Groesbeck Investment Management Corp NJ acquired a new position in shares of Texas Instruments Incorporated (NASDAQ:TXN) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 10,000 shares of the semiconductor company’s stock, valued at approximately $1,073,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of TXN. Kiley Juergens Wealth Management LLC bought a new position in shares of Texas Instruments during the second quarter valued at approximately $100,000. Centaurus Financial Inc. purchased a new stake in shares of Texas Instruments in the second quarter valued at approximately $101,000. Baker Ellis Asset Management LLC purchased a new stake in shares of Texas Instruments in the second quarter valued at approximately $105,000. Kwmg LLC purchased a new stake in shares of Texas Instruments in the second quarter valued at approximately $107,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management purchased a new stake in shares of Texas Instruments in the third quarter valued at approximately $107,000. 84.02% of the stock is currently owned by institutional investors.
In other news, insider Stephen A. Anderson sold 25,318 shares of the stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $111.55, for a total transaction of $2,824,222.90. Following the completion of the sale, the insider now owns 131,153 shares in the company, valued at approximately $14,630,117.15. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.84% of the company’s stock.
Texas Instruments (NASDAQ:TXN) last issued its quarterly earnings data on Tuesday, July 24th. The semiconductor company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.34 by $0.03. Texas Instruments had a return on equity of 46.80% and a net margin of 28.08%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same quarter in the prior year, the business posted $1.03 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities analysts expect that Texas Instruments Incorporated will post 5.49 earnings per share for the current year.
Texas Instruments announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 20th that allows the company to buyback $12.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 11.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 19th. Stockholders of record on Wednesday, October 31st will be issued a dividend of $0.77 per share. This represents a $3.08 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Tuesday, October 30th. This is a positive change from Texas Instruments’s previous quarterly dividend of $0.62. Texas Instruments’s dividend payout ratio is currently 57.94%.
TXN has been the subject of a number of research reports. Bank of America boosted their price target on Texas Instruments from $138.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Zacks Investment Research lowered Texas Instruments from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Goldman Sachs Group upgraded Texas Instruments from a “sell” rating to a “neutral” rating in a report on Thursday. BidaskClub lowered Texas Instruments from a “sell” rating to a “strong sell” rating in a report on Friday, September 14th. Finally, B. Riley boosted their price target on Texas Instruments from $115.00 to $123.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $121.58.
About Texas Instruments
Texas Instruments Incorporated designs, manufactures, and sells semiconductors to electronics designers and manufacturers worldwide. It operates in two segments, Analog and Embedded Processing. The Analog segment offers power products to manage power requirements in various levels using battery management solutions, portable components, power supply controls, point-of-load products, switches and interfaces, integrated protection devices, high-voltage products, and mobile lighting and display products.
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