Connor Clark & Lunn Investment Management Ltd. Makes New $7.63 Million Investment in Textron Inc. (NYSE:TXT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. made a new investment of approximately $7.63 million in Textron Inc., acquiring 105,616 shares, representing about 0.06% of the company's stock.
• Several hedge funds have increased their positions in Textron, with notable increases from Cambridge Investment Research Advisors Inc. by 31.0% and Graham Capital Management L.P. by 166.8%.
• Textron reported earnings per share of $1.55 for the last quarter, surpassing expectations and showing a year-over-year revenue increase of 5.4%.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Textron Inc. (NYSE:TXT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 105,616 shares of the aerospace company's stock, valued at approximately $7,631,000. Connor Clark & Lunn Investment Management Ltd. owned 0.06% of Textron at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TXT. Banque Cantonale Vaudoise purchased a new stake in shares of Textron in the first quarter valued at approximately $25,000. Harvest Fund Management Co. Ltd grew its stake in Textron by 100.0% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock worth $39,000 after buying an additional 262 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in Textron during the 1st quarter worth $41,000. Optiver Holding B.V. acquired a new position in Textron in the 4th quarter worth about $56,000. Finally, Federated Hermes Inc. raised its holdings in Textron by 48.8% in the 1st quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock worth $58,000 after purchasing an additional 263 shares during the period. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Textron Trading Down 1.5%

NYSE TXT traded down $1.20 on Friday, reaching $79.12. 695,083 shares of the company were exchanged, compared to its average volume of 1,532,458. The business's fifty day moving average price is $80.12 and its 200 day moving average price is $74.73. The stock has a market capitalization of $14.10 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 1.33 and a beta of 1.16. The company has a current ratio of 1.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. Textron Inc. has a fifty-two week low of $57.70 and a fifty-two week high of $91.48.

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. The company had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.64 billion. Textron had a return on equity of 14.26% and a net margin of 5.80%. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.54 earnings per share. Analysts forecast that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 presently 1.81%.

Insiders Place Their Bets

In related news, EVP Julie G. Duffy sold 28,543 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $2,986,216.88. This represents a 43.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

TXT has been the subject of a number of analyst reports. Morgan Stanley upped their price target on Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $95.00 price target (up previously from $85.00) on shares of Textron in a report on Thursday, June 12th. UBS Group raised Textron from a "sell" rating to a "neutral" rating and upped their price target for the stock from $73.00 to $88.00 in a report on Monday, July 28th. Wall Street Zen lowered Textron from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $85.00 price objective (down from $95.00) on shares of Textron in a research note on Tuesday, July 1st. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $92.67.

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.