Millennium Management LLC Acquires 626,346 Shares of Textron Inc. $TXT

Key Points

• Millennium Management LLC significantly increased its stake in Textron Inc., buying an additional 626,346 shares, bringing its total ownership to over 1.1 million shares, valued at approximately $80.4 million.
• Textron reported impressive earnings for the quarter, with earnings per share (EPS) of $1.55, which exceeded expectations by 10 cents, and noted a 5.4% year-over-year revenue growth.
• The company recently announced a quarterly dividend of $0.02 per share, set to be paid on October 1st, with an annualized yield of 0.1%.

Millennium Management LLC grew its holdings in Textron Inc. (NYSE:TXT - Free Report) by 128.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,113,026 shares of the aerospace company's stock after purchasing an additional 626,346 shares during the period. Millennium Management LLC owned approximately 0.62% of Textron worth $80,416,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TXT. Nuveen LLC purchased a new stake in shares of Textron in the first quarter valued at $89,403,000. Invesco Ltd. increased its stake in shares of Textron by 5.6% in the first quarter. Invesco Ltd. now owns 8,166,902 shares of the aerospace company's stock worth $590,059,000 after acquiring an additional 433,567 shares during the last quarter. Voloridge Investment Management LLC increased its stake in shares of Textron by 35.0% in the fourth quarter. Voloridge Investment Management LLC now owns 980,374 shares of the aerospace company's stock worth $74,989,000 after acquiring an additional 254,379 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Textron by 110.6% in the first quarter. Mackenzie Financial Corp now owns 442,358 shares of the aerospace company's stock worth $31,960,000 after acquiring an additional 232,277 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Textron by 6,952.0% in the first quarter. GAMMA Investing LLC now owns 217,906 shares of the aerospace company's stock worth $15,744,000 after acquiring an additional 214,816 shares during the last quarter. Hedge funds and other institutional investors own 86.03% of the company's stock.

Textron Price Performance

NYSE TXT traded up $0.37 on Wednesday, hitting $80.90. 950,239 shares of the company were exchanged, compared to its average volume of 1,504,308. The company has a current ratio of 1.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company has a market cap of $14.42 billion, a P/E ratio of 18.30, a P/E/G ratio of 1.35 and a beta of 1.14. Textron Inc. has a 1-year low of $57.70 and a 1-year high of $91.30. The firm has a 50 day moving average of $80.98 and a two-hundred day moving average of $75.51.

Textron (NYSE:TXT - Get Free Report) last announced its earnings results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the business earned $1.54 earnings per share. Textron's quarterly revenue was up 5.4% on a year-over-year basis. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. On average, equities analysts predict that Textron Inc. will post 6.12 EPS for the current year.

Textron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Friday, September 12th. Textron's dividend payout ratio is 1.81%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TXT shares. Susquehanna increased their target price on shares of Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. UBS Group upgraded shares of Textron from a "sell" rating to a "neutral" rating and upped their price target for the company from $73.00 to $88.00 in a report on Monday, July 28th. Jefferies Financial Group restated a "buy" rating and set a $95.00 price target (up from $85.00) on shares of Textron in a report on Thursday, June 12th. Barclays increased their target price on shares of Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, Wall Street Zen upgraded shares of Textron from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target 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.