Comerica Bank Sells 40,789 Shares of Textron Inc. (NYSE:TXT)

Comerica Bank reduced its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 61.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,468 shares of the aerospace company's stock after selling 40,789 shares during the period. Comerica Bank's holdings in Textron were worth $1,948,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Pflug Koory LLC lifted its position in Textron by 0.9% in the fourth quarter. Pflug Koory LLC now owns 13,778 shares of the aerospace company's stock worth $1,054,000 after purchasing an additional 125 shares during the period. V Square Quantitative Management LLC lifted its holdings in shares of Textron by 5.7% during the 4th quarter. V Square Quantitative Management LLC now owns 2,611 shares of the aerospace company's stock worth $200,000 after acquiring an additional 141 shares during the period. Syon Capital LLC boosted its position in shares of Textron by 4.5% during the 4th quarter. Syon Capital LLC now owns 3,538 shares of the aerospace company's stock valued at $271,000 after acquiring an additional 153 shares in the last quarter. Patriot Financial Group Insurance Agency LLC increased its stake in Textron by 5.8% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 2,977 shares of the aerospace company's stock valued at $228,000 after acquiring an additional 163 shares during the period. Finally, Motley Fool Asset Management LLC raised its position in Textron by 6.3% in the fourth quarter. Motley Fool Asset Management LLC now owns 2,732 shares of the aerospace company's stock worth $209,000 after purchasing an additional 163 shares in the last quarter. Institutional investors own 86.03% of the company's stock.

Insider Buying and Selling

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the company's stock in a transaction 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 sale, the vice president now owns 18,223 shares of the company's stock, valued at approximately $1,324,447.64. This represents a 23.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is owned by insiders.

Textron Price Performance

Shares of Textron stock traded up $0.53 during midday trading on Thursday, hitting $75.74. 224,256 shares of the company traded hands, compared to its average volume of 1,205,547. The firm's fifty day moving average price is $69.92 and its 200-day moving average price is $75.74. The stock has a market cap of $13.67 billion, a price-to-earnings ratio of 17.58, a PEG ratio of 1.18 and a beta of 1.20. Textron Inc. has a 12 month low of $57.70 and a 12 month high of $94.57. 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 announced its quarterly earnings results on Thursday, April 24th. The aerospace company reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.11. Textron had a return on equity of 14.92% and a net margin of 6.01%. The firm had revenue of $3.31 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the firm posted $1.20 earnings per share. The business's revenue for the quarter was up 5.5% on a year-over-year basis. As a group, sell-side analysts forecast that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. The ex-dividend date of this dividend is Friday, June 13th. Textron's dividend payout ratio (DPR) is presently 1.81%.

Analysts Set New Price Targets

TXT has been the subject of a number of analyst reports. TD Cowen raised Textron to a "hold" rating in a report on Monday, February 24th. Morgan Stanley reduced their price target on shares of Textron from $82.00 to $71.00 and set an "equal weight" rating on the stock in a research report on Friday, April 11th. Robert W. Baird dropped their price objective on shares of Textron from $100.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday, January 23rd. Citigroup reduced their target price on Textron from $111.00 to $107.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Finally, Bank of America cut Textron from a "buy" rating to a "neutral" rating and dropped 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 issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $87.70.

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.