Point72 Asset Management L.P. lessened its position in shares of Textron Inc. (NYSE:TXT) by 5.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,000 shares of the aerospace company’s stock after selling 6,200 shares during the quarter. Point72 Asset Management L.P.’s holdings in Textron were worth $5,897,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently made changes to their positions in TXT. HPM Partners LLC bought a new position in shares of Textron during the fourth quarter worth approximately $214,000. Landscape Capital Management L.L.C. bought a new position in shares of Textron in the 4th quarter worth about $218,000. Tower Research Capital LLC TRC raised its position in shares of Textron by 33,614.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,720 shares of the aerospace company’s stock worth $267,000 after acquiring an additional 4,706 shares in the last quarter. BB&T Securities LLC raised its position in shares of Textron by 45.4% in the 4th quarter. BB&T Securities LLC now owns 5,480 shares of the aerospace company’s stock worth $310,000 after acquiring an additional 1,712 shares in the last quarter. Finally, IBM Retirement Fund raised its position in shares of Textron by 45.1% in the 1st quarter. IBM Retirement Fund now owns 5,838 shares of the aerospace company’s stock worth $344,000 after acquiring an additional 1,815 shares in the last quarter. 83.52% of the stock is currently owned by institutional investors and hedge funds.
In other Textron news, CEO Scott C. Donnelly sold 11,988 shares of the business’s stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $61.60, for a total value of $738,460.80. Following the completion of the sale, the chief executive officer now directly owns 715,106 shares of the company’s stock, valued at approximately $44,050,529.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Frank T. Connor sold 80,000 shares of the business’s stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $62.99, for a total transaction of $5,039,200.00. Following the completion of the sale, the insider now directly owns 193,724 shares of the company’s stock, valued at $12,202,674.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 250,225 shares of company stock worth $15,754,504. 1.20% of the stock is currently owned by insiders.
TXT stock traded down $0.36 on Thursday, hitting $65.08. The company had a trading volume of 132,626 shares, compared to its average volume of 1,538,062. Textron Inc. has a 12-month low of $46.23 and a 12-month high of $69.36. The company has a current ratio of 2.31, a quick ratio of 1.09 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $16.90 billion, a P/E ratio of 26.59, a P/E/G ratio of 1.84 and a beta of 1.39.
Textron (NYSE:TXT) last issued its quarterly earnings results on Wednesday, April 18th. The aerospace company reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.26. The business had revenue of $3.30 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Textron had a net margin of 2.74% and a return on equity of 12.65%. The company’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 EPS. equities analysts predict that Textron Inc. will post 3.15 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, July 1st. Shareholders of record on Friday, June 15th will be issued a $0.02 dividend. The ex-dividend date is Thursday, June 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.12%. Textron’s dividend payout ratio is currently 3.27%.
Several brokerages have recently commented on TXT. Zacks Investment Research upgraded Textron from a “hold” rating to a “buy” rating and set a $77.00 target price for the company in a research note on Tuesday, June 12th. ValuEngine downgraded Textron from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 2nd. Barclays boosted their target price on shares of Textron from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, April 19th. Robert W. Baird upped their target price on shares of Textron from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, April 19th. Finally, Wells Fargo & Co restated an “outperform” rating and set a $72.00 price target (up from $67.00) on shares of Textron in a research report on Thursday, April 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $68.67.
Textron Company Profile
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
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