Primecap Management Co. CA Has $338.54 Million Stock Position in Textron Inc. (NYSE:TXT)

Key Points

• Primecap Management Co. CA has reduced its holdings in Textron Inc. by 3.9%, now owning approximately 4.7 million shares valued at $338.54 million.
• Textron recently reported $1.55 earnings per share for the last quarter, surpassing analyst expectations, with a revenue of $3.72 billion.
• The company also announced a quarterly dividend of $0.02 per share, representing an annualized dividend yield of 0.1% with a payout ratio of 1.81%.

Primecap Management Co. CA reduced its holdings in Textron Inc. (NYSE:TXT - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 4,685,635 shares of the aerospace company's stock after selling 188,980 shares during the quarter. Primecap Management Co. CA owned approximately 2.60% of Textron worth $338,537,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Invesco Ltd. increased its position in Textron by 17.8% in the 4th quarter. Invesco Ltd. now owns 7,733,335 shares of the aerospace company's stock valued at $591,523,000 after acquiring an additional 1,167,105 shares during the period. Northern Trust Corp increased its position in Textron by 9.4% in the 4th quarter. Northern Trust Corp now owns 1,803,778 shares of the aerospace company's stock valued at $137,971,000 after acquiring an additional 155,384 shares during the period. Balyasny Asset Management L.P. increased its position in Textron by 6,785.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,236,441 shares of the aerospace company's stock valued at $94,575,000 after acquiring an additional 1,218,485 shares during the period. Mariner LLC increased its position in Textron by 4.3% in the 4th quarter. Mariner LLC now owns 1,137,684 shares of the aerospace company's stock valued at $87,022,000 after acquiring an additional 46,469 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its position in Textron by 97.9% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,031,144 shares of the aerospace company's stock valued at $78,872,000 after acquiring an additional 510,085 shares during the period. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Textron Price Performance

Shares of NYSE TXT opened at $78.18 on Wednesday. The firm's 50-day moving average price is $79.50 and its 200-day moving average price is $74.72. Textron Inc. has a 1-year low of $57.70 and a 1-year high of $91.48. The firm has a market capitalization of $13.93 billion, a P/E ratio of 17.69, a P/E/G ratio of 1.27 and a beta of 1.16. The company has a current ratio of 1.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

Textron (NYSE:TXT - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.45 by $0.10. The firm had revenue of $3.72 billion during the quarter, compared to analysts' expectations of $3.64 billion. Textron had a net margin of 5.80% and a return on equity of 14.26%. The business's revenue was up 5.4% on a year-over-year basis. During the same period last year, the company earned $1.54 earnings per share. Equities research analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date is Friday, September 12th. Textron's dividend payout ratio (DPR) is currently 1.81%.

Insider Activity

In other news, EVP Julie G. Duffy sold 28,543 shares of Textron stock in a transaction dated 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 transaction, the executive vice president directly owned 37,624 shares in the company, valued at $2,986,216.88. This trade represents 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 through this hyperlink. 1.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TXT has been the subject of several recent analyst reports. UBS Group upgraded shares of Textron from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $73.00 to $88.00 in a research report on Monday, July 28th. Susquehanna increased their price objective 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. The Goldman Sachs Group reiterated a "neutral" rating and set a $85.00 price objective (down from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Barclays increased their price objective on shares of Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Finally, Wall Street Zen cut shares of Textron from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $92.67.

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.

Want to see what other hedge funds are holding TXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Textron Inc. (NYSE:TXT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.