State of Wyoming Cuts 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 lowered its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 78.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. raised its holdings in Textron by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 11,410,481 shares of the aerospace company's stock worth $824,408,000 after purchasing an additional 76,972 shares in the last quarter. Invesco Ltd. raised its holdings in Textron by 5.6% during the first quarter. Invesco Ltd. now owns 8,166,902 shares of the aerospace company's stock worth $590,059,000 after purchasing an additional 433,567 shares in the last quarter. Nuveen LLC acquired a new position in shares of Textron in the 1st quarter valued at $89,403,000. Voloridge Investment Management LLC increased its holdings in shares of Textron by 35.0% in the 4th quarter. Voloridge Investment Management LLC now owns 980,374 shares of the aerospace company's stock valued at $74,989,000 after acquiring an additional 254,379 shares during the period. Finally, Gabelli Funds LLC increased its holdings in shares of Textron by 0.8% in the 1st quarter. Gabelli Funds LLC now owns 973,952 shares of the aerospace company's stock valued at $70,368,000 after acquiring an additional 7,500 shares during the period. Institutional investors and hedge funds own 86.03% of the company's stock.

Textron Stock Performance

TXT traded down $0.96 during trading on Friday, hitting $81.29. The stock had a trading volume of 984,901 shares, compared to its average volume of 1,149,266. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.84. The firm has a market capitalization of $14.49 billion, a P/E ratio of 18.39, a PEG ratio of 1.34 and a beta of 1.14. The company's 50-day moving average price is $80.93 and its 200 day moving average price is $75.67. Textron Inc. has a twelve month low of $57.70 and a twelve month high of $91.30.

Textron (NYSE:TXT - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.10. The company 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%. Textron's revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.54 EPS. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. On average, equities research analysts forecast that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently commented on TXT. Jefferies Financial Group reaffirmed a "buy" rating and issued a $95.00 target price (up from $85.00) on shares of Textron in a report on Thursday, June 12th. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $85.00 target price (down from $95.00) on shares of Textron in a report on Tuesday, July 1st. Wall Street Zen raised shares of Textron from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 6th. Morgan Stanley lifted their target price on shares of Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Finally, UBS Group raised shares of Textron from a "sell" rating to a "neutral" rating and lifted their target price for the company from $73.00 to $88.00 in a report on Monday, July 28th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $92.67.

Insider Transactions at Textron

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the business's stock in a transaction on 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 transaction, the executive vice president directly owned 37,624 shares of the company's stock, valued at approximately $2,986,216.88. The trade was a 43.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company's stock.

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.