Texas Instruments Inc. (TXN) Lifted to Buy at Bank of America Corp.
Texas Instruments Inc. (NASDAQ:TXN) was upgraded by research analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $80.00 target price on the stock. Bank of America Corp.’s target price suggests a potential upside of 12.88% from the company’s current price.
Several other research firms also recently weighed in on TXN. Zacks Investment Research downgraded shares of Texas Instruments from a “hold” rating to a “sell” rating in a research report on Monday, July 18th. Royal Bank Of Canada reiterated a “buy” rating on shares of Texas Instruments in a report on Wednesday, June 1st. Citigroup Inc. reiterated a “buy” rating on shares of Texas Instruments in a report on Tuesday, April 19th. B. Riley reiterated a “hold” rating and issued a $56.50 price objective on shares of Texas Instruments in a report on Thursday, April 28th. Finally, BMO Capital Markets reiterated a “buy” rating on shares of Texas Instruments in a report on Thursday, April 28th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seventeen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $68.44.
Shares of Texas Instruments (NASDAQ:TXN) traded down 0.13% during mid-day trading on Tuesday, hitting $70.87. The company had a trading volume of 3,673,887 shares. Texas Instruments has a 52-week low of $46.73 and a 52-week high of $72.58. The firm has a 50-day moving average price of $69.46 and a 200 day moving average price of $63.71. The firm has a market capitalization of $71.10 billion, a price-to-earnings ratio of 23.88 and a beta of 1.32.
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Texas Instruments (NASDAQ:TXN) last released its quarterly earnings results on Monday, July 25th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. Texas Instruments had a net margin of 23.89% and a return on equity of 30.14%. The firm earned $3.27 billion during the quarter, compared to the consensus estimate of $3.20 billion. During the same quarter in the prior year, the firm earned $0.65 EPS. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. Analysts expect that Texas Instruments will post $3.06 earnings per share for the current year.
In related news, insider Kevin J. Ritchie sold 61,499 shares of the business’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $70.82, for a total transaction of $4,355,359.18. Following the sale, the insider now owns 249,548 shares of the company’s stock, valued at $17,672,989.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bing Xie sold 11,565 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $69.12, for a total transaction of $799,372.80. Following the sale, the insider now directly owns 187,370 shares in the company, valued at approximately $12,951,014.40. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Texas Instruments during the fourth quarter worth approximately $486,686,000. FMR LLC increased its stake in Texas Instruments by 56.6% in the second quarter. FMR LLC now owns 9,176,451 shares of the company’s stock worth $574,905,000 after buying an additional 3,317,368 shares in the last quarter. Boston Partners increased its stake in Texas Instruments by 66.3% in the second quarter. Boston Partners now owns 7,551,127 shares of the company’s stock worth $473,079,000 after buying an additional 3,009,699 shares in the last quarter. Vanguard Group Inc. increased its stake in Texas Instruments by 3.2% in the second quarter. Vanguard Group Inc. now owns 72,913,570 shares of the company’s stock worth $4,568,036,000 after buying an additional 2,282,169 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in Texas Instruments by 105.6% in the second quarter. Alliancebernstein L.P. now owns 4,270,433 shares of the company’s stock worth $267,543,000 after buying an additional 2,193,369 shares in the last quarter. 86.89% of the stock is currently owned by hedge funds and other institutional investors.
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. Its Analog segment’s product line includes High Volume Analog & Logic (HVAL), Power Management (Power), High Performance Analog (HPA) and Silicon Valley Analog (SVA).
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