827,576 Shares in Textron Inc. $TXT Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• The Virginia Retirement Systems ET Al acquired 827,576 shares of Textron Inc. worth approximately $66.4 million, representing 0.46% ownership of the company.
• Several analysts have issued mixed ratings on Textron's stock, with Susquehanna** raising its price target to $95 while Goldman Sachs lowered its target to $85.
• Textron reported quarterly earnings of $1.55 per share, surpassing expectations, and has a revenue forecast of $3.72 billion for the quarter.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Textron Inc. (NYSE:TXT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 827,576 shares of the aerospace company's stock, valued at approximately $66,446,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.46% of Textron at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC raised its position in shares of Textron by 7.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 2,869 shares of the aerospace company's stock valued at $207,000 after buying an additional 197 shares during the period. State of Alaska Department of Revenue increased its stake in Textron by 1.0% during the first quarter. State of Alaska Department of Revenue now owns 21,373 shares of the aerospace company's stock worth $1,544,000 after acquiring an additional 220 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in Textron in the first quarter valued at $92,000. Stonegate Investment Group LLC purchased a new stake in Textron in the first quarter valued at $291,000. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Textron by 31.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 38,424 shares of the aerospace company's stock valued at $2,776,000 after purchasing an additional 9,082 shares during the last quarter. Hedge funds and other institutional investors own 86.03% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Susquehanna boosted their price objective on shares of Textron from $90.00 to $95.00 and gave the company a "positive" rating in a report on Friday, July 25th. The Goldman Sachs Group reiterated a "neutral" rating and set a $85.00 price target (down from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Barclays upped their price objective on shares of Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Morgan Stanley lifted their target price on shares of Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Finally, Wall Street Zen cut Textron from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $92.45.

Insider Transactions at Textron

In other news, EVP Julie G. Duffy sold 28,543 shares of Textron stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $79.37, for a total value of $2,265,457.91. Following the completion of the transaction, the executive vice president owned 37,624 shares in the company, valued at approximately $2,986,216.88. This trade represents a 43.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by corporate insiders.

Textron Price Performance

Shares of TXT opened at $81.31 on Friday. The company has a market cap of $14.49 billion, a P/E ratio of 18.40, a PEG ratio of 1.32 and a beta of 1.13. Textron Inc. has a fifty-two week low of $57.70 and a fifty-two week high of $91.30. The company has a quick ratio of 0.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.45. The firm's 50 day moving average price is $82.09 and its 200 day moving average price is $77.46.

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, topping 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 the consensus estimate of $3.64 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The company's quarterly revenue was up 5.4% compared to the same quarter last year. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. On average, research analysts forecast that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th were issued a dividend of $0.02 per share. The ex-dividend date was Friday, September 12th. This represents a $0.08 annualized dividend and a yield of 0.1%. Textron's dividend payout ratio is 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.

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