Martingale Asset Management L P Sells 47,297 Shares of Textron Inc. $TXT

Key Points

• Martingale Asset Management L P reduced its stake in Textron Inc. by 24.1%, owning 148,655 shares after selling 47,297 shares during the first quarter, with a total value of approximately $10.74 million.
• Analysts have recently revised their price targets for Textron, with Barclays setting a new target of $105.00 and a consensus rating of "Moderate Buy" within an average price target of $92.67.
• Textron announced a quarterly dividend of $0.02 per share, with an annualized yield of 0.1%, and the dividend will be issued on October 1st to stockholders of record as of September 12th.

Martingale Asset Management L P decreased its position in Textron Inc. (NYSE:TXT - Free Report) by 24.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 148,655 shares of the aerospace company's stock after selling 47,297 shares during the period. Martingale Asset Management L P owned about 0.08% of Textron worth $10,740,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TXT. Banque Cantonale Vaudoise purchased a new position in shares of Textron in the first quarter valued at about $25,000. Harvest Fund Management Co. Ltd grew its stake in shares of Textron by 100.0% in 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 purchased a new position in Textron during the 1st quarter valued at about $41,000. Optiver Holding B.V. bought a new position in Textron during the 4th quarter valued at approximately $56,000. Finally, Federated Hermes Inc. lifted its holdings in Textron by 48.8% in the 1st quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock worth $58,000 after buying an additional 263 shares during the period. 86.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the business's stock in a transaction on 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 sale, the executive vice president directly owned 37,624 shares in the company, valued at approximately $2,986,216.88. The trade was a 43.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TXT. Susquehanna boosted their target price on Textron from $90.00 to $95.00 and gave the company a "positive" rating in a research note on Friday, July 25th. Wall Street Zen cut shares of Textron from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. The Goldman Sachs Group reaffirmed 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. UBS Group raised shares of Textron from a "sell" rating to a "neutral" rating and increased their price target for the stock from $73.00 to $88.00 in a research note on Monday, July 28th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $95.00 price objective (up from $85.00) on shares of Textron in a research report on Thursday, June 12th. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $92.67.

Textron Stock Up 2.5%

Shares of TXT stock traded up $1.9480 during trading hours on Friday, hitting $81.4280. 876,749 shares of the company's stock traded hands, compared to its average volume of 1,482,820. 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 stock's fifty day simple moving average is $80.43 and its two-hundred day simple moving average is $74.87. Textron Inc. has a 12-month low of $57.70 and a 12-month high of $91.48. The stock has a market cap of $14.51 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 1.33 and a beta of 1.16.

Textron (NYSE:TXT - Get Free Report) last released its earnings results on Thursday, July 24th. The aerospace company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.45 by $0.10. The business had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.64 billion. Textron had a return on equity of 14.26% and a net margin of 5.80%.The company's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 earnings per share. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. On average, analysts expect that Textron Inc. will post 6.12 EPS for the current year.

Textron Dividend Announcement

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