44,475 Shares of Textron Inc. $TXT Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 44,475 Textron shares in the third quarter, valued at approximately $3.39 million. Institutional investors and hedge funds own 86.03% of the company’s shares.
• Textron reported quarterly earnings of $1.76 per share, beating the $1.43 analyst consensus, while revenue of $3.75 billion slightly missed estimates; revenue rose 4.1% year over year.
• Analysts’ consensus rating is Hold, with an average price target of $101.09. Textron shares fell 1.8% on Friday to $83.66.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Textron Inc. (NYSE:TXT - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 44,475 shares of the aerospace company's stock, valued at approximately $3,389,000.

Several other large investors also recently made changes to their positions in the company. Security National Bank of SO Dak bought a new stake in shares of Textron during the second quarter valued at approximately $30,000. Cedar Mountain Advisors LLC bought a new position in shares of Textron in the 1st quarter worth $29,000. Elevation Wealth Partners LLC lifted its holdings in shares of Textron by 522.4% in the 2nd quarter. Elevation Wealth Partners LLC now owns 361 shares of the aerospace company's stock worth $33,000 after purchasing an additional 303 shares in the last quarter. Trust Co. of Vermont acquired a new stake in Textron in the 2nd quarter valued at $50,000. Finally, Manning & Napier Advisors LLC acquired a new stake in Textron in the 2nd quarter valued at $121,000. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Stock Down 1.8%

TXT stock traded down $1.57 during trading on Friday, reaching $83.66. The stock had a trading volume of 1,691,492 shares, compared to its average volume of 1,789,642. The company has a quick ratio of 0.82, a current ratio of 1.80 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $14.17 billion, a price-to-earnings ratio of 15.07, a P/E/G ratio of 1.26 and a beta of 0.88. Textron Inc. has a one year low of $71.87 and a one year high of $101.57. The company's 50 day moving average is $78.96 and its two-hundred day moving average is $88.14.

Textron (NYSE:TXT - Get Free Report) last announced its earnings results on Thursday, October 29th. The aerospace company reported $1.76 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.33. The firm had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.77 billion. Textron had a return on equity of 14.34% and a net margin of 6.30%. The company's revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.55 EPS. Equities research analysts forecast that Textron Inc. will post 6.63 EPS for the current year.

Textron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 1st. Stockholders of record on Friday, December 11th will be given a dividend of $0.02 per share. The ex-dividend date is Friday, December 11th. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. Textron's dividend payout ratio is 1.44%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Weiss Ratings downgraded shares of Textron from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, October 27th. TD Cowen reduced their price objective on shares of Textron from $105.00 to $100.00 and set a "buy" rating for the company in a report on Friday, October 9th. Citigroup boosted their target price on shares of Textron from $86.00 to $97.00 and gave the stock a "neutral" rating in a research report on Monday, November 2nd. Morgan Stanley upped their target price on shares of Textron from $86.00 to $95.00 and gave the stock an "equal weight" rating in a report on Monday, November 2nd. Finally, Freedom Broker dropped their price target on shares of Textron from $108.00 to $101.00 and set a "buy" rating on the stock in a research report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, Textron currently has a consensus rating of "Hold" and a consensus target price of $101.09.

About Textron

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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