TD Asset Management Inc Raises Position in Textron Inc. (NYSE:TXT)

Key Points

• TD Asset Management Inc has increased its stake in Textron Inc. by 2.2% during the first quarter, now owning 0.53% of the company, valued at about $69.8 million.
• Several institutional investors have recently made moves in Textron's stock, with 86.03% of its shares currently held by institutional investors and hedge funds.
• Analysts have mixed opinions on Textron, with targets ranging from $63.00 to $107.00, and an average rating of "Hold" with a price target of $89.75.

TD Asset Management Inc boosted its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 2.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 965,755 shares of the aerospace company's stock after buying an additional 20,733 shares during the quarter. TD Asset Management Inc owned approximately 0.53% of Textron worth $69,776,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Optiver Holding B.V. bought a new stake in Textron during the 4th quarter worth approximately $56,000. MassMutual Private Wealth & Trust FSB increased its holdings in Textron by 123.3% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 842 shares of the aerospace company's stock worth $61,000 after purchasing an additional 465 shares in the last quarter. Parallel Advisors LLC increased its holdings in Textron by 22.9% during the 1st quarter. Parallel Advisors LLC now owns 1,115 shares of the aerospace company's stock worth $81,000 after purchasing an additional 208 shares in the last quarter. ORG Wealth Partners LLC bought a new stake in Textron during the 1st quarter worth approximately $92,000. Finally, Transce3nd LLC bought a new stake in Textron during the 4th quarter worth approximately $108,000. 86.03% of the stock is owned by institutional investors and hedge funds.

Textron Stock Performance

Shares of NYSE:TXT traded down $0.45 during trading on Thursday, hitting $77.60. 664,923 shares of the company were exchanged, compared to its average volume of 1,550,121. The company has a market cap of $13.83 billion, a PE ratio of 17.58, a P/E/G ratio of 1.28 and a beta of 1.17. The stock has a 50 day moving average of $79.16 and a 200 day moving average of $74.76. Textron Inc. has a 52-week low of $57.70 and a 52-week high of $93.98. 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 (NYSE:TXT - Get Free Report) last posted its earnings results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.10. The firm had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.64 billion. Textron had a return on equity of 14.26% and a net margin of 5.80%. The business's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.54 earnings per share. As a group, equities research analysts predict that Textron Inc. will post 6.12 EPS for the current 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 dividend yield of 0.10%. Textron's dividend payout ratio is currently 1.81%.

Insider Activity

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $79.37, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on TXT shares. The Goldman Sachs Group reissued a "neutral" rating and set a $85.00 price objective (down from $95.00) on shares of Textron in a report on Tuesday, July 1st. Barclays upped their target price on Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a report on Tuesday. Citigroup reduced their target price on Textron from $111.00 to $107.00 and set a "buy" rating for the company in a report on Thursday, April 10th. UBS Group raised Textron from a "sell" rating to a "neutral" rating and upped their target price for the company from $73.00 to $88.00 in a report on Monday. Finally, 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. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Textron presently has a consensus rating of "Moderate Buy" and a consensus price target of $92.67.

About Textron

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.