Burgundy Asset Management Ltd. Buys New Stake in Texas Instruments Incorporated (TXN)
Burgundy Asset Management Ltd. bought a new stake in shares of Texas Instruments Incorporated (NASDAQ:TXN) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,342,495 shares of the semiconductor company’s stock, valued at approximately $120,341,000. Burgundy Asset Management Ltd. owned 0.14% of Texas Instruments at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Texas Instruments by 18.4% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,287 shares of the semiconductor company’s stock valued at $101,000 after purchasing an additional 200 shares during the period. MV Capital Management Inc. boosted its holdings in shares of Texas Instruments by 7.6% in the second quarter. MV Capital Management Inc. now owns 1,324 shares of the semiconductor company’s stock valued at $102,000 after purchasing an additional 93 shares during the period. Acrospire Investment Management LLC boosted its holdings in shares of Texas Instruments by 55.6% in the second quarter. Acrospire Investment Management LLC now owns 1,400 shares of the semiconductor company’s stock valued at $108,000 after purchasing an additional 500 shares during the period. American National Bank boosted its holdings in shares of Texas Instruments by 2,470.9% in the second quarter. American National Bank now owns 1,414 shares of the semiconductor company’s stock valued at $109,000 after purchasing an additional 1,359 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Texas Instruments in the second quarter valued at approximately $112,000. Institutional investors and hedge funds own 83.97% of the company’s stock.
Texas Instruments Incorporated (TXN) opened at $100.25 on Friday. The stock has a market capitalization of $97,432.52, a price-to-earnings ratio of 24.35, a PEG ratio of 2.36 and a beta of 1.27. The company has a current ratio of 3.89, a quick ratio of 2.96 and a debt-to-equity ratio of 0.28. Texas Instruments Incorporated has a 12-month low of $72.45 and a 12-month high of $100.54.
Texas Instruments declared that its board has initiated a stock repurchase plan on Thursday, September 21st that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 74% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other news, Director Mark A. Blinn sold 16,990 shares of the company’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $96.44, for a total transaction of $1,638,515.60. Following the transaction, the director now directly owns 18,495 shares of the company’s stock, valued at $1,783,657.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard K. Templeton sold 450,000 shares of the company’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $96.51, for a total value of $43,429,500.00. Following the transaction, the chairman now directly owns 1,137,056 shares in the company, valued at $109,737,274.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,362,293 shares of company stock worth $131,754,396. Insiders own 0.96% of the company’s stock.
A number of analysts recently issued reports on the company. Morgan Stanley boosted their price target on Texas Instruments from $88.00 to $92.00 and gave the company an “equal weight” rating in a report on Wednesday. Sanford C. Bernstein reiterated an “outperform” rating and issued a $95.00 price target on shares of Texas Instruments in a report on Tuesday, September 26th. Stifel Nicolaus reiterated a “hold” rating and issued a $85.00 price target on shares of Texas Instruments in a report on Wednesday, October 4th. Jefferies Group restated a “buy” rating and set a $96.00 target price on shares of Texas Instruments in a report on Monday, September 25th. Finally, Barclays upped their target price on Texas Instruments from $85.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 18th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $94.16.
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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