Citizens Financial Group Inc. RI Has $231,000 Stock Holdings in Textron Inc. (NYSE:TXT)

Key Points

• Citizens Financial Group Inc. RI significantly decreased its stake in Textron Inc. by 94.9%, selling 60,070 shares and owning only 3,197 shares worth $231,000 after the sale.
• Several hedge funds have adjusted their holdings in Textron, with Bank of Montreal Can increasing its position by 3.8% and Raymond James Financial Inc. acquiring a new position worth approximately $41.45 million.
• Textron's recent earnings report showed $1.55 earnings per share, surpassing analyst expectations of $1.45 and indicating a 5.4% year-over-year revenue growth.

Citizens Financial Group Inc. RI lowered its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 94.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,197 shares of the aerospace company's stock after selling 60,070 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Textron were worth $231,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. New Age Alpha Advisors LLC acquired a new stake in Textron in the 1st quarter valued at approximately $2,110,000. Jupiter Asset Management Ltd. acquired a new stake in Textron in the 1st quarter valued at approximately $545,000. Jefferies Financial Group Inc. acquired a new stake in Textron in the 1st quarter valued at approximately $304,000. XTX Topco Ltd acquired a new stake in Textron in the 1st quarter valued at approximately $1,690,000. Finally, Harvest Fund Management Co. Ltd raised its position in Textron by 100.0% in 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 during the last quarter. Institutional investors and hedge funds own 86.03% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TXT. Barclays raised their price target on Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Jefferies Financial Group restated a "buy" rating and issued a $95.00 price target (up from $85.00) on shares of Textron in a research note on Thursday, June 12th. Wall Street Zen downgraded Textron from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Morgan Stanley lifted their target price on Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Finally, UBS Group upgraded 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 research note on Monday, July 28th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $92.67.

Textron Stock Performance

TXT traded up $0.56 during trading on Monday, hitting $77.58. The stock had a trading volume of 1,643,316 shares, compared to its average volume of 1,909,290. The company has a 50 day moving average price of $79.78 and a 200-day moving average price of $74.65. The firm has a market cap of $13.83 billion, a price-to-earnings ratio of 17.55, a P/E/G ratio of 1.26 and a beta of 1.16. Textron Inc. has a one year low of $57.70 and a one year 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 results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.10. The business had revenue of $3.72 billion during the quarter, compared to the consensus estimate of $3.64 billion. Textron had a return on equity of 14.26% and a net margin of 5.80%. The firm's quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.54 EPS. As a group, research analysts predict that Textron Inc. will post 6.12 EPS for the current year.

Textron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued a $0.02 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.08 annualized dividend and a yield of 0.1%. Textron's payout ratio is currently 1.81%.

Insiders Place Their Bets

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of Textron 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 completion of the transaction, the executive vice president directly owned 37,624 shares of the company's stock, valued at $2,986,216.88. The trade was a 43.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is 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.