First Hawaiian Bank Cuts Stake in Textron Inc. $TXT

Key Points

• First Hawaiian Bank significantly reduced its stake in Textron Inc. by 70.7% during the first quarter, ending up with 4,095 shares valued at approximately $296,000.
• Textron Inc. reported earnings of $1.55 per share for the last quarter, exceeding analysts' expectations of $1.45, and achieved a revenue of $3.72 billion.
• The company announced a quarterly dividend of $0.02 per share to be paid on October 1st, resulting in a 0.1% annualized yield for investors.

First Hawaiian Bank cut its stake in Textron Inc. (NYSE:TXT - Free Report) by 70.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,095 shares of the aerospace company's stock after selling 9,873 shares during the quarter. First Hawaiian Bank's holdings in Textron were worth $296,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Textron during the first quarter valued at about $89,403,000. Millennium Management LLC grew its stake in shares of Textron by 128.7% during the first quarter. Millennium Management LLC now owns 1,113,026 shares of the aerospace company's stock valued at $80,416,000 after acquiring an additional 626,346 shares in the last quarter. Invesco Ltd. grew its stake in shares of Textron by 5.6% during the first quarter. Invesco Ltd. now owns 8,166,902 shares of the aerospace company's stock valued at $590,059,000 after acquiring an additional 433,567 shares in the last quarter. Voloridge Investment Management LLC grew its stake in shares of Textron by 35.0% during the fourth quarter. Voloridge Investment Management LLC now owns 980,374 shares of the aerospace company's stock valued at $74,989,000 after acquiring an additional 254,379 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of Textron by 110.6% during the first quarter. Mackenzie Financial Corp now owns 442,358 shares of the aerospace company's stock valued at $31,960,000 after acquiring an additional 232,277 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Stock Performance

TXT opened at $82.24 on Tuesday. The business's 50 day moving average is $80.95 and its 200-day moving average is $75.76. The stock has a market cap of $14.66 billion, a PE ratio of 18.61, a price-to-earnings-growth ratio of 1.33 and a beta of 1.14. 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 twelve month low of $57.70 and a twelve month high of $91.30.

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 for the quarter, beating analysts' consensus estimates of $1.45 by $0.10. The company had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.64 billion. Textron had a return on equity of 14.26% and a net margin of 5.80%.The business's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.54 earnings per share. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. On average, analysts predict that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a dividend of $0.02 per share. 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 presently 1.81%.

Analyst Ratings Changes

TXT has been the subject of several recent analyst reports. The Goldman Sachs Group restated a "neutral" rating and set a $85.00 target price (down from $95.00) on shares of Textron in a research note on Tuesday, July 1st. Jefferies Financial Group reiterated 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 upgraded Textron from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 6th. Barclays lifted their price target on Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, UBS Group upgraded Textron from a "sell" rating to a "neutral" rating and lifted their target price for the company from $73.00 to $88.00 in a research note on Monday, July 28th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Textron currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.67.

Insider Transactions at Textron

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

Textron 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.

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