Legal & General Group Plc Decreases Stock Position in Textron Inc. $TXT

Key Points

• Legal & General Group Plc reduced its Textron stake by 11.1% in the fourth quarter, selling 101,385 shares and leaving it with 808,757 shares worth about $70.5 million.
• Textron reported better-than-expected quarterly results, with EPS of $1.45 versus $1.30 expected and revenue of $3.70 billion versus $3.50 billion estimated; revenue rose 11.8% year over year.
• The company announced a quarterly dividend of $0.02 per share and received mixed analyst attention, with the consensus rating still at "Hold" and an average price target of $101.18.

Legal & General Group Plc cut its holdings in Textron Inc. (NYSE:TXT - Free Report) by 11.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 808,757 shares of the aerospace company's stock after selling 101,385 shares during the quarter. Legal & General Group Plc owned about 0.46% of Textron worth $70,499,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Capital Management Corp VA increased its holdings in shares of Textron by 1.0% in the fourth quarter. Capital Management Corp VA now owns 12,477 shares of the aerospace company's stock valued at $1,088,000 after purchasing an additional 120 shares during the period. Glenmede Investment Management LP increased its holdings in shares of Textron by 1.0% in the third quarter. Glenmede Investment Management LP now owns 14,123 shares of the aerospace company's stock valued at $1,193,000 after purchasing an additional 142 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Textron by 18.8% in the second quarter. Geneos Wealth Management Inc. now owns 998 shares of the aerospace company's stock valued at $80,000 after purchasing an additional 158 shares during the period. Assetmark Inc. increased its holdings in shares of Textron by 52.2% in the third quarter. Assetmark Inc. now owns 493 shares of the aerospace company's stock valued at $42,000 after purchasing an additional 169 shares during the period. Finally, Arizona State Retirement System increased its holdings in shares of Textron by 0.3% in the third quarter. Arizona State Retirement System now owns 53,256 shares of the aerospace company's stock valued at $4,500,000 after purchasing an additional 172 shares during the period. 86.03% of the stock is owned by institutional investors and hedge funds.

Textron Stock Down 0.1%

Textron stock opened at $91.86 on Friday. The firm has a market cap of $15.97 billion, a price-to-earnings ratio of 17.56, a price-to-earnings-growth ratio of 1.37 and a beta of 0.93. Textron Inc. has a 52 week low of $72.76 and a 52 week high of $101.57. The business's 50-day moving average price is $90.32 and its 200 day moving average price is $90.33. The company has a quick ratio of 0.87, a current ratio of 1.84 and a debt-to-equity ratio of 0.43.

Textron (NYSE:TXT - Get Free Report) last posted its earnings results on Thursday, April 30th. The aerospace company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.30 by $0.15. The firm had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.50 billion. Textron had a return on equity of 14.56% and a net margin of 6.15%.Textron's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period last year, the company earned $1.28 earnings per share. Textron has set its FY 2026 guidance at 6.400-6.600 EPS. As a group, sell-side analysts anticipate that Textron Inc. will post 6.6 earnings per share for the current year.

Textron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Friday, June 12th. Textron's dividend payout ratio (DPR) is 1.53%.

Insider Activity

In related news, Director Thomas A. Kennedy bought 10,300 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were purchased at an average cost of $95.98 per share, with a total value of $988,594.00. Following the completion of the acquisition, the director directly owned 20,162 shares in the company, valued at approximately $1,935,148.76. The trade was a 104.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director R Kerry Clark sold 2,517 shares of the firm's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $93.09, for a total value of $234,307.53. Following the sale, the director directly owned 8,611 shares in the company, valued at approximately $801,597.99. This trade represents a 22.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TXT. Sanford C. Bernstein increased their price objective on Textron from $94.00 to $108.00 and gave the company a "market perform" rating in a report on Thursday, February 19th. Weiss Ratings lowered Textron from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, May 20th. Citigroup increased their price objective on Textron from $97.00 to $99.00 and gave the company a "neutral" rating in a report on Thursday, April 2nd. Wells Fargo & Company began coverage on Textron in a report on Wednesday, April 1st. They issued an "equal weight" rating and a $92.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Textron from $90.00 to $105.00 and gave the company a "neutral" rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $101.18.

Textron Company Profile

Textron Inc is a global, multi-industry manufacturing company headquartered in Providence, Rhode Island. The company designs, manufactures and services a diverse range of products for the aerospace, defense and industrial markets. Textron operates through four primary business segments—Textron Aviation, Bell, Textron Systems and Industrial—each of which serves customers around the world.

Textron Aviation is known for its Cessna and Beechcraft branded business jets and turboprop aircraft, offering models that range from light jets and turboprops to larger cabin aircraft designed for corporate and charter use.

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