Adage Capital Partners GP L.L.C. Acquires 259,350 Shares of Textron Inc. (NYSE:TXT)

Adage Capital Partners GP L.L.C. boosted its holdings in Textron Inc. (NYSE:TXT - Free Report) by 88.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 550,976 shares of the aerospace company's stock after acquiring an additional 259,350 shares during the period. Adage Capital Partners GP L.L.C. owned 0.30% of Textron worth $42,144,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TXT. SBI Securities Co. Ltd. bought a new position in shares of Textron in the fourth quarter valued at about $31,000. Eastern Bank acquired a new position in Textron in the 4th quarter valued at about $42,000. Golden State Wealth Management LLC bought a new position in Textron in the 4th quarter valued at about $63,000. McClarren Financial Advisors Inc. acquired a new stake in Textron during the fourth quarter worth approximately $68,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Textron by 33.0% during the fourth quarter. Geneos Wealth Management Inc. now owns 964 shares of the aerospace company's stock worth $74,000 after acquiring an additional 239 shares during the period. Institutional investors and hedge funds own 86.03% of the company's stock.

Textron Price Performance

NYSE:TXT traded up $1.05 during trading hours on Monday, hitting $69.47. The company's stock had a trading volume of 1,610,734 shares, compared to its average volume of 1,184,462. The stock has a fifty day simple moving average of $70.22 and a 200-day simple moving average of $76.97. Textron Inc. has a twelve month low of $57.70 and a twelve month high of $94.57. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84. The company has a market capitalization of $12.62 billion, a P/E ratio of 16.12, a PEG ratio of 1.18 and a beta of 1.06.

Textron (NYSE:TXT - Get Free Report) last issued its earnings results on Thursday, April 24th. The aerospace company reported $1.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.11. The firm had revenue of $3.31 billion for the quarter, compared to analyst estimates of $3.26 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The company's quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the business posted $1.20 earnings per share. On average, analysts anticipate that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.12%. The ex-dividend date of this dividend is Friday, June 13th. Textron's dividend payout ratio (DPR) is currently 1.81%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TXT shares. Vertical Research raised Textron from a "hold" rating to a "buy" rating and set a $91.00 price objective on the stock in a report on Monday, January 6th. Robert W. Baird decreased their price target on shares of Textron from $100.00 to $92.00 and set an "outperform" rating on the stock in a research note on Thursday, January 23rd. Morgan Stanley cut their price objective on shares of Textron from $82.00 to $71.00 and set an "equal weight" rating for the company in a report on Friday, April 11th. Bank of America cut shares of Textron from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $110.00 to $85.00 in a report on Friday, January 24th. Finally, UBS Group boosted their price target on Textron from $62.00 to $63.00 and gave the company a "sell" rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Textron presently has a consensus rating of "Hold" and an average target price of $87.70.

Insider Buying and Selling at Textron

In related news, VP Mark S. Bamford sold 5,451 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total value of $396,178.68. Following the sale, the vice president now owns 18,223 shares of the company's stock, valued at $1,324,447.64. The trade was a 23.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate 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.