Textron Inc. $TXT Stock Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its Textron stake by 4.3% in the third quarter, selling 17,859 shares; it retained 401,457 shares valued at about $30.6 million.
• Textron’s latest quarterly earnings beat expectations, with EPS of $1.76 versus $1.43 forecast, while revenue of $3.75 billion came in slightly below estimates; revenue rose 4.1% year over year.
• Analysts have a consensus Hold rating and an average price target of $101.09. Textron also announced a quarterly dividend of $0.02 per share, equivalent to a 0.1% annual yield.

Sumitomo Mitsui Trust Group Inc. trimmed its position in Textron Inc. (NYSE:TXT - Free Report) by 4.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 401,457 shares of the aerospace company's stock after selling 17,859 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.23% of Textron worth $30,591,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Textron in the 3rd quarter worth about $3,389,000. ProShare Advisors LLC lifted its position in Textron by 8.6% during the 3rd quarter. ProShare Advisors LLC now owns 48,549 shares of the aerospace company's stock valued at $3,699,000 after acquiring an additional 3,851 shares during the period. MGO One Seven LLC lifted its position in Textron by 13.2% during the 3rd quarter. MGO One Seven LLC now owns 3,981 shares of the aerospace company's stock valued at $303,000 after acquiring an additional 463 shares during the period. International Assets Investment Management LLC bought a new stake in Textron during the third quarter worth about $3,810,000. Finally, Soltis Investment Advisors LLC boosted its stake in Textron by 337.4% during the third quarter. Soltis Investment Advisors LLC now owns 15,580 shares of the aerospace company's stock worth $1,187,000 after acquiring an additional 12,018 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TXT has been the subject of a number of analyst reports. TD Cowen decreased their target price on shares of Textron from $105.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, October 9th. Wall Street Zen cut Textron from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. UBS Group upped their price target on Textron from $86.00 to $94.00 and gave the stock a "neutral" rating in a research note on Friday, October 30th. Bank of America reaffirmed a "neutral" rating and set a $100.00 price objective on shares of Textron in a research report on Tuesday. Finally, Citigroup lifted their price objective on Textron from $86.00 to $97.00 and gave the company a "neutral" rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $101.09.

Textron Price Performance

Shares of NYSE:TXT opened at $85.37 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.82 and a current ratio of 1.80. The firm has a market cap of $14.46 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 1.23 and a beta of 0.88. The business has a 50-day simple moving average of $78.93 and a two-hundred day simple moving average of $88.19. Textron Inc. has a fifty-two week low of $71.87 and a fifty-two week high of $101.57.

Textron (NYSE:TXT - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The aerospace company reported $1.76 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.33. Textron had a net margin of 6.30% and a return on equity of 14.34%. The firm had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same period in the previous year, the business posted $1.55 earnings per share. The business's revenue for the quarter was up 4.1% on a year-over-year basis. On average, analysts expect that Textron Inc. will post 6.63 earnings per share for the current year.

Textron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Shareholders of record on Friday, December 11th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend is Friday, December 11th. Textron's payout ratio is 1.44%.

Textron Profile

Textron Inc NYSE: TXT is a diversified industrial company that develops and manufactures aircraft, helicopters, specialized vehicles, defense systems and other industrial products. Founded in 1923 by Royal Little, the company has grown through the development and acquisition of businesses serving commercial, government and consumer markets.

Textron Aviation produces business jets, turboprop aircraft and general aviation aircraft under the Cessna and Beechcraft brands. Bell designs and manufactures military and commercial helicopters, tiltrotor aircraft and related support services.

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