Seven Eight Capital LP Takes Position in Texas Instruments Incorporated (TXN)
Seven Eight Capital LP purchased a new position in shares of Texas Instruments Incorporated (NASDAQ:TXN) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 56,400 shares of the semiconductor company’s stock, valued at approximately $4,339,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in Texas Instruments by 1,924.6% in the first quarter. BlackRock Inc. now owns 64,718,640 shares of the semiconductor company’s stock valued at $5,213,733,000 after purchasing an additional 61,521,990 shares during the period. Vanguard Group Inc. boosted its holdings in Texas Instruments by 4.7% in the first quarter. Vanguard Group Inc. now owns 79,646,537 shares of the semiconductor company’s stock valued at $6,416,325,000 after purchasing an additional 3,551,400 shares during the period. Waddell & Reed Financial Inc. boosted its holdings in 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 valued at $160,205,000 after purchasing an additional 1,643,640 shares during the period. Janus Capital Management LLC boosted its holdings in 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 valued at $598,816,000 after purchasing an additional 1,353,492 shares during the period. Finally, FMR LLC boosted its holdings in Texas Instruments by 12.3% in the first quarter. FMR LLC now owns 12,172,327 shares of the semiconductor company’s stock valued at $980,603,000 after purchasing an additional 1,328,606 shares during the period. Institutional investors and hedge funds own 83.68% of the company’s stock.
Texas Instruments Incorporated (TXN) opened at 91.58 on Tuesday. The stock has a market cap of $90.67 billion, a price-to-earnings ratio of 22.91 and a beta of 1.24. Texas Instruments Incorporated has a 12-month low of $66.80 and a 12-month high of $91.86. The company’s 50 day moving average price is $85.06 and its 200-day moving average price is $81.59.
Texas Instruments (NASDAQ:TXN) last released its quarterly earnings data on Tuesday, July 25th. The semiconductor company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.07. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.57 billion. Texas Instruments had a net margin of 28.68% and a return on equity of 36.52%. Texas Instruments’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.76 earnings per share. On average, analysts forecast that Texas Instruments Incorporated will post $4.13 EPS for the current year.
Texas Instruments announced that its Board of Directors has approved a stock repurchase plan on Thursday, September 21st that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 74% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Investors of record on Tuesday, October 31st will be paid a dividend of $0.62 per share. This is a positive change from Texas Instruments’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, October 30th. This represents a $2.48 annualized dividend and a yield of 2.71%. Texas Instruments’s dividend payout ratio is 50.51%.
A number of research firms recently issued reports on TXN. B. Riley reiterated a “neutral” rating and issued a $89.00 target price on shares of Texas Instruments in a report on Monday, July 31st. Stifel Nicolaus reiterated a “hold” rating and issued a $85.00 target price on shares of Texas Instruments in a report on Wednesday, October 4th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $95.00 target price on shares of Texas Instruments in a report on Tuesday, September 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $96.00 target price on shares of Texas Instruments in a report on Monday, September 25th. Finally, SunTrust Banks, Inc. reiterated a “hold” rating and issued a $86.00 target price (up from $84.00) on shares of Texas Instruments in a report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $86.51.
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In other Texas Instruments news, insider Kevin J. Ritchie sold 105,396 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 252,257 shares in the company, valued at $20,662,370.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Brian T. Crutcher sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $81.09, for a total transaction of $4,054,500.00. Following the completion of the sale, the chief operating officer now owns 201,440 shares in the company, valued at approximately $16,334,769.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 211,301 shares of company stock worth $17,259,256. 0.96% of the stock is owned by company insiders.
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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