Engineers Gate Manager LP Cuts Stock Holdings in Textron Inc. $TXT

Key Points

• Engineers Gate Manager LP reduced its Textron stake by 12.6% in the fourth quarter, selling 85,940 shares and leaving it with 594,879 shares worth about $51.9 million.
• Textron posted better-than-expected first-quarter results, earning $1.45 per share on revenue of $3.70 billion, both above analyst estimates, with revenue up 11.8% year over year.
• Wall Street sentiment remains constructive: analysts have an average Moderate Buy rating on TXT, with an average price target of $101.18, while the stock recently traded around $92.56.

Engineers Gate Manager LP trimmed its position in shares of Textron Inc. (NYSE:TXT - Free Report) by 12.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 594,879 shares of the aerospace company's stock after selling 85,940 shares during the quarter. Textron accounts for approximately 0.6% of Engineers Gate Manager LP's portfolio, making the stock its 25th largest holding. Engineers Gate Manager LP owned about 0.34% of Textron worth $51,856,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. State Street Corp lifted its holdings in Textron by 2.6% during the fourth quarter. State Street Corp now owns 9,464,324 shares of the aerospace company's stock worth $825,193,000 after acquiring an additional 244,017 shares during the period. Invesco Ltd. lifted its holdings in Textron by 1.7% during the third quarter. Invesco Ltd. now owns 8,270,901 shares of the aerospace company's stock worth $698,808,000 after acquiring an additional 140,713 shares during the period. Boston Partners lifted its holdings in Textron by 0.9% during the third quarter. Boston Partners now owns 7,257,533 shares of the aerospace company's stock worth $613,327,000 after acquiring an additional 66,747 shares during the period. AQR Capital Management LLC lifted its holdings in Textron by 51.1% during the fourth quarter. AQR Capital Management LLC now owns 5,357,182 shares of the aerospace company's stock worth $466,986,000 after acquiring an additional 1,811,787 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Textron by 18.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,551,781 shares of the aerospace company's stock worth $222,455,000 after acquiring an additional 405,314 shares during the period. 86.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TXT shares. Sanford C. Bernstein lifted their price target on Textron from $94.00 to $108.00 and gave the stock a "market perform" rating in a report on Thursday, February 19th. Wells Fargo & Company started coverage on Textron in a report on Wednesday, April 1st. They set an "equal weight" rating and a $92.00 price target on the stock. Morgan Stanley set a $109.00 price target on shares of Textron in a research note on Monday, May 4th. TD Cowen upgraded shares of Textron from a "hold" rating to a "buy" rating in a research note on Thursday, April 30th. Finally, UBS Group raised their price target on shares of Textron from $99.00 to $100.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $101.18.

Textron Trading Down 1.3%

Shares of TXT stock opened at $92.56 on Thursday. The company has a 50 day moving average of $91.25 and a 200-day moving average of $91.36. The company has a quick ratio of 0.87, a current ratio of 1.84 and a debt-to-equity ratio of 0.43. Textron Inc. has a 12-month low of $75.80 and a 12-month high of $101.57. The firm has a market cap of $16.10 billion, a P/E ratio of 17.70, a PEG ratio of 1.40 and a beta of 0.90.

Textron (NYSE:TXT - Get Free Report) last issued its earnings results on Thursday, April 30th. The aerospace company reported $1.45 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.15. The firm had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.50 billion. Textron had a net margin of 6.15% and a return on equity of 14.56%. The company's quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter last year, the business earned $1.28 earnings per share. Textron has set its FY 2026 guidance at 6.400-6.600 EPS. Sell-side analysts anticipate that Textron Inc. will post 6.6 earnings per share for the current year.

Textron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date is Friday, June 12th. Textron's dividend payout ratio (DPR) is currently 1.53%.

Insider Transactions at Textron

In other Textron news, Director Thomas A. Kennedy bought 10,300 shares of the business's stock in a transaction on Friday, May 1st. The stock was purchased at an average price of $95.98 per share, for a total transaction of $988,594.00. Following the completion of the transaction, the director directly owned 20,162 shares of the company's stock, valued at $1,935,148.76. This trade represents a 104.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director R Kerry Clark sold 2,517 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $93.09, for a total transaction of $234,307.53. Following the transaction, the director owned 8,611 shares of the company's stock, valued at $801,597.99. This represents a 22.62% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Textron Profile

Textron Inc is a global, multi-industry manufacturing company headquartered in Providence, Rhode Island. The company designs, manufactures and services a diverse range of products for the aerospace, defense and industrial markets. Textron operates through four primary business segments—Textron Aviation, Bell, Textron Systems and Industrial—each of which serves customers around the world.

Textron Aviation is known for its Cessna and Beechcraft branded business jets and turboprop aircraft, offering models that range from light jets and turboprops to larger cabin aircraft designed for corporate and charter use.

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