Alliancebernstein L.P. Reduces Stake in 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. lowered its position in Textron Inc. (NYSE:TXT - Free Report) by 3.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new position in Textron during the 1st quarter valued at approximately $25,000. Harvest Fund Management Co. Ltd increased its position in Textron by 100.0% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock valued at $39,000 after buying an additional 262 shares in the last quarter. Zions Bancorporation National Association UT bought a new position in Textron during the 1st quarter valued at approximately $41,000. Federated Hermes Inc. increased its position in Textron by 48.8% during the 1st quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock valued at $58,000 after buying an additional 263 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position in Textron by 123.3% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 842 shares of the aerospace company's stock valued at $61,000 after buying an additional 465 shares in the last quarter. Institutional investors own 86.03% of the company's stock.

Wall Street Analysts Forecast Growth

TXT has been the subject of a number of analyst reports. Barclays raised their price objective on Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. UBS Group raised Textron from a "sell" rating to a "neutral" rating and raised their price objective for the company from $73.00 to $88.00 in a research report on Monday, July 28th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $85.00 price objective (down previously from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Morgan Stanley raised their price objective on Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $95.00 target price (up from $85.00) on shares of Textron in a research note on Thursday, June 12th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $92.67.

Insider Activity

In other news, EVP Julie G. Duffy sold 28,543 shares of the firm's 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 transaction, the executive vice president directly owned 37,624 shares in the company, valued at $2,986,216.88. This trade represents a 43.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.70% of the stock is currently owned by company insiders.

Textron Stock Down 1.2%

TXT traded down $0.96 during trading on Friday, hitting $81.29. 984,901 shares of the company's stock traded hands, compared to its average volume of 1,149,266. The company's 50 day simple moving average is $80.93 and its two-hundred day simple moving average is $75.69. 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 12-month low of $57.70 and a 12-month high of $91.30. The stock has a market capitalization of $14.49 billion, a price-to-earnings ratio of 18.39, a PEG ratio of 1.34 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 EPS for the quarter, beating 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 business had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the business posted $1.54 EPS. The company's 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. Analysts predict that Textron Inc. will post 6.12 earnings per share for the current fiscal 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 (DPR) is 1.81%.

Textron 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.