Man Group plc lowered its position in shares of Textron Inc. (NYSE:TXT - Free Report) by 75.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 204,802 shares of the aerospace company's stock after selling 635,387 shares during the quarter. Man Group plc owned 0.11% of Textron worth $15,665,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in Textron during the fourth quarter valued at approximately $31,000. Optiver Holding B.V. acquired a new stake in Textron in the fourth quarter worth about $56,000. Golden State Wealth Management LLC purchased a new stake in Textron in the fourth quarter valued at approximately $63,000. McClarren Financial Advisors Inc. purchased a new stake in Textron in the fourth quarter valued at $68,000. Finally, Geneos Wealth Management Inc. grew its position in Textron by 33.0% during the fourth quarter. Geneos Wealth Management Inc. now owns 964 shares of the aerospace company's stock valued at $74,000 after buying an additional 239 shares during the period. 86.03% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of analysts have recently commented on the stock. Citigroup cut their target price on shares of Textron from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. TD Cowen upgraded Textron to a "hold" rating in a report on Monday, February 24th. Morgan Stanley dropped their price target on Textron from $82.00 to $71.00 and set an "equal weight" rating for the company in a research report on Friday, April 11th. Bank of America downgraded Textron from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $110.00 to $85.00 in a research report on Friday, January 24th. Finally, Robert W. Baird dropped their target price on Textron from $100.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $87.70.
Check Out Our Latest Stock Analysis on TXT
Insider Activity
In related news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $72.68, for a total transaction of $396,178.68. Following the transaction, the vice president now owns 18,223 shares of the company's stock, valued at approximately $1,324,447.64. This represents a 23.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.70% of the company's stock.
Textron Trading Down 3.5%
Shares of NYSE:TXT traded down $2.68 during midday trading on Wednesday, reaching $73.37. 1,436,359 shares of the company's stock were exchanged, compared to its average volume of 1,210,961. The stock has a market cap of $13.25 billion, a price-to-earnings ratio of 17.02, a P/E/G ratio of 1.18 and a beta of 1.20. Textron Inc. has a fifty-two week low of $57.70 and a fifty-two week high of $94.57. The firm's 50 day simple moving average is $70.15 and its two-hundred day simple moving average is $75.55. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84.
Textron (NYSE:TXT - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The aerospace company reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.11. The business had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $3.26 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The business's revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 EPS. As a group, sell-side analysts forecast that Textron Inc. will post 6.12 EPS for the current fiscal year.
Textron Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date of this dividend is Friday, June 13th. Textron's dividend payout ratio (DPR) is 1.81%.
About Textron
(
Free Report)
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.
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