Adage Capital Partners GP L.L.C. Sells 279,611 Shares of Textron Inc. $TXT

Key Points

• Adage Capital Partners GP L.L.C. significantly reduced its stake in Textron Inc. by 50.7% during the first quarter, ending with approximately 271,365 shares valued at about $19.6 million.
• Textron reported earnings of $1.55 per share for the last quarter, surpassing analysts' expectations, with revenue reaching $3.72 billion, a 5.4% year-over-year increase.
• The company recently announced a quarterly dividend of $0.02 per share, reflecting an annual yield of 0.1%, with the payment set for October 1st for shareholders of record on September 12th.

Adage Capital Partners GP L.L.C. lessened its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 50.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 271,365 shares of the aerospace company's stock after selling 279,611 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.15% of Textron worth $19,606,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. grew its position in shares of Textron by 31.0% in the first 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. Graham Capital Management L.P. grew its position in shares of Textron by 166.8% in the fourth quarter. Graham Capital Management L.P. now owns 67,000 shares of the aerospace company's stock valued at $5,125,000 after purchasing an additional 41,888 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Textron by 16.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,193 shares of the aerospace company's stock valued at $1,474,000 after purchasing an additional 2,803 shares during the last quarter. LPL Financial LLC grew its position in shares of Textron by 4.9% in the first quarter. LPL Financial LLC now owns 89,732 shares of the aerospace company's stock valued at $6,483,000 after purchasing an additional 4,204 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Textron in the first quarter valued at approximately $545,000. Institutional investors and hedge funds own 86.03% of the company's stock.

Insider Activity at Textron

In other news, EVP Julie G. Duffy sold 28,543 shares of the stock in a transaction on 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 directly owned 37,624 shares in the company, valued at approximately $2,986,216.88. This represents a 43.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on TXT shares. Wall Street Zen raised Textron from a "buy" rating to a "strong-buy" rating in a research report on Saturday. The Goldman Sachs Group reissued a "neutral" rating and set a $85.00 price target (down previously from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Susquehanna increased their price target on Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Jefferies Financial Group reissued a "buy" rating and set a $95.00 price target (up previously from $85.00) on shares of Textron in a research report on Thursday, June 12th. Finally, Morgan Stanley increased their price target on Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Textron currently has an average rating of "Moderate Buy" and a consensus price target of $92.67.

Textron Price Performance

NYSE TXT traded up $0.02 on Wednesday, hitting $80.55. 408,514 shares of the company's stock were exchanged, compared to its average volume of 1,501,039. The stock has a 50-day moving average of $80.98 and a 200-day moving average of $75.51. The company has a current ratio of 1.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. Textron Inc. has a 52 week low of $57.70 and a 52 week high of $91.30. The stock has a market cap of $14.35 billion, a price-to-earnings ratio of 18.24, a P/E/G ratio of 1.35 and a beta of 1.14.

Textron (NYSE:TXT - Get Free Report) last released 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 return on equity of 14.26% and a net margin of 5.80%.The firm had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.64 billion. During the same period in the prior year, the company earned $1.54 earnings per share. The company's quarterly revenue was up 5.4% on a year-over-year basis. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. Analysts expect that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

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