Covington Capital Management Cuts Stake in Texas Instruments Incorporated (NASDAQ:TXN)

Covington Capital Management reduced its stake in Texas Instruments Incorporated (NASDAQ:TXN) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,201 shares of the semiconductor company’s stock after selling 56 shares during the period. Covington Capital Management’s holdings in Texas Instruments were worth $616,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TXN. Parisi Gray Wealth Management purchased a new stake in shares of Texas Instruments during the second quarter valued at $29,000. MV Capital Management Inc. boosted its position in shares of Texas Instruments by 104.4% during the second quarter. MV Capital Management Inc. now owns 233 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 119 shares during the last quarter. Key Financial Inc boosted its position in shares of Texas Instruments by 240.0% during the second quarter. Key Financial Inc now owns 238 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 168 shares during the last quarter. Stonebridge Capital Advisors LLC bought a new position in Texas Instruments in the first quarter valued at about $55,000. Finally, Tacita Capital Inc bought a new position in Texas Instruments in the second quarter valued at about $57,000. 82.51% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CAO Julie C. Knecht sold 7,399 shares of Texas Instruments stock in a transaction that occurred on Thursday, August 5th. The stock was sold at an average price of $192.17, for a total value of $1,421,865.83. Following the completion of the transaction, the chief accounting officer now owns 16,472 shares in the company, valued at approximately $3,165,424.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jean M. Hobby sold 900 shares of the business’s stock in a transaction on Thursday, August 5th. The shares were sold at an average price of $192.04, for a total value of $172,836.00. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by insiders.

NASDAQ TXN opened at $189.20 on Thursday. The stock has a market capitalization of $174.67 billion, a PE ratio of 26.09, a P/E/G ratio of 2.59 and a beta of 1.01. The business has a 50 day simple moving average of $191.49 and a two-hundred day simple moving average of $189.25. The company has a debt-to-equity ratio of 0.52, a current ratio of 5.08 and a quick ratio of 4.23. Texas Instruments Incorporated has a 1-year low of $141.33 and a 1-year high of $200.92.

Texas Instruments (NASDAQ:TXN) last released its quarterly earnings results on Tuesday, July 20th. The semiconductor company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.23. The business had revenue of $4.58 billion during the quarter, compared to analysts’ expectations of $4.36 billion. Texas Instruments had a return on equity of 69.28% and a net margin of 40.12%. The firm’s revenue for the quarter was up 41.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.48 EPS. On average, analysts anticipate that Texas Instruments Incorporated will post 7.88 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Monday, November 1st will be issued a $1.15 dividend. This is a boost from Texas Instruments’s previous quarterly dividend of $1.02. The ex-dividend date is Friday, October 29th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.43%. Texas Instruments’s payout ratio is 68.34%.

A number of research firms have weighed in on TXN. Longbow Research downgraded Texas Instruments from a “buy” rating to a “neutral” rating in a report on Monday, September 20th. Morgan Stanley increased their target price on Texas Instruments from $176.00 to $185.00 and gave the company an “underweight” rating in a report on Monday, July 19th. Susquehanna raised their price objective on Texas Instruments from $220.00 to $230.00 and gave the stock a “positive” rating in a research note on Thursday, July 1st. Bank of America raised their price objective on Texas Instruments from $210.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, July 22nd. Finally, Raymond James raised their price objective on Texas Instruments from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, July 22nd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $204.27.

About Texas Instruments

Texas Instruments Incorporated engages in the design, manufacture, test, and sell analog and embedded semiconductors, which include industrial, automotive, personal electronics, communications equipment, and enterprise systems. It operates through the following segments: Analog and Embedded Processing.

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Institutional Ownership by Quarter for Texas Instruments (NASDAQ:TXN)

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