Bank of America Corp DE decreased its holdings in Textron Inc. (NYSE:TXT - Free Report) by 50.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 0.24% of Textron worth $33,776,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new position in shares of Textron during the fourth quarter valued at about $31,000. Optiver Holding B.V. bought a new position in Textron during the fourth quarter valued at approximately $56,000. Golden State Wealth Management LLC bought a new position in Textron during the fourth quarter valued at approximately $63,000. McClarren Financial Advisors Inc. bought a new stake in Textron in the 4th quarter worth approximately $68,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Textron by 33.0% during the 4th quarter. Geneos Wealth Management Inc. now owns 964 shares of the aerospace company's stock worth $74,000 after acquiring an additional 239 shares in the last quarter. 86.03% of the stock is currently owned by institutional investors.
Textron Trading Down 0.4%
TXT stock traded down $0.32 during midday trading on Thursday, reaching $73.06. The company's stock had a trading volume of 74,934 shares, compared to its average volume of 1,208,283. Textron Inc. has a 1 year low of $57.70 and a 1 year high of $94.57. The firm has a market capitalization of $13.19 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 1.18 and a beta of 1.20. The stock has a fifty day simple moving average of $70.15 and a two-hundred day simple moving average of $75.53. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.76.
Textron (NYSE:TXT - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The aerospace company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. The company had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $3.26 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The firm's revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.20 EPS. On average, equities research analysts predict that Textron Inc. will post 6.12 EPS for the current year.
Textron Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.11%. Textron's payout ratio is 1.81%.
Analyst Ratings Changes
A number of research analysts recently weighed in on TXT shares. UBS Group raised their target price on shares of Textron from $62.00 to $63.00 and gave the company a "sell" rating in a report on Monday, April 28th. Bank of America cut shares of Textron from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $110.00 to $85.00 in a research note on Friday, January 24th. Citigroup decreased their target price on shares of Textron from $111.00 to $107.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. TD Cowen raised shares of Textron to a "hold" rating in a report on Monday, February 24th. Finally, Morgan Stanley reduced their price objective on Textron from $82.00 to $71.00 and set an "equal weight" rating on the stock in a research note on Friday, April 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Textron currently has a consensus rating of "Hold" and an average price target of $87.70.
Read Our Latest Research Report on Textron
Insider Buying and Selling
In other news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction that occurred on 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 trade represents a 23.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is owned by insiders.
About Textron
(
Free Report)
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.
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