Drive Wealth Management LLC Invests $1.02 Million in Textron Inc. (NYSE:TXT)

Key Points

• Drive Wealth Management LLC has acquired a new stake of 14,158 shares in Textron Inc., valued at approximately $1,023,000, in the first quarter of the year.
• Analysts have set new price targets for Textron, with Jefferies Financial Group raising its target to $95.00 while Goldman Sachs lowered its target to $85.00.
• Textron's recent quarterly earnings report revealed a profit of $1.55 per share, exceeding expectations and indicating a revenue increase of 5.4% compared to the previous year.

Drive Wealth Management LLC purchased a new stake in shares of Textron Inc. (NYSE:TXT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 14,158 shares of the aerospace company's stock, valued at approximately $1,023,000.

Other institutional investors have also recently made changes to their positions in the company. Optiver Holding B.V. purchased a new stake in shares of Textron during the 4th quarter valued at approximately $56,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Textron by 123.3% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 842 shares of the aerospace company's stock valued at $61,000 after buying an additional 465 shares during the period. Parallel Advisors LLC raised its position in shares of Textron by 22.9% during the 1st quarter. Parallel Advisors LLC now owns 1,115 shares of the aerospace company's stock valued at $81,000 after buying an additional 208 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of Textron during the 1st quarter valued at approximately $92,000. Finally, Transce3nd LLC purchased a new stake in shares of Textron during the 4th quarter valued at approximately $108,000. Hedge funds and other institutional investors own 86.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TXT. Wall Street Zen lowered shares of Textron from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Susquehanna lifted their target price on shares of Textron from $90.00 to $95.00 and gave the company a "positive" rating in a report on Friday. Jefferies Financial Group reiterated a "buy" rating and issued a $95.00 target price (up previously from $85.00) on shares of Textron in a report on Thursday, June 12th. UBS Group lifted their target price on shares of Textron from $62.00 to $63.00 and gave the company a "sell" rating in a report on Monday, April 28th. Finally, Morgan Stanley lifted their target price on shares of Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Textron currently has an average rating of "Hold" and an average target price of $89.75.

Textron Stock Down 1.8%

Shares of NYSE:TXT traded down $1.48 during trading on Friday, hitting $79.45. The company's stock had a trading volume of 4,296,444 shares, compared to its average volume of 1,556,525. The business has a 50 day moving average price of $78.99 and a two-hundred day moving average price of $74.70. The company has a market capitalization of $14.34 billion, a PE ratio of 17.97, a P/E/G ratio of 1.29 and a beta of 1.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.83 and a current ratio of 1.68. Textron Inc. has a fifty-two week low of $57.70 and a fifty-two week high of $93.98.

Textron (NYSE:TXT - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The aerospace company reported $1.55 EPS for the quarter, topping 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 net margin of 5.80% and a return on equity of 14.26%. The company's quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.54 earnings per share. As a group, research analysts expect that Textron Inc. will post 6.12 EPS for the current fiscal year.

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.