Kovitz Investment Group Partners LLC Raises Position in Textron Inc. $TXT

Key Points

• Kovitz Investment Group Partners LLC increased its stake in Textron Inc. by 1,336.2% in Q1, owning 71,280 shares valued at $5.15 million after acquiring an additional 66,317 shares.
• Several institutional investors have also raised their positions in Textron, with hedge funds now owning 86.03% of the company's stock.
• Textron recently reported a quarterly earnings per share (EPS) of $1.55, exceeding estimates, and declared a quarterly dividend of $0.02 per share to be paid on October 1st.

Kovitz Investment Group Partners LLC lifted its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 1,336.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 71,280 shares of the aerospace company's stock after purchasing an additional 66,317 shares during the period. Kovitz Investment Group Partners LLC's holdings in Textron were worth $5,150,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in TXT. Guggenheim Capital LLC grew its holdings in shares of Textron by 14.4% during the 4th quarter. Guggenheim Capital LLC now owns 38,569 shares of the aerospace company's stock valued at $2,950,000 after purchasing an additional 4,858 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Textron during the 4th quarter valued at $22,370,000. GeoWealth Management LLC grew its holdings in shares of Textron by 500.2% during the 4th quarter. GeoWealth Management LLC now owns 3,529 shares of the aerospace company's stock valued at $270,000 after purchasing an additional 2,941 shares during the last quarter. Fidelity National Financial Inc. grew its holdings in shares of Textron by 30.4% during the 4th quarter. Fidelity National Financial Inc. now owns 300,000 shares of the aerospace company's stock valued at $22,947,000 after purchasing an additional 70,000 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in Textron by 11.3% during the 4th quarter. First Trust Advisors LP now owns 412,396 shares of the aerospace company's stock valued at $31,544,000 after buying an additional 41,716 shares during the period. Institutional investors own 86.03% of the company's stock.

Insider Transactions at Textron

In related news, EVP Julie G. Duffy sold 28,543 shares of Textron stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $79.37, for a total transaction of $2,265,457.91. Following the completion of the transaction, the executive vice president directly owned 37,624 shares of the company's stock, valued at $2,986,216.88. This trade represents a 43.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on TXT shares. UBS Group raised shares of Textron from a "sell" rating to a "neutral" rating and increased their price target for the company from $73.00 to $88.00 in a research report on Monday, July 28th. Barclays increased their price target on shares of Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Jefferies Financial Group reissued a "buy" rating and set a $95.00 price target (up previously from $85.00) on shares of Textron in a research report on Thursday, June 12th. The Goldman Sachs Group reissued a "neutral" rating and set a $85.00 price target (down previously from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Finally, Wall Street Zen cut shares of Textron from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $92.67.

Textron Trading Down 0.4%

Shares of NYSE:TXT traded down $0.3040 on Wednesday, hitting $79.3760. The company had a trading volume of 1,433,707 shares, compared to its average volume of 1,533,937. The firm's 50-day simple moving average is $80.26 and its two-hundred day simple moving average is $74.77. Textron Inc. has a 1 year low of $57.70 and a 1 year high of $91.48. The company has a quick ratio of 0.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $14.15 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 1.29 and a beta of 1.16.

Textron (NYSE:TXT - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $3.64 billion. During the same period last year, the company posted $1.54 EPS. Textron's revenue was up 5.4% on a year-over-year basis. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. Equities analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 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 of this dividend is Friday, September 12th. Textron's dividend payout ratio (DPR) is 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.