Bank of America Corp DE Has $33.78 Million Position in Textron Inc. (NYSE:TXT)

Bank of America Corp DE trimmed its position in Textron Inc. (NYSE:TXT - Free Report) by 50.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 441,569 shares of the aerospace company's stock after selling 440,967 shares during the period. Bank of America Corp DE owned approximately 0.24% of Textron worth $33,776,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in shares of Textron during the 4th quarter valued at about $31,000. Optiver Holding B.V. purchased a new stake in shares of Textron during the fourth quarter valued at $56,000. Golden State Wealth Management LLC acquired a new position in shares of Textron in the 4th quarter valued at $63,000. McClarren Financial Advisors Inc. acquired a new stake in Textron during the 4th quarter worth about $68,000. Finally, Geneos Wealth Management Inc. lifted its stake in Textron by 33.0% during the fourth quarter. Geneos Wealth Management Inc. now owns 964 shares of the aerospace company's stock valued at $74,000 after buying an additional 239 shares in the last quarter. 86.03% of the stock is owned by institutional investors.

Insider Transactions at Textron

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the company's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the transaction, the vice president now directly owns 18,223 shares in the company, valued at approximately $1,324,447.64. This represents a 23.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird cut their price target on shares of Textron from $100.00 to $92.00 and set an "outperform" rating on the stock in a report on Thursday, January 23rd. Citigroup lowered their price target on Textron from $111.00 to $107.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Morgan Stanley decreased their price objective on Textron from $82.00 to $71.00 and set an "equal weight" rating for the company in a research report on Friday, April 11th. TD Cowen upgraded shares of Textron to a "hold" rating in a research note on Monday, February 24th. Finally, Bank of America cut shares of Textron from a "buy" rating to a "neutral" rating and lowered their price target for the company from $110.00 to $85.00 in a report on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $87.70.

Textron Price Performance

Shares of TXT traded down $2.36 during mid-day trading on Wednesday, reaching $73.69. The company had a trading volume of 625,585 shares, compared to its average volume of 1,506,251. The company's 50-day moving average is $70.15 and its 200-day moving average is $75.55. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84. The company has a market capitalization of $13.30 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.18 and a beta of 1.20. Textron Inc. has a twelve month low of $57.70 and a twelve month high of $94.57.

Textron (NYSE:TXT - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The aerospace company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.11. The firm had revenue of $3.31 billion for the quarter, compared to analysts' expectations of $3.26 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The company's quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. On average, equities analysts anticipate that Textron Inc. will post 6.12 EPS for the current year.

Textron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date of this dividend is Friday, June 13th. Textron's dividend payout ratio is currently 1.81%.

About Textron

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts.