Alliancebernstein L.P. Sells 9,105 Shares of Textron Inc. $TXT

Key Points

• Alliancebernstein L.P. reduced its holdings in Textron Inc. by 3.9%, owning 222,634 shares worth approximately $16 million after the sale.
• Several other hedge funds have also adjusted their positions in Textron, with Cambridge Investment Research Advisors lifting its stake by 31%.
• Analysts have upgraded Textron's ratings, with Barclays increasing its price target from $95 to $105 and others maintaining a moderate buy outlook.

Alliancebernstein L.P. trimmed its position in Textron Inc. (NYSE:TXT - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 222,634 shares of the aerospace company's stock after selling 9,105 shares during the period. Alliancebernstein L.P. owned 0.12% of Textron worth $16,085,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its holdings in 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 period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Textron by 16.1% in the 1st 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 period. LPL Financial LLC boosted its holdings in Textron by 4.9% in the 1st 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 period. Jupiter Asset Management Ltd. bought a new stake in shares of Textron during the 1st quarter worth $545,000. Finally, TD Asset Management Inc lifted its holdings in shares of Textron by 2.2% during the 1st quarter. TD Asset Management Inc now owns 965,755 shares of the aerospace company's stock worth $69,776,000 after acquiring an additional 20,733 shares during the last quarter. 86.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TXT has been the subject of a number of research analyst reports. Morgan Stanley lifted their price objective on shares of Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Wall Street Zen raised shares of Textron from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 6th. Susquehanna lifted their price objective on shares of Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Barclays boosted 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. Finally, The Goldman Sachs Group reissued a "neutral" rating and issued a $85.00 price target (down from $95.00) on shares of Textron in a research note on Tuesday, July 1st. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $92.67.

Insiders Place Their Bets

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the company'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 sale, the executive vice president owned 37,624 shares in the company, valued at approximately $2,986,216.88. This represents a 43.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.70% of the company's stock.

Textron Trading Down 0.7%

Shares of NYSE TXT traded down $0.61 during midday trading on Wednesday, hitting $82.82. 2,042,620 shares of the company traded hands, compared to its average volume of 1,180,424. Textron Inc. has a 12-month low of $57.70 and a 12-month high of $91.30. 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 stock has a 50-day moving average price of $80.98 and a 200 day moving average price of $75.86. The firm has a market cap of $14.76 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.36 and a beta of 1.14.

Textron (NYSE:TXT - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.10. The company had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.64 billion. Textron had a net margin of 5.80% and a return on equity of 14.26%. Textron's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.54 earnings per share. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. As a group, analysts expect that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Announces Dividend

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