Fort Pitt Capital Group LLC trimmed its position in Texas Instruments Incorporated (NASDAQ:TXN) by 1.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 225,281 shares of the semiconductor company’s stock after selling 2,598 shares during the quarter. Texas Instruments accounts for 1.7% of Fort Pitt Capital Group LLC’s portfolio, making the stock its 26th largest position. Fort Pitt Capital Group LLC’s holdings in Texas Instruments were worth $24,170,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of TXN. Kiley Juergens Wealth Management LLC acquired a new position in Texas Instruments during the second quarter worth $100,000. Centaurus Financial Inc. acquired a new position in Texas Instruments during the second quarter worth $101,000. Baker Ellis Asset Management LLC acquired a new position in Texas Instruments during the second quarter worth $105,000. Kwmg LLC acquired a new position in Texas Instruments during the second quarter worth $107,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in Texas Instruments during the third quarter worth $107,000. Institutional investors and hedge funds own 84.41% of the company’s stock.
Texas Instruments stock opened at $96.10 on Friday. The stock has a market capitalization of $93.31 billion, a P/E ratio of 22.45, a PEG ratio of 1.89 and a beta of 1.28. Texas Instruments Incorporated has a 12-month low of $87.90 and a 12-month high of $120.75. The company has a current ratio of 3.97, a quick ratio of 3.09 and a debt-to-equity ratio of 0.41.
Texas Instruments (NASDAQ:TXN) last posted its quarterly earnings results on Tuesday, October 23rd. The semiconductor company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.05. The business had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.30 billion. Texas Instruments had a return on equity of 50.03% and a net margin of 29.62%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.26 earnings per share. As a group, equities analysts predict that Texas Instruments Incorporated will post 5.42 earnings per share for the current fiscal year.
Texas Instruments declared that its Board of Directors has initiated a share buyback program on Thursday, September 20th that authorizes the company to buyback $12.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 11.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Investors of record on Wednesday, October 31st will be issued a $0.77 dividend. This is a boost from Texas Instruments’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $3.08 annualized dividend and a yield of 3.20%. Texas Instruments’s dividend payout ratio (DPR) is currently 71.96%.
In related news, Director Martin S. Craighead bought 10,900 shares of Texas Instruments stock in a transaction on Thursday, October 25th. The shares were purchased at an average price of $91.70 per share, for a total transaction of $999,530.00. Following the completion of the acquisition, the director now owns 13,100 shares in the company, valued at $1,201,270. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Kyle M. Flessner sold 16,088 shares of the firm’s stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $94.00, for a total value of $1,512,272.00. Following the transaction, the insider now owns 43,270 shares in the company, valued at approximately $4,067,380. The disclosure for this sale can be found here. 0.84% of the stock is owned by company insiders.
Several research analysts have issued reports on TXN shares. Royal Bank of Canada increased their price objective on Texas Instruments from $125.00 to $127.00 and gave the stock a “$115.68” rating in a research note on Wednesday, July 18th. Zacks Investment Research upgraded Texas Instruments from a “hold” rating to a “buy” rating and set a $130.00 price objective for the company in a research note on Thursday, July 19th. Mizuho restated a “hold” rating on shares of Texas Instruments in a report on Tuesday, July 24th. UBS Group set a $93.00 target price on Texas Instruments and gave the stock a “sell” rating in a report on Wednesday, July 25th. Finally, B. Riley increased their target price on Texas Instruments from $115.00 to $123.00 and gave the stock a “neutral” rating in a report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and sixteen have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $117.11.
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Texas Instruments Profile
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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