First Citizens Bank & Trust Co. reduced its stake in Texas Instruments Incorporated (NASDAQ:TXN) by 8.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,314 shares of the semiconductor company’s stock after selling 2,287 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Texas Instruments were worth $2,823,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of TXN. Kiley Juergens Wealth Management LLC purchased a new position in shares of Texas Instruments during the 2nd quarter worth $100,000. Centaurus Financial Inc. purchased a new position in shares of Texas Instruments during the 2nd quarter worth $101,000. Baker Ellis Asset Management LLC purchased a new position in shares of Texas Instruments during the 2nd quarter worth $105,000. Kwmg LLC purchased a new position in shares of Texas Instruments during the 2nd quarter worth $107,000. Finally, Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of Texas Instruments during the 3rd quarter worth $107,000. Institutional investors own 84.02% of the company’s stock.
TXN stock opened at $99.54 on Friday. The company has a current ratio of 6.54, a quick ratio of 5.12 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $104.31 billion, a price-to-earnings ratio of 23.26, a P/E/G ratio of 2.06 and a beta of 1.19. Texas Instruments Incorporated has a 1 year low of $92.57 and a 1 year high of $120.75.
Texas Instruments announced that its Board of Directors has authorized a stock repurchase program on Thursday, September 20th that allows the company to buyback $12.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 11.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Shareholders of record on Wednesday, October 31st will be given a $0.77 dividend. The ex-dividend date is Tuesday, October 30th. This represents a $3.08 dividend on an annualized basis and a yield of 3.09%. This is a positive change from Texas Instruments’s previous quarterly dividend of $0.62. Texas Instruments’s dividend payout ratio (DPR) is currently 57.94%.
In other news, insider Stephen A. Anderson sold 25,318 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 131,153 shares of the company’s stock, valued at approximately $14,630,117.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.84% of the stock is owned by company insiders.
A number of brokerages recently commented on TXN. Bank of America raised their target price on Texas Instruments from $138.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. UBS Group set a $93.00 target price on Texas Instruments and gave the company a “sell” rating in a report on Wednesday, July 25th. Longbow Research upgraded Texas Instruments from a “neutral” rating to a “buy” rating in a report on Wednesday, July 11th. BidaskClub upgraded Texas Instruments from a “sell” rating to a “hold” rating in a report on Friday, August 10th. Finally, KeyCorp began coverage on Texas Instruments in a report on Tuesday, September 25th. They set a “sector weight” rating for the company. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $122.64.
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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