Texas Instruments Incorporated (TXN) Declined 2% Due to Weaker Demand

The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 8% gross, (7.9% net) compared to an 8.6% increase in the Russell 1000 Index. The portfolio’s relative performance was slowed down by sector exposure which was partially offset by favorable stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Large Cap Strategy highlighted stocks like Texas Instruments Incorporated (NASDAQ:TXN) in the second quarter 2023 investor letter. Headquartered in Dallas, Texas, Texas Instruments Incorporated (NASDAQ:TXN) designs and manufactures semiconductors. On August 4, 2023, Texas Instruments Incorporated (NASDAQ:TXN) stock closed at $168.44 per share. One-month return of Texas Instruments Incorporated (NASDAQ:TXN) was -3.03%, and its shares lost 8.61% of their value over the last 52 weeks. Texas Instruments Incorporated (NASDAQ:TXN) has a market capitalization of $152.944 billion.

The London Company Large Cap Strategy made the following comment about Texas Instruments Incorporated (NASDAQ:TXN) in its second quarter 2023 investor letter:

“Texas Instruments Incorporated (NASDAQ:TXN) – TXN shares declined 2% during the quarter. Demand was weaker in all markets except auto. While revenue was down 11% due to the slowing economy, we believe the outlook is positive. The company continues to invest in manufacturing facilities and should benefit from increased spending related to the CHIPS act. TXN is exposed to various end markets across the economy (e.g. automotive industrials). We believe growth in analog semiconductor content demand, in most markets, will drive TXN.”

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Texas Instruments Incorporated (NASDAQ:TXN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Texas Instruments Incorporated (NASDAQ:TXN) at the end of first quarter which was 61 in the previous quarter.

We discussed Texas Instruments Incorporated (NASDAQ:TXN) in another article and shared the list of stocks whose price targets were recently trimmed by analysts. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.