Royal Bank of Canada Lowers Position in Textron Inc. (NYSE:TXT)

Royal Bank of Canada lowered its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 27.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 274,456 shares of the aerospace company's stock after selling 101,519 shares during the period. Royal Bank of Canada owned 0.15% of Textron worth $20,994,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rafferty Asset Management LLC increased its position in shares of Textron by 5.4% during the fourth quarter. Rafferty Asset Management LLC now owns 64,815 shares of the aerospace company's stock valued at $4,958,000 after buying an additional 3,296 shares during the period. ProShare Advisors LLC grew its stake in Textron by 5.0% during the fourth quarter. ProShare Advisors LLC now owns 40,518 shares of the aerospace company's stock valued at $3,099,000 after acquiring an additional 1,927 shares in the last quarter. Mufg Securities Americas Inc. bought a new stake in Textron during the 4th quarter worth approximately $210,000. Nomura Holdings Inc. purchased a new stake in Textron in the 4th quarter worth approximately $468,000. Finally, Numerai GP LLC bought a new position in Textron in the 4th quarter valued at $1,647,000. 86.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TXT shares. TD Cowen upgraded Textron to a "hold" rating in a research report on Monday, February 24th. Citigroup lowered their price target on Textron from $111.00 to $107.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Morgan Stanley cut their price objective on Textron from $82.00 to $71.00 and set an "equal weight" rating for the company in a report on Friday, April 11th. Finally, UBS Group raised their target price on shares of Textron from $62.00 to $63.00 and gave the company a "sell" rating in a research note on Monday, April 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $87.70.

Textron Trading Down 0.6%

Shares of TXT stock traded down $0.45 on Friday, hitting $73.55. 167,403 shares of the company's stock traded hands, compared to its average volume of 1,214,991. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.76. The stock has a market capitalization of $13.28 billion, a price-to-earnings ratio of 17.09, a P/E/G ratio of 1.18 and a beta of 1.20. The company's fifty day simple moving average is $70.11 and its 200 day simple moving average is $75.02. Textron Inc. has a one year low of $57.70 and a one year high of $94.57.

Textron (NYSE:TXT - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The aerospace company reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.11. The firm had revenue of $3.31 billion during the quarter, compared to analyst estimates of $3.26 billion. Textron had a return on equity of 14.92% and a net margin of 6.01%. The business's quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 earnings per share. Equities analysts forecast 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 Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date is Friday, June 13th. Textron's payout ratio is currently 1.81%.

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.