Canada Pension Plan Investment Board Trims Stake in Textron Inc. $TXT

Key Points

• Canada Pension Plan Investment Board reduced its holdings in Textron Inc. by 10.0%, selling 9,010 shares and leaving them with 81,467 shares valued at approximately $5.9 million.
• Multiple hedge funds adjusted their positions, with Cambridge Investment Research Advisors increasing their stake by 31.0% and Graham Capital Management lifting theirs by 166.8%.
• Textron reported strong quarterly earnings of $1.55 per share, exceeding estimates, and announced a quarterly dividend of $0.02 to be paid on October 1st.

Canada Pension Plan Investment Board cut its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 10.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 81,467 shares of the aerospace company's stock after selling 9,010 shares during the period. Canada Pension Plan Investment Board's holdings in Textron were worth $5,886,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Banque Cantonale Vaudoise acquired a new stake in Textron in the first quarter valued at $25,000. Harvest Fund Management Co. Ltd increased its holdings in Textron by 100.0% in the first quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company's stock valued at $39,000 after purchasing an additional 262 shares during the period. Zions Bancorporation National Association UT acquired a new stake in Textron in the first quarter valued at $41,000. Federated Hermes Inc. increased its holdings in Textron by 48.8% in the first quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company's stock valued at $58,000 after purchasing an additional 263 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Textron by 123.3% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 842 shares of the aerospace company's stock valued at $61,000 after purchasing an additional 465 shares during the period. 86.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Morgan Stanley increased their price objective on Textron from $71.00 to $86.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. Barclays increased their price objective on Textron from $95.00 to $105.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Susquehanna increased their price objective on Textron from $90.00 to $95.00 and gave the company a "positive" rating in a report on Friday, July 25th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $85.00 price target (down previously from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Finally, UBS Group raised shares of Textron from a "sell" rating to a "neutral" rating and upped their price target for the company from $73.00 to $88.00 in a research report on Monday, July 28th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $92.67.

Textron Stock Down 0.0%

Shares of Textron stock traded down $0.02 on Friday, hitting $81.31. The company had a trading volume of 1,646,814 shares, compared to its average volume of 1,144,604. The stock has a market capitalization of $14.49 billion, a price-to-earnings ratio of 18.40, a P/E/G ratio of 1.33 and a beta of 1.14. Textron Inc. has a 1 year low of $57.70 and a 1 year high of $91.30. The stock has a 50 day moving average of $80.94 and a 200-day moving average of $75.38. 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 EPS for the quarter, beating the consensus estimate of $1.45 by $0.10. The firm had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.64 billion. Textron had a net margin of 5.80% and a return on equity of 14.26%. The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the business posted $1.54 EPS. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. As a group, sell-side analysts forecast that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be issued 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 yield of 0.1%. Textron's payout ratio is presently 1.81%.

Insider Transactions at Textron

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of the business's stock in a transaction 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 sale, the executive vice president owned 37,624 shares of the company's stock, valued at $2,986,216.88. The trade was a 43.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.70% of the stock is owned by insiders.

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.