First Citizens Bank & Trust Co. Sells 7,273 Shares of Texas Instruments Incorporated (NASDAQ:TXN)

First Citizens Bank & Trust Co. reduced its stake in Texas Instruments Incorporated (NASDAQ:TXN) by 16.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,714 shares of the semiconductor company’s stock after selling 7,273 shares during the period. First Citizens Bank & Trust Co.’s holdings in Texas Instruments were worth $2,901,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Farmers & Merchants Investments Inc. raised its position in Texas Instruments by 3.2% in the first quarter. Farmers & Merchants Investments Inc. now owns 112,897 shares of the semiconductor company’s stock valued at $9,095,000 after buying an additional 3,531 shares during the period. Affinity Wealth Management raised its position in Texas Instruments by 25.4% in the first quarter. Affinity Wealth Management now owns 4,942 shares of the semiconductor company’s stock valued at $398,000 after buying an additional 1,001 shares during the period. Howard Capital Management raised its position in Texas Instruments by 5.4% in the first quarter. Howard Capital Management now owns 7,249 shares of the semiconductor company’s stock valued at $584,000 after buying an additional 370 shares during the period. Doyle Wealth Management acquired a new position in Texas Instruments during the first quarter valued at about $452,000. Finally, Norway Savings Bank raised its position in Texas Instruments by 16.0% in the first quarter. Norway Savings Bank now owns 1,508 shares of the semiconductor company’s stock valued at $121,000 after buying an additional 208 shares during the period. 84.64% of the stock is owned by hedge funds and other institutional investors.

Shares of Texas Instruments Incorporated (NASDAQ:TXN) traded up 0.66% during trading on Friday, hitting $80.89. 3,426,144 shares of the stock were exchanged. The firm’s 50 day moving average price is $80.24 and its 200-day moving average price is $79.66. The stock has a market cap of $80.08 billion, a P/E ratio of 20.23 and a beta of 1.21. Texas Instruments Incorporated has a 52 week low of $66.30 and a 52 week high of $84.65.

Texas Instruments (NASDAQ:TXN) last posted its quarterly earnings data on Tuesday, July 25th. The semiconductor company reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.07. Texas Instruments had a net margin of 28.68% and a return on equity of 36.52%. The company had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Texas Instruments’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.76 earnings per share. On average, analysts predict that Texas Instruments Incorporated will post $4.13 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, July 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.47%. The ex-dividend date is Thursday, July 27th. Texas Instruments’s dividend payout ratio is presently 50.51%.

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Several research firms recently issued reports on TXN. Zacks Investment Research raised shares of Texas Instruments from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a research report on Thursday, July 27th. Cowen and Company increased their price target on shares of Texas Instruments from $77.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 26th. Drexel Hamilton reissued a “buy” rating and issued a $93.00 price target on shares of Texas Instruments in a research report on Wednesday, April 26th. Robert W. Baird increased their price target on shares of Texas Instruments from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 26th. Finally, B. Riley reaffirmed a “neutral” rating and set a $83.00 price objective on shares of Texas Instruments in a report on Wednesday, April 26th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $85.96.

In related news, COO Brian T. Crutcher sold 50,000 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $81.09, for a total transaction of $4,054,500.00. Following the transaction, the chief operating officer now directly owns 201,440 shares of the company’s stock, valued at $16,334,769.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Carrie Smith Cox sold 14,000 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $82.25, for a total transaction of $1,151,500.00. Following the transaction, the director now directly owns 38,435 shares in the company, valued at $3,161,278.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,905 shares of company stock worth $7,398,219. 0.96% of the stock is owned by insiders.

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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Institutional Ownership by Quarter for Texas Instruments (NASDAQ:TXN)

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