Textron Inc. (NYSE:TXT) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its stake in Textron Inc. by 6.1%, owning 78,688 shares worth approximately $5.69 million after selling 5,130 shares in the 1st quarter.
• Textron reported earnings of $1.55 per share in its recent quarter, exceeding analysts' expectations of $1.45 and showcasing a revenue of $3.72 billion.
• The company declared a quarterly dividend of $0.02 per share, with an expected annualized payout of $0.08, reflecting a dividend yield of 0.1%.

Bank of Nova Scotia reduced its position in shares of Textron Inc. (NYSE:TXT - Free Report) by 6.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,688 shares of the aerospace company's stock after selling 5,130 shares during the quarter. Bank of Nova Scotia's holdings in Textron were worth $5,685,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Banque Cantonale Vaudoise purchased a new stake in shares of Textron during the 1st quarter worth about $25,000. Harvest Fund Management Co. Ltd boosted its stake in shares of Textron by 100.0% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock worth $39,000 after acquiring an additional 262 shares in the last quarter. Optiver Holding B.V. purchased a new stake in shares of Textron during the 4th quarter worth about $56,000. Federated Hermes Inc. boosted its stake in shares of Textron by 48.8% during the 1st quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock worth $58,000 after acquiring an additional 263 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of 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 acquiring an additional 465 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Trading Up 0.7%

TXT opened at $77.77 on Tuesday. The business's 50 day moving average price is $79.43 and its 200 day moving average price is $74.69. The stock has a market capitalization of $13.86 billion, a PE ratio of 17.60, a P/E/G ratio of 1.26 and a beta of 1.16. Textron Inc. has a one year low of $57.70 and a one year high of $91.48. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.84.

Textron (NYSE:TXT - Get Free Report) last posted 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. The firm had revenue of $3.72 billion during 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 firm's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company posted $1.54 EPS. As a group, equities research analysts expect that Textron Inc. will post 6.12 EPS for the current year.

Textron Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TXT shares. Morgan Stanley increased their target price 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. Susquehanna upped their price target on shares of Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Citigroup reduced their price target on shares of Textron from $111.00 to $107.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. UBS Group upgraded shares of Textron from a "sell" rating to a "neutral" rating and upped their price target for the stock from $73.00 to $88.00 in a research report on Monday, July 28th. Finally, Barclays upped their price target on shares of Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Textron has an average rating of "Moderate Buy" and an average target price of $92.67.

Insider Buying and Selling at Textron

In related news, EVP Julie G. Duffy sold 28,543 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $79.37, for a total transaction 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. This trade represents a 43.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company's stock.

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.

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