LSV Asset Management Sells 99,066 Shares of Textron Inc. (NYSE:TXT)

Key Points

• LSV Asset Management reduced its stake in Textron Inc. by 2.5%, owning approximately 3.87 million shares valued at $279.90 million as of the latest SEC filing.
• Textron reported a quarterly earnings per share of $1.55, surpassing analysts' expectations, with a revenue of $3.72 billion for the period.
• The company announced a quarterly dividend of $0.02 per share, with a dividend yield of 0.1%, set to be paid on October 1st to shareholders of record by September 12th.

LSV Asset Management reduced its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 2.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,874,084 shares of the aerospace company's stock after selling 99,066 shares during the quarter. LSV Asset Management owned about 2.15% of Textron worth $279,903,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its position in shares of Textron by 66.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 66,314 shares of the aerospace company's stock valued at $5,072,000 after buying an additional 26,378 shares during the period. Wellington Management Group LLP boosted its position in Textron by 50.2% in the fourth quarter. Wellington Management Group LLP now owns 603,171 shares of the aerospace company's stock worth $46,137,000 after purchasing an additional 201,696 shares during the last quarter. National Bank of Canada FI increased its stake in shares of Textron by 43.8% in the 4th quarter. National Bank of Canada FI now owns 208,741 shares of the aerospace company's stock worth $15,967,000 after purchasing an additional 63,567 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Textron by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 4,595,861 shares of the aerospace company's stock worth $350,619,000 after acquiring an additional 164,964 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Textron by 12.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 89,780 shares of the aerospace company's stock valued at $6,867,000 after purchasing an additional 9,807 shares during the last quarter. Institutional investors own 86.03% of the company's stock.

Textron Price Performance

NYSE TXT traded up $0.54 during trading hours on Monday, reaching $77.77. 1,139,382 shares of the company's stock were exchanged, compared to its average volume of 1,979,433. The firm has a fifty day moving average of $79.33 and a 200-day moving average of $74.70. Textron Inc. has a one year low of $57.70 and a one year high of $91.48. The stock has a market cap of $13.86 billion, a PE ratio of 17.60, a price-to-earnings-growth ratio of 1.26 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 (NYSE:TXT - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.64 billion. During the same quarter in the previous year, the company earned $1.54 earnings per share. The business's revenue for the quarter was up 5.4% on a year-over-year basis. On average, equities research analysts predict that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

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 paid a $0.02 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. Textron's dividend payout ratio is 1.81%.

Insider Activity at Textron

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the firm'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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.70% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on TXT shares. Jefferies Financial Group restated a "buy" rating and set a $95.00 price target (up previously from $85.00) on shares of Textron in a research note on Thursday, June 12th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $85.00 price target (down previously from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Barclays boosted their price objective on shares of Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Susquehanna increased their target price on Textron from $90.00 to $95.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Finally, Morgan Stanley boosted their price target on Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 17th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $92.67.

Textron Company 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.