QRG Capital Management Inc. Sells 45,377 Shares of Textron Inc. $TXT

Key Points

• QRG Capital Management Inc. significantly reduced its holdings in Textron Inc. by 50.6%, selling 45,377 shares and leaving it with 44,214 shares valued at approximately $3.55 million.
• Institutions hold 86.03% of Textron's stock, with several firms modifying their stakes recently, indicating ongoing interest in the aerospace company.
• Analysts have given mixed ratings for Textron, with Barclays increasing its price target to $105.00, while Goldman Sachs lowered its target to $85.00, reflecting diverse views on the stock's future performance.

QRG Capital Management Inc. reduced its holdings in Textron Inc. (NYSE:TXT - Free Report) by 50.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,214 shares of the aerospace company's stock after selling 45,377 shares during the quarter. QRG Capital Management Inc.'s holdings in Textron were worth $3,550,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the business. Banque Cantonale Vaudoise acquired a new stake in Textron during the 1st quarter worth approximately $25,000. Harvest Fund Management Co. Ltd increased its position in shares of Textron by 100.0% during the first quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock worth $39,000 after acquiring an additional 262 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Textron during the first quarter worth $41,000. Federated Hermes Inc. lifted its position in Textron by 48.8% in the 1st quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock valued at $58,000 after acquiring an additional 263 shares in the last quarter. Finally, ST Germain D J Co. Inc. boosted its stake in Textron by 54.5% in the 2nd quarter. ST Germain D J Co. Inc. now owns 850 shares of the aerospace company's stock worth $68,000 after purchasing an additional 300 shares during the period. Institutional investors own 86.03% of the company's stock.

Insider Transactions at Textron

In related news, EVP Julie G. Duffy sold 28,543 shares of Textron stock in a transaction dated 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 approximately $2,986,216.88. This trade represents a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.70% of the company's stock.

Analyst Ratings Changes

TXT has been the topic of several recent research reports. Barclays lifted their price target on Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. The Goldman Sachs Group reissued a "neutral" rating and issued a $85.00 target price (down previously from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Wall Street Zen downgraded Textron from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 20th. Jefferies Financial Group reiterated a "buy" rating and issued a $95.00 price objective (up from $85.00) on shares of Textron in a report on Thursday, June 12th. Finally, Susquehanna boosted 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. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Textron has an average rating of "Hold" and an average target price of $92.45.

Textron Stock Up 0.6%

NYSE:TXT opened at $87.39 on Tuesday. Textron Inc. has a twelve month low of $57.70 and a twelve month high of $91.30. The firm has a market capitalization of $15.57 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 1.42 and a beta of 1.13. 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 50 day moving average price is $81.10 and its two-hundred day moving average price is $76.88.

Textron (NYSE:TXT - Get Free Report) last issued its earnings results 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 business had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the company earned $1.54 earnings per share. The firm's revenue for the quarter was up 5.4% on a year-over-year basis. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. Equities research analysts expect that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 12th were issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Friday, September 12th. Textron's dividend payout ratio is presently 1.81%.

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.

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.