Textron (NYSE:TXT) Shares Gap Down to $94.01

Shares of Textron Inc. (NYSE:TXT - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $94.01, but opened at $84.76. Textron shares last traded at $83.11, with a volume of 1,327,636 shares.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TXT. StockNews.com upgraded Textron from a "buy" rating to a "strong-buy" rating in a research report on Thursday, January 25th. UBS Group increased their target price on shares of Textron from $77.00 to $81.00 and gave the company a "sell" rating in a research report on Friday, January 26th. Citigroup boosted their price target on shares of Textron from $104.00 to $111.00 and gave the stock a "buy" rating in a research report on Thursday, April 4th. The Goldman Sachs Group increased their price objective on shares of Textron from $103.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, April 16th. Finally, Bank of America upgraded shares of Textron from a "neutral" rating to a "buy" rating and raised their price objective for the company from $85.00 to $105.00 in a research note on Friday, March 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $93.63.

Textron Stock Performance

The stock has a market cap of $16.34 billion, a price-to-earnings ratio of 18.58, a price-to-earnings-growth ratio of 1.50 and a beta of 1.30. The company's 50-day simple moving average is $92.09 and its 200-day simple moving average is $83.81. The company has a quick ratio of 1.03, a current ratio of 1.92 and a debt-to-equity ratio of 0.50.

Textron (NYSE:TXT - Get Free Report) last released its quarterly earnings data on Wednesday, January 24th. The aerospace company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.07. Textron had a return on equity of 16.05% and a net margin of 6.73%. The business had revenue of $3.89 billion during the quarter, compared to analyst estimates of $3.97 billion. During the same period last year, the company posted $1.07 EPS. The company's revenue was up 7.0% compared to the same quarter last year. Analysts predict that Textron Inc. will post 6.27 EPS for the current fiscal year.

Textron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. Textron's dividend payout ratio is currently 1.75%.

Institutional Trading of Textron

A number of hedge funds have recently bought and sold shares of the company. Boston Partners raised its holdings in shares of Textron by 2.0% during the fourth quarter. Boston Partners now owns 7,016,363 shares of the aerospace company's stock valued at $564,235,000 after acquiring an additional 139,927 shares during the period. Victory Capital Management Inc. raised its stake in Textron by 3.4% during the 3rd quarter. Victory Capital Management Inc. now owns 6,756,439 shares of the aerospace company's stock valued at $527,948,000 after purchasing an additional 220,891 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Textron by 11.6% in the third quarter. JPMorgan Chase & Co. now owns 5,745,108 shares of the aerospace company's stock valued at $448,923,000 after purchasing an additional 596,214 shares in the last quarter. Primecap Management Co. CA boosted its position in shares of Textron by 9.7% in the third quarter. Primecap Management Co. CA now owns 5,394,200 shares of the aerospace company's stock worth $421,503,000 after buying an additional 477,720 shares during the period. Finally, LSV Asset Management grew its holdings in shares of Textron by 15.9% during the fourth quarter. LSV Asset Management now owns 3,793,047 shares of the aerospace company's stock valued at $305,037,000 after buying an additional 521,276 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

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.