State of Wyoming Reduces Position in Textron Inc. $TXT

Key Points

• The State of Wyoming reduced its stake in Textron Inc. by 78.3% in Q1, resulting in ownership of 1,686 shares worth approximately $122,000.
• Textron's quarterly earnings beat analysts' expectations with $1.55 earnings per share, up from $1.54 a year prior, and revenue increased by 5.4% year-over-year.
• Recent analyst reports show a consensus rating of "Moderate Buy" for Textron, with an average price target of $92.67 per share.

State of Wyoming reduced its position in Textron Inc. (NYSE:TXT - Free Report) by 78.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,686 shares of the aerospace company's stock after selling 6,080 shares during the quarter. State of Wyoming's holdings in Textron were worth $122,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Brooklyn Investment Group boosted its position in shares of Textron by 10.3% in the 1st quarter. Brooklyn Investment Group now owns 1,665 shares of the aerospace company's stock worth $120,000 after purchasing an additional 156 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Textron by 7.4% in the first quarter. Exchange Traded Concepts LLC now owns 2,869 shares of the aerospace company's stock valued at $207,000 after buying an additional 197 shares during the last quarter. Transce3nd LLC boosted its holdings in Textron by 14.0% in the first quarter. Transce3nd LLC now owns 1,617 shares of the aerospace company's stock worth $116,000 after acquiring an additional 199 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Textron by 22.9% in the first quarter. Parallel Advisors LLC now owns 1,115 shares of the aerospace company's stock worth $81,000 after acquiring an additional 208 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its holdings in shares of Textron by 6.4% during the first quarter. Apollon Wealth Management LLC now owns 3,599 shares of the aerospace company's stock valued at $260,000 after acquiring an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company's stock.

Insiders Place Their Bets

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president directly owned 37,624 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TXT. Susquehanna lifted their target price on shares of Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Morgan Stanley lifted their price objective on shares of Textron from $71.00 to $86.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Wall Street Zen raised shares of Textron from a "buy" rating to a "strong-buy" rating in a report on Saturday. Barclays raised 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. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $95.00 price target (up previously from $85.00) on shares of Textron in a research note on Thursday, June 12th. Six equities 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, Textron presently has an average rating of "Moderate Buy" and a consensus target price of $92.67.

Textron Stock Performance

NYSE:TXT traded up $0.37 during trading hours on Wednesday, reaching $80.90. The company had a trading volume of 950,239 shares, compared to its average volume of 1,504,308. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.84 and a quick ratio of 0.84. Textron Inc. has a 1-year low of $57.70 and a 1-year high of $91.30. The business's 50 day moving average price is $80.98 and its 200-day moving average price is $75.51. The firm has a market cap of $14.42 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 1.35 and a beta of 1.14.

Textron (NYSE:TXT - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The aerospace company reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.10. The business had revenue of $3.72 billion for 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 quarter last year, the company earned $1.54 EPS. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. Research analysts forecast that Textron Inc. will post 6.12 EPS for the current year.

Textron Announces Dividend

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