Cetera Investment Advisers Sells 28,521 Shares of Textron Inc. (NYSE:TXT)

Key Points

• Cetera Investment Advisers reduced its holdings in Textron Inc. by 54.1% during the first quarter, owning 24,196 shares after selling 28,521 shares.
• Insider transactions included EVP Julie G. Duffy selling 28,543 shares, which represents a 43.14% decrease in her position.
• Analysts have mixed ratings on Textron, with a current average rating of "Moderate Buy" and a price target adjustment range between $73.00 and $95.00.

Cetera Investment Advisers cut its position in Textron Inc. (NYSE:TXT - Free Report) by 54.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,196 shares of the aerospace company's stock after selling 28,521 shares during the period. Cetera Investment Advisers' holdings in Textron were worth $1,748,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bank of Montreal Can raised its holdings in shares of Textron by 3.8% during the fourth quarter. Bank of Montreal Can now owns 197,855 shares of the aerospace company's stock worth $15,134,000 after acquiring an additional 7,240 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Textron during the fourth quarter worth $41,451,000. Treasurer of the State of North Carolina raised its holdings in shares of Textron by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 82,184 shares of the aerospace company's stock worth $6,286,000 after acquiring an additional 520 shares during the period. Sterling Capital Management LLC raised its holdings in shares of Textron by 55.7% during the fourth quarter. Sterling Capital Management LLC now owns 11,077 shares of the aerospace company's stock worth $847,000 after acquiring an additional 3,961 shares during the period. Finally, Altman Advisors Inc. raised its holdings in shares of Textron by 1.8% during the fourth quarter. Altman Advisors Inc. now owns 22,417 shares of the aerospace company's stock worth $1,715,000 after acquiring an additional 389 shares during the period. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Price Performance

TXT stock traded down $0.35 during trading on Friday, reaching $77.03. 744,906 shares of the company were exchanged, compared to its average volume of 1,909,290. The company has a 50-day moving average of $79.70 and a two-hundred day moving average of $74.64. The company has a market capitalization of $13.73 billion, a price-to-earnings ratio of 17.43, a P/E/G ratio of 1.26 and a beta of 1.16. Textron Inc. has a twelve month low of $57.70 and a twelve month high of $91.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.84 and a quick ratio of 0.84.

Textron (NYSE:TXT - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.10. The business had revenue of $3.72 billion during 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%. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.54 EPS. As a group, equities analysts predict that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 0.1%. The ex-dividend date is Friday, September 12th. Textron's dividend payout ratio is 1.81%.

Insider Transactions at Textron

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the executive vice president directly owned 37,624 shares in the company, valued at approximately $2,986,216.88. This represents a 43.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group restated a "neutral" rating and set a $85.00 price objective (down from $95.00) on shares of Textron in a report on Tuesday, July 1st. Morgan Stanley lifted their price target on shares of Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Susquehanna lifted their price target on shares of Textron from $90.00 to $95.00 and gave the company a "positive" rating in a research note on Friday, July 25th. UBS Group upgraded shares of Textron from a "sell" rating to a "neutral" rating and lifted their price target for the company from $73.00 to $88.00 in a research note on Monday, July 28th. Finally, Wall Street Zen lowered shares of Textron from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $92.67.

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.