Salem Investment Counselors Inc. Has $3.99 Million Holdings in Textron Inc. $TXT

Key Points

• Salem Investment Counselors Inc. reduced its holdings in Textron Inc. by 15.2%, owning 49,709 shares valued at approximately $3.99 million as of the latest quarter.
• Textron's stock has received a mixed range of analyst ratings, with a consensus rating of "Moderate Buy" and target prices varying from $71.00 to $105.00 among top firms.
• The company reported earnings of $1.55 per share for the last quarter, exceeding estimates, and announced a $0.02 quarterly dividend that will be paid on October 1st.

Salem Investment Counselors Inc. cut its holdings in Textron Inc. (NYSE:TXT - Free Report) by 15.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,709 shares of the aerospace company's stock after selling 8,920 shares during the period. Salem Investment Counselors Inc.'s holdings in Textron were worth $3,991,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TXT. Banque Cantonale Vaudoise acquired a new stake in shares of Textron in the first quarter valued at approximately $25,000. Harvest Fund Management Co. Ltd raised its holdings in shares of Textron by 100.0% in the first quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock valued at $39,000 after purchasing an additional 262 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in shares of Textron in the first quarter valued at approximately $41,000. Federated Hermes Inc. raised its holdings in shares of Textron by 48.8% in the first quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock valued at $58,000 after purchasing an additional 263 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Textron by 123.3% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 842 shares of the aerospace company's stock valued at $61,000 after purchasing an additional 465 shares during the last quarter. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group restated a "buy" rating and set a $95.00 target price (up from $85.00) on shares of Textron in a report on Thursday, June 12th. 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. UBS Group raised shares of Textron from a "sell" rating to a "neutral" rating and upped their price objective for the stock from $73.00 to $88.00 in a research report on Monday, July 28th. Morgan Stanley boosted their target price on Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Finally, Barclays boosted their target price on Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a research note 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's stock. Based on data from MarketBeat.com, Textron has a consensus rating of "Moderate Buy" and a consensus target price of $92.67.

Textron Price Performance

Shares of TXT opened at $81.29 on Friday. Textron Inc. has a 12-month low of $57.70 and a 12-month high of $91.30. The business's fifty day moving average is $80.93 and its 200 day moving average is $75.69. 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 has a market cap of $14.49 billion, a P/E ratio of 18.39, a P/E/G ratio of 1.34 and a beta of 1.14.

Textron (NYSE:TXT - Get Free Report) last issued its 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 company had revenue of $3.72 billion for the quarter, compared to analysts' expectations of $3.64 billion. During the same period last year, the business earned $1.54 EPS. Textron's quarterly 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. Sell-side analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

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

Insider Activity at Textron

In other news, EVP Julie G. Duffy sold 28,543 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $79.37, for a total value of $2,265,457.91. Following the completion of the sale, the executive vice president owned 37,624 shares in the company, valued at $2,986,216.88. This represents a 43.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by corporate 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.

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