Brandywine Global Investment Management LLC Increases Stake in Textron Inc. $TXT

Key Points

• Brandywine Global Investment Management LLC increased its holdings in Textron Inc. by 9.5%, acquiring an additional 26,121 shares, bringing its total ownership to approximately $21.7 million.
• The stock received mixed analyst ratings, with a consensus rating of "Moderate Buy" and a target price of $92.67, while Goldman Sachs lowered its price target to $85.00.
• Textron announced a quarterly dividend of $0.02 per share, which will be paid on October 1st, indicating a low annual dividend yield of 0.1%.

Brandywine Global Investment Management LLC increased its position in shares of Textron Inc. (NYSE:TXT - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 300,850 shares of the aerospace company's stock after purchasing an additional 26,121 shares during the period. Brandywine Global Investment Management LLC owned 0.17% of Textron worth $21,736,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. increased its position in Textron by 31.0% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 38,424 shares of the aerospace company's stock worth $2,776,000 after purchasing an additional 9,082 shares during the last quarter. Graham Capital Management L.P. increased its position in Textron by 166.8% during the fourth quarter. Graham Capital Management L.P. now owns 67,000 shares of the aerospace company's stock worth $5,125,000 after purchasing an additional 41,888 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Textron by 16.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,193 shares of the aerospace company's stock worth $1,474,000 after purchasing an additional 2,803 shares during the last quarter. LPL Financial LLC increased its position in Textron by 4.9% during the first quarter. LPL Financial LLC now owns 89,732 shares of the aerospace company's stock worth $6,483,000 after purchasing an additional 4,204 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in Textron during the first quarter worth about $545,000. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Julie G. Duffy sold 28,543 shares of the business's 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 transaction, the executive vice president 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 document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.70% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on TXT shares. UBS Group raised shares of 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. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $85.00 target price (down previously from $95.00) on shares of Textron in a research note on Tuesday, July 1st. Wall Street Zen lowered shares of Textron from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Susquehanna increased 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. Finally, Barclays increased their target price on shares of Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, Textron currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.67.

Textron Price Performance

Shares of NYSE TXT traded up $0.33 during trading on Monday, hitting $79.22. 1,571,003 shares of the company were exchanged, compared to its average volume of 1,873,751. Textron Inc. has a 1 year low of $57.70 and a 1 year high of $91.48. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.84 and a quick ratio of 0.84. The firm's fifty day moving average price is $80.22 and its 200 day moving average price is $74.74. The company has a market cap of $14.12 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 1.29 and a beta of 1.16.

Textron (NYSE:TXT - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The aerospace company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.45 by $0.10. Textron had a net margin of 5.80% and a return on equity of 14.26%. The business had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same period in the previous year, the firm earned $1.54 EPS. The business's revenue for the quarter was up 5.4% compared to the same quarter last year. On average, sell-side analysts expect 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. Investors of record on Friday, September 12th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.08 annualized dividend and a yield of 0.1%. Textron's payout ratio is presently 1.81%.

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.