Neuberger Berman Group LLC Trims Stake in Textron Inc. (NYSE:TXT)

Key Points

• Neuberger Berman Group LLC has reduced its stake in Textron Inc. by 5.3%, selling 41,328 shares, and now owns approximately 0.41% of the company valued at $53.46 million.
• Textron posted a quarterly earnings per share of $1.55, beating analyst estimates, with revenues up by 5.4% year-over-year.
• The company has announced a quarterly dividend of $0.02 per share to be paid on October 1st, representing an annualized yield of 0.1%.

Neuberger Berman Group LLC reduced its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 5.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 739,866 shares of the aerospace company's stock after selling 41,328 shares during the quarter. Neuberger Berman Group LLC owned 0.41% of Textron worth $53,455,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TXT. Nuveen LLC bought a new stake in shares of Textron in the first quarter worth about $89,403,000. Balyasny Asset Management L.P. grew its stake in shares of Textron by 6,785.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,236,441 shares of the aerospace company's stock worth $94,575,000 after purchasing an additional 1,218,485 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Textron in the fourth quarter worth about $41,451,000. D. E. Shaw & Co. Inc. grew its stake in shares of Textron by 97.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,031,144 shares of the aerospace company's stock worth $78,872,000 after purchasing an additional 510,085 shares during the last quarter. Finally, Invesco Ltd. grew 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 purchasing an additional 433,567 shares during the last quarter. 86.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TXT. Susquehanna raised their target price on Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Wall Street Zen lowered shares of Textron from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Barclays raised their price objective on shares of Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. The Goldman Sachs Group restated a "neutral" rating and issued a $85.00 price objective (down from $95.00) on shares of Textron in a report on Tuesday, July 1st. Finally, Morgan Stanley raised their price objective on shares of Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a report on Thursday, July 17th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.67.

Textron Stock Down 1.7%

NYSE TXT traded down $1.37 during mid-day trading on Friday, reaching $78.95. The stock had a trading volume of 1,352,878 shares, compared to its average volume of 1,879,055. Textron Inc. has a 1 year low of $57.70 and a 1 year high of $91.48. The stock has a market cap of $14.07 billion, a PE ratio of 17.86, a price-to-earnings-growth ratio of 1.29 and a beta of 1.16. The company has a fifty day moving average price of $80.18 and a 200 day moving average price of $74.73. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.84 and a quick ratio of 0.84.

Textron (NYSE:TXT - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The aerospace company reported $1.55 earnings per share 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 during the quarter, compared to analyst estimates of $3.64 billion. During the same period in the previous year, the business earned $1.54 EPS. The firm's revenue for the quarter was up 5.4% on a year-over-year basis. On average, research analysts expect that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Announces Dividend

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 issued 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 presently 1.81%.

Insider Buying and Selling at Textron

In other news, EVP Julie G. Duffy sold 28,543 shares of the 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 directly owned 37,624 shares of the company's stock, valued at $2,986,216.88. This represents a 43.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is owned by insiders.

Textron 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.