AQR Capital Management LLC Sells 332,138 Shares of Textron Inc. $TXT

Key Points

• AQR Capital Management LLC reduced its holdings in Textron Inc. by 23.3%, selling 332,138 shares and now owns approximately 1,091,406 shares worth about $78.85 million.
• Textron reported earnings of $1.55 per share, outperforming analyst estimates and achieving year-over-year revenue growth of 5.4% during the last quarter.
• The firm announced a quarterly dividend of $0.02 per share, with a low annualized yield of 0.1%, payable on October 1st to shareholders of record.

AQR Capital Management LLC trimmed its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 23.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,091,406 shares of the aerospace company's stock after selling 332,138 shares during the quarter. AQR Capital Management LLC owned about 0.60% of Textron worth $78,854,000 at the end of the most recent quarter.

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

Insider Transactions at Textron

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the business'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 owned 37,624 shares of the company's stock, valued at approximately $2,986,216.88. The trade was a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TXT shares. Susquehanna upped their price target on shares of Textron from $90.00 to $95.00 and gave the company a "positive" rating in a report on Friday, July 25th. UBS Group upgraded Textron from a "sell" rating to a "neutral" rating and increased their target price for the company from $73.00 to $88.00 in a research note on Monday, July 28th. Wall Street Zen raised Textron from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 6th. Barclays upped their price target on Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Finally, Jefferies Financial Group reissued a "buy" rating and issued a $95.00 price target (up from $85.00) on shares of Textron in a report on Thursday, June 12th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $92.67.

Textron Price Performance

TXT stock traded up $1.28 during trading on Thursday, hitting $82.30. 1,110,574 shares of the stock traded hands, compared to its average volume of 1,142,403. The stock has a market cap of $14.67 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 1.32 and a beta of 1.14. Textron Inc. has a one year low of $57.70 and a one year high of $91.30. The company has a current ratio of 1.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company has a 50 day simple moving average of $80.96 and a 200 day simple moving average of $75.62.

Textron (NYSE:TXT - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.64 billion. During the same period in the prior year, the firm earned $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. Equities analysts expect that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Dividend Announcement

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