Quarry LP Grows Stock Position in Textron Inc. $TXT

Key Points

• Quarry LP increased its stake in Textron Inc. by 849.8% in the 1st quarter, acquiring a total of 7,617 shares worth approximately $550,000.
• Several hedge funds purchased stakes in Textron, with institutional investors owning 86.03% of the company's stock.
• Textron reported earnings of $1.55 per share for the last quarter, exceeding analysts' expectations, alongside a revenue increase of 5.4% year-over-year.

Quarry LP boosted its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 849.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,617 shares of the aerospace company's stock after buying an additional 6,815 shares during the period. Quarry LP's holdings in Textron were worth $550,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Banque Cantonale Vaudoise purchased a new stake in Textron during the 1st quarter valued at $25,000. Harvest Fund Management Co. Ltd raised its holdings in Textron by 100.0% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock valued at $39,000 after buying an additional 262 shares during the period. Zions Bancorporation National Association UT purchased a new stake in Textron during the 1st quarter valued at $41,000. Federated Hermes Inc. raised its holdings in Textron by 48.8% during the 1st quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock valued at $58,000 after buying an additional 263 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in Textron by 123.3% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 842 shares of the aerospace company's stock valued at $61,000 after buying an additional 465 shares during the period. Hedge funds and other institutional investors own 86.03% of the company's stock.

Insider Activity

In related news, EVP Julie G. Duffy sold 28,543 shares of the firm's 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 sale, the executive vice president owned 37,624 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TXT. Jefferies Financial Group restated a "buy" rating and set a $95.00 price target (up previously from $85.00) on shares of Textron in a report on Thursday, June 12th. UBS Group raised Textron from a "sell" rating to a "neutral" rating and upped their price objective for the company from $73.00 to $88.00 in a research report on Monday, July 28th. Wall Street Zen downgraded Textron from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $85.00 price objective (down previously from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Finally, Barclays upped their price objective on Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Textron currently has a consensus rating of "Moderate Buy" and an average price target of $92.67.

Textron Price Performance

TXT opened at $80.07 on Friday. Textron Inc. has a 12-month low of $57.70 and a 12-month high of $91.48. 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 business's fifty day simple moving average is $80.83 and its 200-day simple moving average is $75.11. The company has a market capitalization of $14.27 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 1.31 and a beta of 1.16.

Textron (NYSE:TXT - Get Free Report) last posted its quarterly 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 return on equity of 14.26% and a net margin of 5.80%.The business had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the company earned $1.54 EPS. The business's revenue was up 5.4% compared to the same quarter last year. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. On average, equities research analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current fiscal 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 given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. 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.

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