Teza Capital Management LLC Takes Position in Textron Inc. $TXT

Key Points

• Teza Capital Management LLC has acquired a new position in Textron Inc. by purchasing 9,891 shares valued at around $715,000 during the first quarter.
• Textron's stock opened at $81.31, with a market capitalization of $14.49 billion, and the company reported earnings of $1.55 per share, exceeding analyst expectations.
• The company announced a quarterly dividend of $0.02 per share, with an annualized rate of $0.08, representing a yield of 0.1%.

Teza Capital Management LLC purchased a new stake in Textron Inc. (NYSE:TXT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 9,891 shares of the aerospace company's stock, valued at approximately $715,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TXT. Nuveen LLC purchased a new stake in Textron in the first quarter valued at $89,403,000. Millennium Management LLC raised its holdings in shares of Textron by 128.7% in the first quarter. Millennium Management LLC now owns 1,113,026 shares of the aerospace company's stock valued at $80,416,000 after buying an additional 626,346 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Textron by 5.6% during the first 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 during the period. Voloridge Investment Management LLC boosted its stake in shares of Textron by 35.0% during the fourth quarter. Voloridge Investment Management LLC now owns 980,374 shares of the aerospace company's stock worth $74,989,000 after buying an additional 254,379 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in shares of Textron by 110.6% during the first quarter. Mackenzie Financial Corp now owns 442,358 shares of the aerospace company's stock worth $31,960,000 after buying an additional 232,277 shares during the period. 86.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group reiterated a "neutral" rating and set a $85.00 target price (down previously from $95.00) on shares of Textron in a research note on Tuesday, July 1st. UBS Group upgraded shares of Textron from a "sell" rating to a "neutral" rating and increased their target price for the stock from $73.00 to $88.00 in a research note on Monday, July 28th. Wall Street Zen upgraded shares of Textron from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 6th. Morgan Stanley increased their target price 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. Finally, Susquehanna increased their target price 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. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Textron currently has a consensus rating of "Moderate Buy" and an average price target of $92.67.

Insider Activity at Textron

In other news, EVP Julie G. Duffy sold 28,543 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 37,624 shares in the company, valued at $2,986,216.88. This represents a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by corporate insiders.

Textron Price Performance

TXT traded down $0.61 on Friday, hitting $81.61. 368,430 shares of the company were exchanged, compared to its average volume of 1,495,372. 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 business's fifty day moving average is $80.96 and its 200 day moving average is $75.62. Textron Inc. has a fifty-two week low of $57.70 and a fifty-two week high of $91.30. The firm has a market capitalization of $14.54 billion, a P/E ratio of 18.46, a price-to-earnings-growth ratio of 1.32 and a beta of 1.14.

Textron (NYSE:TXT - Get Free Report) last issued its earnings results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share 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 company had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the business posted $1.54 earnings per share. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. As a group, sell-side analysts anticipate that Textron Inc. will post 6.12 EPS for the current year.

Textron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.1%. The ex-dividend date is Friday, September 12th. Textron's dividend payout ratio is presently 1.81%.

Textron Company Profile

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.