Wellington Management Group LLP Reduces Stock Position in Textron Inc. $TXT

Key Points

• Wellington Management Group reduced its stake in Textron Inc. by 59.9%, now holding 241,827 shares worth approximately $17.5 million after selling over 361,000 shares.
• Several other hedge funds, including Brooklyn Investment Group and Aberdeen Group, increased their stakes in Textron during the same period, reflecting varying investor interest in the aerospace company.
• Textron reported $1.55 EPS for the last quarter, exceeding analyst expectations, with revenue rising by 5.4% year-over-year to $3.72 billion.

Wellington Management Group LLP cut its stake in Textron Inc. (NYSE:TXT - Free Report) by 59.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 241,827 shares of the aerospace company's stock after selling 361,344 shares during the period. Wellington Management Group LLP owned approximately 0.13% of Textron worth $17,472,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Brooklyn Investment Group increased its holdings in Textron by 10.3% in the first quarter. Brooklyn Investment Group now owns 1,665 shares of the aerospace company's stock valued at $120,000 after buying an additional 156 shares in the last quarter. Brandywine Global Investment Management LLC increased its stake in shares of Textron by 9.5% during the 1st quarter. Brandywine Global Investment Management LLC now owns 300,850 shares of the aerospace company's stock worth $21,736,000 after purchasing an additional 26,121 shares in the last quarter. Aberdeen Group plc increased its stake in shares of Textron by 118.1% during the 1st quarter. Aberdeen Group plc now owns 135,392 shares of the aerospace company's stock worth $9,782,000 after purchasing an additional 73,326 shares in the last quarter. Fox Run Management L.L.C. increased its stake in shares of Textron by 146.2% during the 1st quarter. Fox Run Management L.L.C. now owns 17,598 shares of the aerospace company's stock worth $1,271,000 after purchasing an additional 10,450 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC increased its stake in shares of Textron by 1,336.2% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 71,280 shares of the aerospace company's stock worth $5,150,000 after purchasing an additional 66,317 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Textron from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Susquehanna raised their price objective on shares of Textron from $90.00 to $95.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. UBS Group raised shares of Textron from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $73.00 to $88.00 in a research note on Monday, July 28th. Barclays raised their price objective on shares of Textron from $95.00 to $105.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, Jefferies Financial Group restated a "buy" rating and set a $95.00 target price (up previously from $85.00) on shares of Textron in a research report on Thursday, June 12th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Textron currently has an average rating of "Moderate Buy" and an average price target of $92.67.

Insider Buying and Selling at Textron

In other Textron news, EVP Julie G. Duffy sold 28,543 shares of Textron stock in a transaction on Friday, July 25th. The shares were sold at an average price of $79.37, for a total value of $2,265,457.91. Following the transaction, the executive vice president owned 37,624 shares in the company, valued at $2,986,216.88. This trade represents a 43.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is currently owned by company insiders.

Textron Stock Up 0.8%

Shares of NYSE TXT opened at $81.37 on Wednesday. Textron Inc. has a 1 year low of $57.70 and a 1 year high of $91.48. The firm's 50 day moving average price is $80.59 and its 200 day moving average price is $74.96. The firm has a market cap of $14.50 billion, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 1.32 and a beta of 1.16. 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 announced its earnings results on Thursday, July 24th. The aerospace company reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.45 by $0.10. Textron had a net margin of 5.80% and a return on equity of 14.26%. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business earned $1.54 earnings per share. Textron's revenue was up 5.4% compared to the same quarter last year. Textron has set its FY 2025 guidance at 6.000-6.200 EPS. As a group, sell-side analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

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

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.

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