,816,000 after buying an additional 1,353,492 shares during the last quarter. Institutional investors and hedge funds own 83.97% of the company’s stock.
In other news, Director Mark A. Blinn sold 16,990 shares of the company’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $96.44, for a total value of $1,638,515.60. Following the sale, the director now owns 18,495 shares of the company’s stock, valued at approximately $1,783,657.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP R Gregory Delagi sold 61,250 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $96.75, for a total transaction of $5,925,937.50. Following the completion of the sale, the vice president now directly owns 189,234 shares in the company, valued at approximately $18,308,389.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,362,293 shares of company stock worth $131,754,396. 0.96% of the stock is owned by insiders.
Texas Instruments (NASDAQ:TXN) last posted its earnings results on Tuesday, October 24th. The semiconductor company reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 analyst estimates of $3.91 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The firm’s quarterly revenue was up 12.0% compared to the same quarter last year. research analysts expect that Texas Instruments Incorporated will post 4.36 earnings per share for the current year.
Texas Instruments announced that its Board of Directors has approved a share repurchase program on Thursday, September 21st that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 74% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, November 13th. Stockholders of record on Tuesday, October 31st were issued a $0.62 dividend. This is a positive change from Texas Instruments’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, October 30th. This represents a $2.48 annualized dividend and a dividend yield of 2.56%. Texas Instruments’s dividend payout ratio is presently 56.49%.
A number of brokerages have recently weighed in on TXN. BMO Capital Markets restated an “outperform” rating on shares of Texas Instruments in a research note on Tuesday, September 12th. BidaskClub upgraded shares of Texas Instruments from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 20th. Credit Suisse Group reiterated an “outperform” rating and set a $110.00 target price (up from $95.00) on shares of Texas Instruments in a research note on Wednesday, October 25th. Deutsche Bank upped their target price on shares of Texas Instruments from $80.00 to $92.00 and gave the company a “hold” rating in a research note on Wednesday, October 25th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $95.00 target price on shares of Texas Instruments in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have issued a buy rating and three have given a strong buy rating to the stock. Texas Instruments has a consensus rating of “Buy” and an average price target of $93.85.
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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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