Covington Capital Management Has $574,000 Stake in Texas Instruments Incorporated (NASDAQ:TXN)

Posted by Defense World Staff on Mar 15th, 2023

Covington Capital Management boosted its position in Texas Instruments Incorporated (NASDAQ:TXN – Get Rating) by 9.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,710 shares of the semiconductor company’s stock after buying an additional 309 shares during the period. Covington Capital Management’s holdings in Texas Instruments were worth $574,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bailard Inc. increased its stake in Texas Instruments by 0.7% in the third quarter. Bailard Inc. now owns 78,954 shares of the semiconductor company’s stock valued at $12,220,000 after purchasing an additional 587 shares in the last quarter. MML Investors Services LLC increased its stake in Texas Instruments by 15.8% in the third quarter. MML Investors Services LLC now owns 65,572 shares of the semiconductor company’s stock valued at $10,149,000 after purchasing an additional 8,938 shares in the last quarter. Capital Investment Advisors LLC increased its stake in Texas Instruments by 11.7% in the third quarter. Capital Investment Advisors LLC now owns 40,402 shares of the semiconductor company’s stock valued at $6,253,000 after purchasing an additional 4,236 shares in the last quarter. Cetera Advisor Networks LLC increased its stake in Texas Instruments by 13.8% in the second quarter. Cetera Advisor Networks LLC now owns 32,845 shares of the semiconductor company’s stock valued at $5,047,000 after purchasing an additional 3,972 shares in the last quarter. Finally, Raymond James & Associates increased its stake in Texas Instruments by 1.0% in the third quarter. Raymond James & Associates now owns 1,455,294 shares of the semiconductor company’s stock valued at $225,253,000 after purchasing an additional 14,573 shares in the last quarter. Institutional investors and hedge funds own 83.12% of the company’s stock.

Wall Street Analyst Weigh In

TXN has been the subject of several research analyst reports. Benchmark lifted their price target on shares of Texas Instruments from $189.00 to $203.00 and gave the company a “buy” rating in a research note on Wednesday, January 25th. Barclays boosted their target price on shares of Texas Instruments from $150.00 to $165.00 and gave the stock an “equal weight” rating in a research report on Monday, January 23rd. Cowen boosted their target price on shares of Texas Instruments from $160.00 to $175.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 25th. Mizuho boosted their target price on shares of Texas Instruments from $159.00 to $165.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 25th. Finally, Credit Suisse Group downgraded shares of Texas Instruments from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $185.00 to $205.00 in a research report on Wednesday, November 16th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Texas Instruments currently has a consensus rating of “Hold” and an average target price of $179.70.

Texas Instruments Stock Up 1.1 %

TXN opened at $175.73 on Wednesday. The company has a quick ratio of 3.77, a current ratio of 4.70 and a debt-to-equity ratio of 0.56. The stock has a market cap of $159.25 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 2.44 and a beta of 1.04. Texas Instruments Incorporated has a twelve month low of $144.46 and a twelve month high of $191.34. The company’s 50-day moving average price is $175.30 and its two-hundred day moving average price is $169.33.

Texas Instruments (NASDAQ:TXN – Get Rating) last released its earnings results on Tuesday, January 24th. The semiconductor company reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.17. The firm had revenue of $4.67 billion for the quarter, compared to analysts’ expectations of $4.64 billion. Texas Instruments had a net margin of 43.68% and a return on equity of 61.06%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.27 earnings per share. As a group, equities analysts expect that Texas Instruments Incorporated will post 7.53 earnings per share for the current year.

Texas Instruments Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Tuesday, January 31st were paid a $1.24 dividend. This represents a $4.96 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Monday, January 30th. Texas Instruments’s payout ratio is 52.77%.

Insider Buying and Selling at Texas Instruments

In other Texas Instruments news, Director Mark A. Blinn sold 3,068 shares of the business’s stock in a transaction dated Friday, February 3rd. The shares were sold at an average price of $181.69, for a total value of $557,424.92. Following the transaction, the director now directly owns 11,773 shares in the company, valued at $2,139,036.37. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Ahmad Bahai sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, February 13th. The shares were sold at an average price of $176.67, for a total transaction of $212,004.00. Following the sale, the vice president now directly owns 30,357 shares in the company, valued at approximately $5,363,171.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark A. Blinn sold 3,068 shares of the company’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $181.69, for a total transaction of $557,424.92. Following the sale, the director now owns 11,773 shares in the company, valued at $2,139,036.37. The disclosure for this sale can be found here. Corporate insiders own 0.54% of the company’s stock.

Texas Instruments Company Profile

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Texas Instruments Incorporated engages in the design and manufacture of semiconductors. It operates through Analog and Embedded Processing segments. The Analog segment includes semiconductors change real-world signals, such as sound, temperature, pressure or images, by conditioning them, amplifying them and often converting them to a stream of digital data that can be processed by other semiconductors, such as embedded processors.