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1,237,408 Shares in Textron Inc. (NYSE:TXT) Acquired by Nuveen LLC

Textron logo with Aerospace background

Key Points

  • Nuveen LLC purchased 1,237,408 shares of Textron Inc., valued at approximately $89 million, representing a 0.69% stake in the company.
  • Textron's stock received multiple upgrades from analysts, with target prices ranging from $88 to $105, indicating a generally positive outlook.
  • The company reported quarterly earnings of $1.55 per share, surpassing estimates and reflecting a 5.4% year-over-year revenue increase to $3.72 billion.
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Nuveen LLC purchased a new stake in Textron Inc. (NYSE:TXT - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 1,237,408 shares of the aerospace company's stock, valued at approximately $89,403,000. Nuveen LLC owned about 0.69% of Textron as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of TXT. Aigen Investment Management LP grew its stake in shares of Textron by 154.1% in the 1st quarter. Aigen Investment Management LP now owns 20,490 shares of the aerospace company's stock worth $1,480,000 after buying an additional 12,425 shares in the last quarter. Invesco Ltd. grew its stake in shares of Textron by 5.6% in the 1st quarter. Invesco Ltd. now owns 8,166,902 shares of the aerospace company's stock worth $590,059,000 after buying an additional 433,567 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Textron in the 1st quarter worth $7,631,000. Zions Bancorporation National Association UT purchased a new position in shares of Textron in the 1st quarter worth $41,000. Finally, Savvy Advisors Inc. grew its stake in shares of Textron by 34.5% in the 1st quarter. Savvy Advisors Inc. now owns 4,511 shares of the aerospace company's stock worth $326,000 after buying an additional 1,158 shares in the last quarter. 86.03% of the stock is currently owned by institutional investors.

Textron Trading Down 1.7%

Textron stock traded down $1.37 during trading hours on Friday, hitting $78.95. The company had a trading volume of 1,352,878 shares, compared to its average volume of 1,536,902. Textron Inc. has a 1 year low of $57.70 and a 1 year high of $91.48. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.84. The firm has a market cap of $14.07 billion, a P/E ratio of 17.86, a P/E/G ratio of 1.33 and a beta of 1.16. The company has a 50-day moving average price of $80.12 and a two-hundred day moving average price of $74.73.

Textron (NYSE:TXT - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The aerospace company reported $1.55 EPS for the quarter, beating the consensus estimate of $1.45 by $0.10. Textron had a net margin of 5.80% and a return on equity of 14.26%. The business had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the business posted $1.54 EPS. The company's quarterly revenue was up 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be issued a $0.02 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. Textron's payout ratio is currently 1.81%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TXT. Jefferies Financial Group reissued a "buy" rating and issued a $95.00 price objective (up from $85.00) on shares of Textron in a research note on Thursday, June 12th. Susquehanna lifted their price target on shares of Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Morgan Stanley lifted their price target on shares of Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $85.00 price target (down from $95.00) on shares of Textron in a research note on Tuesday, July 1st. Finally, Barclays lifted their price target on shares of Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $92.67.

View Our Latest Analysis on Textron

Insider Activity at Textron

In other news, EVP Julie G. Duffy sold 28,543 shares of the business's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $79.37, for a total value of $2,265,457.91. Following the completion of the sale, the executive vice president owned 37,624 shares in the company, valued at approximately $2,986,216.88. The trade was a 43.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company's stock.

Textron Company Profile

(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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Institutional Ownership by Quarter for Textron (NYSE:TXT)

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