State of New Jersey Common Pension Fund D Sells 4,911 Shares of Textron Inc. $TXT

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Textron Inc. by 7.9%, selling 4,911 shares in the first quarter, leaving it with a total of 57,442 shares valued at approximately $4.15 million.
• Textron reported a strong quarterly earnings with an EPS of $1.55, exceeding analysts' estimates of $1.45, and a revenue of $3.72 billion, marking a 5.4% year-over-year increase.
• The company has announced a quarterly dividend of $0.02 per share, with the payment scheduled for October 1, indicating a dividend yield of 0.1%.

State of New Jersey Common Pension Fund D trimmed its position in Textron Inc. (NYSE:TXT - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 57,442 shares of the aerospace company's stock after selling 4,911 shares during the period. State of New Jersey Common Pension Fund D's holdings in Textron were worth $4,150,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise purchased a new stake in Textron in the first quarter worth $25,000. Harvest Fund Management Co. Ltd grew its stake in Textron by 100.0% in the first quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock worth $39,000 after purchasing an additional 262 shares during the period. Zions Bancorporation National Association UT purchased a new stake in shares of Textron in the first quarter worth $41,000. Optiver Holding B.V. purchased a new stake in shares of Textron in the fourth quarter worth $56,000. Finally, Federated Hermes Inc. grew its stake in shares of Textron by 48.8% in the first quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock worth $58,000 after acquiring an additional 263 shares during the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Stock Performance

TXT stock traded up $1.9480 during trading on Friday, reaching $81.4280. The stock had a trading volume of 876,749 shares, compared to its average volume of 1,654,121. Textron Inc. has a 52 week low of $57.70 and a 52 week high of $91.48. The stock's 50 day moving average is $80.43 and its two-hundred day moving average is $74.87. 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 firm has a market cap of $14.51 billion, a PE ratio of 18.42, a PEG ratio of 1.30 and a beta of 1.16.

Textron (NYSE:TXT - Get Free Report) last posted its earnings results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share for the quarter, beating 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 the consensus estimate of $3.64 billion. During the same quarter in the prior year, the company earned $1.54 earnings per share. Textron's revenue was up 5.4% on a year-over-year basis. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. As a group, equities analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

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

Insider Activity at Textron

In other 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 value of $2,265,457.91. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TXT. Morgan Stanley increased 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. The Goldman Sachs Group reissued a "neutral" rating and issued a $85.00 target price (down from $95.00) on shares of Textron in a research note on Tuesday, July 1st. Barclays increased 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. Jefferies Financial Group reissued a "buy" rating and issued a $95.00 target price (up from $85.00) on shares of Textron in a research note on Thursday, June 12th. Finally, UBS Group raised Textron from a "sell" rating to a "neutral" rating and increased their target price for the stock from $73.00 to $88.00 in a research note on Monday, July 28th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $92.67.

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.