Textron Inc. $TXT Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP has reduced its holdings in Textron Inc. by 5.2%, selling 6,897 shares during the 1st quarter of the year, leaving it with a total of 124,536 shares valued at approximately $9 million.
• Several institutional investors have recently made significant modifications to their positions in Textron, including Balyasny Asset Management, which increased its stake by over 6,785% to own 1.24 million shares.
• Textron reported earnings of $1.55 per share for the last quarter, surpassing expectations of $1.45, and announced a quarterly dividend of $0.02 per share, reflecting a minimal yield of 0.1%.

Korea Investment CORP reduced its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 124,536 shares of the aerospace company's stock after selling 6,897 shares during the quarter. Korea Investment CORP owned 0.07% of Textron worth $8,998,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new position in shares of Textron during the 1st quarter valued at approximately $25,000. Harvest Fund Management Co. Ltd lifted its stake in Textron by 100.0% during the first quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock worth $39,000 after purchasing an additional 262 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in Textron in the first quarter worth $41,000. Optiver Holding B.V. bought a new stake in Textron during the fourth quarter valued at $56,000. Finally, Federated Hermes Inc. increased its stake in Textron by 48.8% during the first quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock valued at $58,000 after purchasing an additional 263 shares during the last quarter. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. The Goldman Sachs Group reiterated a "neutral" rating and set a $85.00 target price (down previously from $95.00) on shares of Textron in a research note on Tuesday, July 1st. Barclays boosted their target price on shares of Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Susquehanna boosted their target price on shares of Textron from $90.00 to $95.00 and gave the company a "positive" rating in a research note on Friday, July 25th. UBS Group upgraded shares of Textron from a "sell" rating to a "neutral" rating and boosted their target price for the company from $73.00 to $88.00 in a research note on Monday, July 28th. Finally, Morgan Stanley boosted their target price 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 Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $92.67.

Insiders Place Their Bets

In related news, EVP Julie G. Duffy sold 28,543 shares of the company's stock in a transaction dated 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 completion of the sale, the executive vice president owned 37,624 shares of the company's stock, valued at $2,986,216.88. This represents a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.70% of the stock is owned by insiders.

Textron Stock Performance

Shares of Textron stock traded up $0.51 during trading on Wednesday, hitting $81.89. 363,549 shares of the stock were exchanged, compared to its average volume of 1,512,008. The stock's fifty day moving average is $80.59 and its 200 day moving average is $74.96. The stock has a market cap of $14.59 billion, a PE ratio of 18.53, a P/E/G ratio of 1.32 and a beta of 1.16. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.84. Textron Inc. has a 12 month low of $57.70 and a 12 month high of $91.48.

Textron (NYSE:TXT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.64 billion. Textron had a net margin of 5.80% and a return on equity of 14.26%. The company's revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.54 earnings per share. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. As a group, sell-side analysts anticipate that Textron Inc. will post 6.12 EPS for the current year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 12th will be issued a $0.02 dividend. 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 dividend payout ratio is presently 1.81%.

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.