Bank of New York Mellon Corp lowered its stake in Textron Inc. (NYSE:TXT - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,349,222 shares of the aerospace company's stock after selling 79,155 shares during the period. Bank of New York Mellon Corp owned 0.74% of Textron worth $97,481,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in TXT. Invesco Ltd. boosted its stake in shares of Textron by 17.8% during the 4th quarter. Invesco Ltd. now owns 7,733,335 shares of the aerospace company's stock valued at $591,523,000 after purchasing an additional 1,167,105 shares in the last quarter. Boston Partners boosted its position in Textron by 4.7% during the 4th quarter. Boston Partners now owns 7,483,692 shares of the aerospace company's stock valued at $572,465,000 after acquiring an additional 333,127 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Textron by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 4,595,861 shares of the aerospace company's stock worth $350,619,000 after acquiring an additional 164,964 shares during the period. Brandes Investment Partners LP grew its holdings in shares of Textron by 19.4% during the 4th quarter. Brandes Investment Partners LP now owns 1,859,703 shares of the aerospace company's stock worth $142,249,000 after acquiring an additional 302,712 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Textron by 9.4% in the 4th quarter. Northern Trust Corp now owns 1,803,778 shares of the aerospace company's stock valued at $137,971,000 after purchasing an additional 155,384 shares during the period. 86.03% of the stock is owned by hedge funds and other institutional investors.
Textron Stock Up 3.3%
TXT traded up $2.74 during trading on Thursday, hitting $85.21. 2,200,988 shares of the company's stock traded hands, compared to its average volume of 1,270,955. Textron Inc. has a 12-month low of $57.70 and a 12-month high of $94.57. The company's 50 day simple moving average is $76.28 and its two-hundred day simple moving average is $74.05. The company has a current ratio of 1.80, a quick ratio of 0.83 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $15.38 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 1.34 and a beta of 1.17.
Textron (NYSE:TXT - Get Free Report) last issued its earnings results on Thursday, April 24th. The aerospace company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.11. The business had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.26 billion. Textron had a return on equity of 14.77% and a net margin of 5.98%. Textron's revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 EPS. Analysts predict that Textron Inc. will post 6.12 earnings per share for the current fiscal year.
Textron Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date was Friday, June 13th. Textron's dividend payout ratio (DPR) is presently 1.81%.
Analyst Ratings Changes
A number of equities analysts have issued reports on TXT shares. Wall Street Zen downgraded Textron from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 5th. Jefferies Financial Group reissued a "buy" rating and set a $95.00 price target (up from $85.00) on shares of Textron in a research report on Thursday, June 12th. UBS Group boosted their price objective on shares of Textron from $62.00 to $63.00 and gave the stock a "sell" rating in a research note on Monday, April 28th. Citigroup lowered their target price on shares of Textron from $111.00 to $107.00 and set a "buy" rating for the company in a report on Thursday, April 10th. 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 report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $88.08.
Read Our Latest Stock Report on Textron
About Textron
(
Free Report)
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.
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