Here’s Why Texas Instruments Incorporated (TXN) Underperformed in Q3
Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy performed roughly in line with the Russell 1000 Index. Early indications of consumer weakness among select merchants and a significant increase in interest rates impacted the portfolio in the third quarter. The strategy returned -3.04% net of fees compared to -3.15% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy highlighted stocks like Texas Instruments Incorporated (NASDAQ:TXN) in the third quarter 2023 investor letter. Headquartered in Dallas, Texas, Texas Instruments Incorporated (NASDAQ:TXN) designs and manufactures semiconductors. On November 20, 2023, Texas Instruments Incorporated (NASDAQ:TXN) stock closed at $155.54 per share. One-month return of Texas Instruments Incorporated (NASDAQ:TXN) was 5.87%, and its shares lost 12.23% of their value over the last 52 weeks. Texas Instruments Incorporated (NASDAQ:TXN) has a market capitalization of $141.262 billion.
Diamond Hill Large Cap Strategy made the following comment about Texas Instruments Incorporated (NASDAQ:TXN) in its Q3 2023 investor letter:
"Shares of semiconductor manufacturing company Texas Instruments Incorporated (NASDAQ:TXN) underperformed as revenue guidance was slightly below market expectations. We believe these demand trends to be transitory and have a favorable view of the company’s long-term prospects and superior competitive position."
An engineer in a factory floor building advanced semiconductor packaging.
Texas Instruments Incorporated (NASDAQ:TXN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Texas Instruments Incorporated (NASDAQ:TXN) at the end of second quarter which was 52 in the previous quarter.
We discussed Texas Instruments Incorporated (NASDAQ:TXN) in another article and shared Goldman Sachs’ top semiconductor stock picks. In addition, please check out our hedge fund investor letters Q3 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.
