CCM Investment Group LLC Invests $1.34 Million in Textron Inc. (NYSE:TXT)

Key Points

• CCM Investment Group LLC made a new investment of approximately $1.34 million in Textron Inc., acquiring 18,292 shares during the first quarter of 2023.
• Insider activity was noted as EVP Julie G. Duffy sold 28,543 shares valued at over $2.26 million, significantly reducing her ownership by 43.14%.
• Analysts have mixed ratings on Textron, with target prices ranging from $85.00 to $105.00 reflecting a general sentiment of Moderate Buy with an average target of $92.67.

CCM Investment Group LLC purchased a new stake in shares of Textron Inc. (NYSE:TXT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 18,292 shares of the aerospace company's stock, valued at approximately $1,335,000.

Other hedge funds have also added to or reduced their stakes in the company. Banque Cantonale Vaudoise acquired a new stake in Textron during the 1st quarter valued at $25,000. Harvest Fund Management Co. Ltd lifted its holdings 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 purchasing an additional 262 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in Textron during the 1st quarter valued at $41,000. Optiver Holding B.V. acquired a new stake in Textron during the 4th quarter valued at $56,000. Finally, Federated Hermes Inc. lifted its holdings in shares of Textron by 48.8% during 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 in the last quarter. Institutional investors and hedge funds own 86.03% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on TXT. UBS Group raised Textron from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $73.00 to $88.00 in a report on Monday, July 28th. The Goldman Sachs Group reissued a "neutral" rating and set a $85.00 target price (down previously from $95.00) on shares of Textron in a report on Tuesday, July 1st. Jefferies Financial Group reissued a "buy" rating and set a $95.00 target price (up previously from $85.00) on shares of Textron in a report on Thursday, June 12th. Wall Street Zen downgraded Textron from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Susquehanna lifted their target price on Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Textron has a consensus rating of "Moderate Buy" and a consensus target price of $92.67.

Textron Price Performance

Textron stock traded up $0.92 during midday trading on Tuesday, reaching $78.50. The company's stock had a trading volume of 1,263,922 shares, compared to its average volume of 1,925,626. Textron Inc. has a 52 week low of $57.70 and a 52 week high of $91.48. 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 business has a 50-day moving average price of $79.86 and a 200-day moving average price of $74.67. The stock has a market cap of $13.99 billion, a PE ratio of 17.76, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16.

Textron (NYSE:TXT - Get Free Report) last released its earnings results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $3.64 billion. During the same quarter in the previous year, the business posted $1.54 earnings per share. The business's revenue for the quarter was up 5.4% on a year-over-year basis. On average, sell-side analysts predict that Textron Inc. will post 6.12 EPS for the current year.

Textron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given 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 payout ratio is currently 1.81%.

Insider Transactions at Textron

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of Textron stock in a transaction dated 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 in the company, valued at $2,986,216.88. The trade was a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is currently owned by corporate insiders.

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.