JPMorgan Chase & Co. Sells 2,314,323 Shares of Textron Inc. (NYSE:TXT)

Key Points

• JPMorgan Chase & Co. has reduced its stake in Textron Inc. by 39.4%, selling over 2.3 million shares, and now holds approximately 1.97% of the company valued at $257.4 million.
• Insider transactions included EVP Julie G. Duffy selling 28,543 shares at an average price of $79.37, resulting in a 43.14% decrease in her position.
• Textron reported $1.55 EPS for the last quarter, exceeding analysts' expectations of $1.45, along with a revenue of $3.72 billion, up 5.4% year-over-year.

JPMorgan Chase & Co. lowered its stake in Textron Inc. (NYSE:TXT - Free Report) by 39.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,562,933 shares of the aerospace company's stock after selling 2,314,323 shares during the quarter. JPMorgan Chase & Co. owned about 1.97% of Textron worth $257,422,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Northern Trust Corp lifted its position in shares of Textron by 9.4% in the fourth quarter. Northern Trust Corp now owns 1,803,778 shares of the aerospace company's stock worth $137,971,000 after purchasing an additional 155,384 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Textron by 6,785.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,236,441 shares of the aerospace company's stock worth $94,575,000 after purchasing an additional 1,218,485 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of Textron by 97.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,031,144 shares of the aerospace company's stock worth $78,872,000 after purchasing an additional 510,085 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in Textron by 35.0% during the fourth quarter. Voloridge Investment Management LLC now owns 980,374 shares of the aerospace company's stock worth $74,989,000 after buying an additional 254,379 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in Textron by 2.2% in the first quarter. TD Asset Management Inc now owns 965,755 shares of the aerospace company's stock valued at $69,776,000 after acquiring an additional 20,733 shares during the last quarter. Institutional investors own 86.03% of the company's stock.

Insider Buying and Selling at Textron

In other news, EVP Julie G. Duffy sold 28,543 shares of the firm's 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 sale, the executive vice president directly owned 37,624 shares in the company, valued at approximately $2,986,216.88. This trade represents a 43.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company's stock.

Textron Price Performance

Textron stock traded down $1.37 during trading hours on Friday, reaching $78.95. 1,352,878 shares of the stock were exchanged, compared to its average volume of 1,879,055. The company has a market cap of $14.07 billion, a P/E ratio of 17.86, a price-to-earnings-growth ratio of 1.31 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 twelve month low of $57.70 and a twelve month high of $91.48. The stock has a 50 day moving average of $80.18 and a two-hundred day moving average of $74.74.

Textron (NYSE:TXT - Get Free Report) last posted 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. Textron had a net margin of 5.80% and a return on equity of 14.26%. The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period last year, the company posted $1.54 EPS. The firm's quarterly revenue was up 5.4% compared to the same quarter last year. Equities analysts expect that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date is Friday, September 12th. Textron's dividend payout ratio (DPR) is presently 1.81%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TXT shares. Jefferies Financial Group reissued a "buy" rating and issued a $95.00 price objective (up previously from $85.00) on shares of Textron in a research report on Thursday, June 12th. Barclays upped their price objective on shares of Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Wall Street Zen downgraded shares of Textron from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $85.00 price objective (down from $95.00) on shares of Textron in a report on Tuesday, July 1st. Finally, Morgan Stanley upped their price target on shares of Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $92.67.

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.