International Assets Investment Management LLC Purchases New Stake in Textron Inc. $TXT

Key Points

• International Assets Investment Management opened a Textron position of 50,000 shares in the third quarter, valued at approximately $3.81 million.
• Textron reported quarterly EPS of $1.76, beating the $1.43 consensus estimate, while revenue of $3.75 billion came in slightly below forecasts; revenue rose 4.1% year over year.
• Analysts have a consensus Hold rating and an average price target of $101.09. Textron also declared a quarterly dividend of $0.02 per share.

International Assets Investment Management LLC purchased a new position in shares of Textron Inc. (NYSE:TXT - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 50,000 shares of the aerospace company's stock, valued at approximately $3,810,000.

Several other institutional investors have also recently made changes to their positions in the company. Wedmont Private Capital lifted its holdings in Textron by 4.0% in the second quarter. Wedmont Private Capital now owns 4,896 shares of the aerospace company's stock valued at $445,000 after acquiring an additional 187 shares during the last quarter. Twin Capital Management Inc. increased its stake in Textron by 1.5% during the first quarter. Twin Capital Management Inc. now owns 12,722 shares of the aerospace company's stock worth $1,114,000 after acquiring an additional 189 shares during the last quarter. Resona Asset Management Co. Ltd. increased its stake in Textron by 0.4% during the first quarter. Resona Asset Management Co. Ltd. now owns 53,279 shares of the aerospace company's stock worth $4,650,000 after acquiring an additional 220 shares during the last quarter. Nissay Asset Management Corp Japan raised its position in Textron by 1.1% in the second quarter. Nissay Asset Management Corp Japan now owns 23,161 shares of the aerospace company's stock valued at $2,125,000 after purchasing an additional 241 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in Textron by 8.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,289 shares of the aerospace company's stock valued at $302,000 after purchasing an additional 254 shares during the period. Hedge funds and other institutional investors own 86.03% of the company's stock.

Textron Trading Down 1.8%

TXT opened at $83.66 on Friday. Textron Inc. has a 52 week low of $71.87 and a 52 week high of $101.57. The business has a fifty day simple moving average of $78.96 and a 200-day simple moving average of $88.14. The firm has a market cap of $14.17 billion, a P/E ratio of 15.07, a P/E/G ratio of 1.12 and a beta of 0.88. The company has a quick ratio of 0.82, a current ratio of 1.80 and a debt-to-equity ratio of 0.42.

Textron (NYSE:TXT - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The aerospace company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.33. Textron had a return on equity of 14.34% and a net margin of 6.30%. The firm had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the previous year, the business earned $1.55 EPS. The company's quarterly revenue was up 4.1% compared to the same quarter last year. On average, equities analysts expect that Textron Inc. will post 6.63 earnings per share for the current year.

Textron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 1st. Shareholders of record on Friday, December 11th will be paid a dividend of $0.02 per share. The ex-dividend date is Friday, December 11th. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. Textron's dividend payout ratio is 1.44%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. TD Cowen decreased their price target on Textron from $105.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, October 9th. Morgan Stanley raised their price objective on Textron from $86.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Monday, November 2nd. Citigroup boosted their price objective on shares of Textron from $86.00 to $97.00 and gave the company a "neutral" rating in a report on Monday, November 2nd. Wall Street Zen lowered shares of Textron from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, UBS Group upped their target price on shares of Textron from $86.00 to $94.00 and gave the company a "neutral" rating in a research report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, Textron presently has a consensus rating of "Hold" and a consensus target price of $101.09.

Textron Profile

Textron Inc is a diversified industrial and aerospace company whose businesses design, manufacture and support products for commercial, government and consumer markets. Its operations include aviation, defense and industrial products, with customers in the United States and internationally.

Through Textron Aviation, the company produces Cessna and Beechcraft aircraft, including business jets, turboprops and piston-engine aircraft, and provides related maintenance and support services. Its Bell business makes military and commercial helicopters and tiltrotor aircraft, while Textron Systems develops defense and aerospace products such as unmanned aircraft and other mission systems.

Textron's industrial businesses make products that include specialty vehicles, golf cars, outdoor power equipment and components.

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