Textron Inc. (NYSE:TXT) Stake Lessened by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury decreased its stake in shares of Textron Inc. (NYSE:TXT - Free Report) by 44.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,466 shares of the aerospace company's stock after selling 20,647 shares during the quarter. State of Tennessee Department of Treasury's holdings in Textron were worth $1,948,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new position in shares of Textron during the fourth quarter worth $31,000. Eastern Bank purchased a new stake in Textron in the 4th quarter worth approximately $42,000. Golden State Wealth Management LLC acquired a new stake in shares of Textron during the 4th quarter worth approximately $63,000. McClarren Financial Advisors Inc. acquired a new position in Textron in the 4th quarter worth about $68,000. Finally, Geneos Wealth Management Inc. grew its holdings in Textron by 33.0% in the fourth quarter. Geneos Wealth Management Inc. now owns 964 shares of the aerospace company's stock valued at $74,000 after purchasing an additional 239 shares during the period. Hedge funds and other institutional investors own 86.03% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on TXT shares. Bank of America lowered shares of Textron from a "buy" rating to a "neutral" rating and cut their price target for the stock from $110.00 to $85.00 in a report on Friday, January 24th. Morgan Stanley lowered their price target on shares of Textron from $82.00 to $71.00 and set an "equal weight" rating on the stock in a research report on Friday, April 11th. Susquehanna lowered their price target on shares of Textron from $100.00 to $90.00 and set a "positive" rating on the stock in a research report on Wednesday, January 8th. Vertical Research raised shares of Textron from a "hold" rating to a "buy" rating and set a $91.00 target price on the stock in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. reduced their target price on Textron from $90.00 to $88.00 and set a "neutral" rating on the stock 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 given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $87.70.

Textron Stock Performance

Shares of TXT stock traded up $0.81 during midday trading on Friday, hitting $71.08. The company had a trading volume of 2,105,614 shares, compared to its average volume of 1,185,818. The stock has a market cap of $12.83 billion, a price-to-earnings ratio of 16.49, a PEG ratio of 1.18 and a beta of 1.06. The company's 50 day simple moving average is $70.03 and its 200 day simple moving average is $76.63. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84. Textron Inc. has a 52-week low of $57.70 and a 52-week high of $94.57.

Textron (NYSE:TXT - Get Free Report) last posted its earnings results 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. Textron had a return on equity of 14.92% and a net margin of 6.01%. The company had revenue of $3.31 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. Textron's revenue was up 5.5% compared to the same quarter last year. Research analysts anticipate that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.11%. The ex-dividend date is Friday, June 13th. Textron's dividend payout ratio is currently 1.81%.

Insider Transactions at Textron

In related news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the sale, the vice president now owns 18,223 shares of the company's stock, valued at approximately $1,324,447.64. This represents a 23.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company's stock.

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.