D. E. Shaw & Co. Inc. increased its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 97.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,031,144 shares of the aerospace company's stock after buying an additional 510,085 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.56% of Textron worth $78,872,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new stake in Textron in the fourth quarter valued at $31,000. Eastern Bank purchased a new stake in Textron in the fourth quarter valued at $42,000. Optiver Holding B.V. purchased a new stake in Textron in the fourth quarter valued at $56,000. Golden State Wealth Management LLC purchased a new stake in Textron in the fourth quarter valued at $63,000. Finally, McClarren Financial Advisors Inc. purchased a new stake in shares of Textron in the 4th quarter valued at $68,000. Hedge funds and other institutional investors own 86.03% of the company's stock.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the company. TD Cowen upgraded Textron to a "hold" rating in a report on Monday, February 24th. Bank of America downgraded Textron from a "buy" rating to a "neutral" rating and cut their price objective for the company from $110.00 to $85.00 in a report on Friday, January 24th. UBS Group boosted their price objective on Textron from $62.00 to $63.00 and gave the company a "sell" rating in a report on Monday, April 28th. Citigroup decreased their price objective on Textron from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Finally, JPMorgan Chase & Co. lowered their price objective on Textron from $90.00 to $88.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Textron currently has an average rating of "Hold" and an average target price of $87.70.
Check Out Our Latest Report on Textron
Textron Stock Down 0.3%
TXT traded down $0.25 on Tuesday, reaching $76.55. The company's stock had a trading volume of 3,006,128 shares, compared to its average volume of 1,203,758. The company has a market capitalization of $13.82 billion, a price-to-earnings ratio of 17.76, a P/E/G ratio of 1.18 and a beta of 1.20. Textron Inc. has a fifty-two week low of $57.70 and a fifty-two week high of $94.57. The stock has a 50 day moving average of $69.86 and a two-hundred day moving average of $75.74. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45.
Textron (NYSE:TXT - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The aerospace company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.11. The business had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $3.26 billion. Textron had a return on equity of 14.92% and a net margin of 6.01%. The company's revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, analysts forecast that Textron Inc. will post 6.12 EPS for the current fiscal year.
Textron Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.10%. The ex-dividend date of this dividend is Friday, June 13th. Textron's dividend payout ratio (DPR) is presently 1.81%.
Insider Transactions at Textron
In other Textron news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $72.68, for a total value of $396,178.68. Following the completion of the transaction, the vice president now owns 18,223 shares in the company, valued at approximately $1,324,447.64. This represents a 23.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company's stock.
About Textron
(
Free Report)
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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