Millennium Management LLC Buys 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 raised its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 128.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 0.62% of Textron worth $80,416,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Textron by 31.0% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 38,424 shares of the aerospace company's stock worth $2,776,000 after purchasing an additional 9,082 shares during the last quarter. Graham Capital Management L.P. increased its holdings in shares of Textron by 166.8% in the fourth quarter. Graham Capital Management L.P. now owns 67,000 shares of the aerospace company's stock worth $5,125,000 after purchasing an additional 41,888 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Textron by 16.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,193 shares of the aerospace company's stock worth $1,474,000 after purchasing an additional 2,803 shares during the last quarter. LPL Financial LLC increased its holdings in shares of Textron by 4.9% in the first quarter. LPL Financial LLC now owns 89,732 shares of the aerospace company's stock worth $6,483,000 after purchasing an additional 4,204 shares during the last quarter. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of Textron in the first quarter worth about $545,000. 86.03% of the stock is owned by institutional investors.

Insider Activity

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 37,624 shares in the company, valued at $2,986,216.88. The trade was a 43.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group reaffirmed a "buy" rating and issued a $95.00 target price (up from $85.00) on shares of Textron in a report on Thursday, June 12th. Barclays lifted their target price on Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. UBS Group raised shares of Textron from a "sell" rating to a "neutral" rating and increased their price target for the company from $73.00 to $88.00 in a report on Monday, July 28th. Susquehanna increased their price target on shares of Textron from $90.00 to $95.00 and gave the company a "positive" rating in a report on Friday, July 25th. Finally, Morgan Stanley increased their price target on shares of Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $92.67.

Textron Trading Down 0.9%

NYSE TXT traded down $0.78 during trading on Friday, hitting $81.44. The stock had a trading volume of 323,816 shares, compared to its average volume of 1,495,127. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.84. The stock has a market capitalization of $14.51 billion, a price-to-earnings ratio of 18.42, a P/E/G ratio of 1.32 and a beta of 1.14. Textron Inc. has a one year low of $57.70 and a one year high of $91.30. The stock has a 50 day simple moving average of $80.96 and a 200 day simple moving average of $75.62.

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, beating the consensus estimate of $1.45 by $0.10. Textron had a return on equity of 14.26% and a net margin of 5.80%.The business had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the business earned $1.54 earnings per share. The company's revenue for the quarter was up 5.4% compared to the same quarter last year. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. Sell-side analysts predict that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given 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 is Friday, September 12th. Textron's payout ratio is 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.