Textron (NYSE:TXT) Price Target Cut to $101.00 by Analysts at Freedom Broker

Key Points

• Freedom Broker lowered Textron’s price target from $108 to $101 while maintaining a “buy” rating, implying approximately 14.09% upside from the prior close.
• Analyst sentiment remains moderately bullish overall: Textron has an average “Moderate Buy” rating and a consensus price target of $101.20, though several firms recently reduced targets or issued “hold” ratings.
• Textron reported quarterly EPS of $1.76, exceeding estimates of $1.43, while revenue rose 4.1% year over year to $3.75 billion, slightly below expectations.

Textron (NYSE:TXT - Get Free Report) had its target price reduced by stock analysts at Freedom Broker from $108.00 to $101.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "buy" rating on the aerospace company's stock. Freedom Broker's price objective would indicate a potential upside of 14.09% from the company's previous close.

TXT has been the subject of several other research reports. TD Cowen dropped their target price on Textron from $105.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, October 9th. Weiss Ratings cut shares of Textron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, October 27th. Morgan Stanley raised their target price on shares of Textron from $86.00 to $95.00 and gave the company an "equal weight" rating in a research report on Monday. Citigroup upped their price target on Textron from $86.00 to $97.00 and gave the stock a "neutral" rating in a research report on Monday. Finally, Wall Street Zen lowered Textron from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Textron has an average rating of "Moderate Buy" and an average target price of $101.20.

Textron Price Performance

Shares of NYSE:TXT traded up $2.83 during midday trading on Monday, reaching $88.53. 1,798,094 shares of the company were exchanged, compared to its average volume of 1,651,494. The stock has a market cap of $15.00 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 1.23 and a beta of 0.88. The business's fifty day moving average is $78.57 and its two-hundred day moving average is $88.32. Textron has a one year low of $71.87 and a one year high of $101.57. The company has a current ratio of 1.80, a quick ratio of 0.82 and a debt-to-equity ratio of 0.42.

Textron (NYSE:TXT - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The aerospace company reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.33. Textron had a net margin of 6.30% and a return on equity of 14.34%. The company had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same period in the previous year, the firm posted $1.55 EPS. Textron's revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, analysts predict that Textron will post 6.60 earnings per share for the current year.

Hedge Funds Weigh In On Textron

Several large investors have recently modified their holdings of the business. Verity Asset Management Inc. raised its holdings in Textron by 2.4% in the 3rd quarter. Verity Asset Management Inc. now owns 21,681 shares of the aerospace company's stock valued at $1,652,000 after buying an additional 504 shares during the period. Rakuten Investment Management Inc. boosted its stake in Textron by 8.9% during the third quarter. Rakuten Investment Management Inc. now owns 30,993 shares of the aerospace company's stock worth $2,406,000 after buying an additional 2,540 shares during the period. Putney Financial Group LLC acquired a new stake in shares of Textron during the third quarter valued at about $61,000. Garner Asset Management Corp increased its position in shares of Textron by 16.1% during the third quarter. Garner Asset Management Corp now owns 4,819 shares of the aerospace company's stock valued at $376,000 after acquiring an additional 668 shares during the last quarter. Finally, GRIMES & Co WEALTH MANAGEMENT LLC raised its stake in shares of Textron by 0.9% in the 3rd quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 93,751 shares of the aerospace company's stock valued at $7,144,000 after acquiring an additional 845 shares during the period. Institutional investors and hedge funds own 86.03% of the company's stock.

Textron Company Profile

Textron Inc NYSE: TXT is a diversified industrial company that develops and manufactures aircraft, helicopters, specialized vehicles, defense systems and other industrial products. Founded in 1923 by Royal Little, the company has grown through the development and acquisition of businesses serving commercial, government and consumer markets.

Textron Aviation produces business jets, turboprop aircraft and general aviation aircraft under the Cessna and Beechcraft brands. Bell designs and manufactures military and commercial helicopters, tiltrotor aircraft and related support services.

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