Allstate Corp Takes $413,000 Position in Textron Inc. (NYSE:TXT)

Allstate Corp acquired a new position in shares of Textron Inc. (NYSE:TXT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,404 shares of the aerospace company's stock, valued at approximately $413,000.

Several other hedge funds also recently modified their holdings of the company. Caisse Des Depots ET Consignations bought a new stake in Textron during the 4th quarter worth approximately $3,045,000. NEOS Investment Management LLC boosted its stake in Textron by 30.2% in the fourth quarter. NEOS Investment Management LLC now owns 10,717 shares of the aerospace company's stock worth $820,000 after purchasing an additional 2,487 shares in the last quarter. UniSuper Management Pty Ltd grew its holdings in shares of Textron by 28.1% during the fourth quarter. UniSuper Management Pty Ltd now owns 26,641 shares of the aerospace company's stock worth $2,038,000 after purchasing an additional 5,850 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Textron by 8.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 302,603 shares of the aerospace company's stock valued at $22,916,000 after buying an additional 24,053 shares in the last quarter. Finally, EntryPoint Capital LLC raised its holdings in shares of Textron by 157.9% in the fourth quarter. EntryPoint Capital LLC now owns 7,248 shares of the aerospace company's stock valued at $554,000 after buying an additional 4,438 shares during the last quarter. Institutional investors and hedge funds own 86.03% of the company's stock.

Textron Trading Up 0.5 %

NYSE:TXT traded up $0.32 during mid-day trading on Monday, hitting $61.04. The company had a trading volume of 2,656,060 shares, compared to its average volume of 1,174,514. The firm has a market cap of $11.09 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.18 and a beta of 1.06. Textron Inc. has a fifty-two week low of $57.70 and a fifty-two week high of $97.34. The business's fifty day moving average is $73.14 and its two-hundred day moving average is $79.30. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.76.

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Textron (NYSE:TXT - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.07. Textron had a net margin of 6.01% and a return on equity of 14.92%. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same period last year, the company posted $1.60 EPS. Textron's revenue for the quarter was down 7.2% on a year-over-year basis. As a group, research analysts expect that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.13%. The ex-dividend date of this dividend was Friday, March 14th. Textron's dividend payout ratio is currently 1.86%.

Insider Buying and Selling

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction dated 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 sale, the vice president now directly owns 18,223 shares in the company, valued at $1,324,447.64. This represents a 23.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

TXT has been the subject of several research reports. Bank of America cut shares of Textron from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $110.00 to $85.00 in a research report on Friday, January 24th. Barclays lowered their price target on shares of Textron from $104.00 to $95.00 and set an "overweight" rating for the company in a report on Monday, December 23rd. JPMorgan Chase & Co. reduced their price objective on Textron from $90.00 to $88.00 and set a "neutral" rating on the stock in a report on Thursday, January 16th. Citigroup lowered their target price on Textron from $118.00 to $111.00 and set a "buy" rating for the company in a research note on Tuesday, January 21st. Finally, Morgan Stanley decreased their price target on Textron from $86.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $93.45.

Textron 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.