Insider Selling: Texas Instruments Incorporated (TXN) Chairman Sells $43,429,500.00 in Stock
Texas Instruments Incorporated (NASDAQ:TXN) Chairman Richard K. Templeton sold 450,000 shares of the firm’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $96.51, for a total value of $43,429,500.00. Following the transaction, the chairman now owns 1,137,056 shares in the company, valued at approximately $109,737,274.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Texas Instruments (NASDAQ:TXN) last posted its quarterly earnings data on Tuesday, October 24th. The semiconductor company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.14. Texas Instruments had a return on equity of 38.88% and a net margin of 29.98%. The company had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $3.91 billion. During the same period last year, the firm earned $0.94 EPS. The firm’s revenue for the quarter was up 12.0% on a year-over-year basis.
Texas Instruments announced that its board has authorized a share repurchase program on Thursday, September 21st that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 74% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 2.56%. This is a boost from Texas Instruments’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, October 30th. Texas Instruments’s dividend payout ratio (DPR) is presently 57.94%.
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A number of equities research analysts recently weighed in on the company. Stifel Nicolaus reaffirmed a “hold” rating and set a $98.00 price objective (up previously from $85.00) on shares of Texas Instruments in a research report on Wednesday, October 25th. Credit Suisse Group reaffirmed an “outperform” rating and set a $110.00 price objective (up previously from $95.00) on shares of Texas Instruments in a research report on Wednesday, October 25th. B. Riley reaffirmed a “neutral” rating and set a $89.00 price objective on shares of Texas Instruments in a research report on Monday, July 31st. BMO Capital Markets reaffirmed a “buy” rating and set a $105.00 price objective on shares of Texas Instruments in a research report on Wednesday, October 25th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $110.00 price objective (up previously from $92.00) on shares of Texas Instruments in a research report on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. Texas Instruments currently has a consensus rating of “Buy” and an average price target of $93.85.
A number of institutional investors have recently bought and sold shares of TXN. BlackRock Inc. lifted its position in Texas Instruments by 1,924.6% during the 1st quarter. BlackRock Inc. now owns 64,718,640 shares of the semiconductor company’s stock worth $5,213,733,000 after acquiring an additional 61,521,990 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Texas Instruments by 729.1% in the 2nd quarter. Janus Henderson Group PLC now owns 12,427,361 shares of the semiconductor company’s stock valued at $955,996,000 after buying an additional 10,928,410 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Texas Instruments by 4.7% in the 1st quarter. Vanguard Group Inc. now owns 79,646,537 shares of the semiconductor company’s stock valued at $6,416,325,000 after buying an additional 3,551,400 shares during the period. Waddell & Reed Financial Inc. lifted its holdings in shares of Texas Instruments by 476.4% in the 1st quarter. Waddell & Reed Financial Inc. now owns 1,988,640 shares of the semiconductor company’s stock valued at $160,205,000 after buying an additional 1,643,640 shares during the period. Finally, Koch Industries Inc. lifted its holdings in shares of Texas Instruments by 36,796.2% in the 2nd quarter. Koch Industries Inc. now owns 1,359,255 shares of the semiconductor company’s stock valued at $1,342,000 after buying an additional 1,355,571 shares during the period. 83.75% of the stock is owned by 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. As of December 31, 2016, the Company had design, manufacturing or sales operations in more than 30 countries.
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