Textron Inc. (NYSE:TXT) Shares Sold by Swiss National Bank

Key Points

• The Swiss National Bank reduced its holdings in Textron Inc. by 1.1%, selling 6,000 shares and now owning 523,289 shares, valued at approximately $37.8 million.
• Several institutional investors including Northern Trust and Balyasny Asset Management significantly increased their stakes in Textron during the last quarter, reflecting growing interest in the company.
• Textron recently reported earnings of $1.55 EPS for the quarter, exceeding expectations, and plans to pay a quarterly dividend of $0.02 per share on October 1st.

Swiss National Bank decreased its position in shares of Textron Inc. (NYSE:TXT - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 523,289 shares of the aerospace company's stock after selling 6,000 shares during the period. Swiss National Bank owned 0.29% of Textron worth $37,808,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Syon Capital LLC increased its position in Textron by 4.5% during the fourth quarter. Syon Capital LLC now owns 3,538 shares of the aerospace company's stock worth $271,000 after buying an additional 153 shares during the period. Exchange Traded Concepts LLC increased its holdings in shares of Textron by 7.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 2,869 shares of the aerospace company's stock valued at $207,000 after acquiring an additional 197 shares during the period. Transce3nd LLC increased its holdings in shares of Textron by 14.0% in the 1st quarter. Transce3nd LLC now owns 1,617 shares of the aerospace company's stock valued at $116,000 after acquiring an additional 199 shares during the period. Parallel Advisors LLC increased its stake in Textron by 22.9% in the first quarter. Parallel Advisors LLC now owns 1,115 shares of the aerospace company's stock valued at $81,000 after purchasing an additional 208 shares during the period. Finally, Apollon Wealth Management LLC increased its stake in Textron by 6.4% in the first quarter. Apollon Wealth Management LLC now owns 3,599 shares of the aerospace company's stock valued at $260,000 after purchasing an additional 215 shares during the period. Institutional investors and hedge funds own 86.03% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Morgan Stanley lifted their price objective on shares of Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Jefferies Financial Group restated a "buy" rating and issued a $95.00 price target (up previously from $85.00) on shares of Textron in a research 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 report on Tuesday, July 1st. Barclays boosted their target price on Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Finally, UBS Group raised shares of Textron from a "sell" rating to a "neutral" rating and boosted their price objective for the company from $73.00 to $88.00 in a research note on Monday, July 28th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Textron has a consensus rating of "Moderate Buy" and a consensus price target of $92.67.

Textron Price Performance

TXT stock traded up $2.90 on Wednesday, reaching $81.44. 1,873,441 shares of the company's stock were exchanged, compared to its average volume of 1,869,667. The stock has a fifty day moving average of $80.00 and a 200-day moving average of $74.72. Textron Inc. has a twelve month low of $57.70 and a twelve month high of $91.48. The firm has a market cap of $14.51 billion, a PE ratio of 18.43, a P/E/G ratio of 1.28 and a beta of 1.16. The company has a quick ratio of 0.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.45.

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 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 firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the prior year, the company posted $1.54 earnings per share. Textron's quarterly revenue was up 5.4% on a year-over-year basis. As a group, equities analysts predict that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP Julie G. Duffy sold 28,543 shares of the company'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 owned 37,624 shares in the company, valued at $2,986,216.88. This represents a 43.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.