Alliancebernstein L.P. Sells 198,183 Shares of Textron Inc. (NYSE:TXT)

Alliancebernstein L.P. trimmed its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 46.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,739 shares of the aerospace company's stock after selling 198,183 shares during the period. Alliancebernstein L.P. owned 0.12% of Textron worth $17,726,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in Textron by 50.2% in the fourth quarter. Wellington Management Group LLP now owns 603,171 shares of the aerospace company's stock valued at $46,137,000 after purchasing an additional 201,696 shares during the last quarter. Brandywine Global Investment Management LLC grew its holdings in shares of Textron by 21.1% during the fourth quarter. Brandywine Global Investment Management LLC now owns 274,729 shares of the aerospace company's stock worth $21,014,000 after buying an additional 47,879 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Textron by 66.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 66,314 shares of the aerospace company's stock valued at $5,072,000 after purchasing an additional 26,378 shares during the last quarter. Allstate Corp bought a new position in shares of Textron in the 4th quarter valued at about $413,000. Finally, Caisse Des Depots ET Consignations bought a new position in Textron in the fourth quarter valued at approximately $3,045,000. 86.03% of the stock is currently owned by institutional investors and hedge funds.

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Textron Stock Performance

Shares of NYSE:TXT traded down $0.01 during midday trading on Monday, reaching $65.67. 118,345 shares of the company traded hands, compared to its average volume of 1,181,454. Textron Inc. has a 12 month low of $57.70 and a 12 month high of $95.86. The firm's fifty day moving average price is $71.70 and its two-hundred day moving average price is $78.41. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $11.93 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 1.18 and a beta of 1.06.

Textron (NYSE:TXT - Get Free Report) last released its quarterly earnings data on Wednesday, January 22nd. The aerospace company reported $1.34 EPS 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 company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period last year, the business earned $1.60 earnings per share. Textron's revenue was down 7.2% compared to the same quarter last year. On average, equities analysts expect that Textron Inc. will post 6.12 earnings per share for the current year.

Textron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.02 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.12%. Textron's dividend payout ratio is presently 1.86%.

Analysts Set New Price Targets

A number of equities analysts recently commented on TXT shares. Barclays reduced their price target on Textron from $104.00 to $95.00 and set an "overweight" rating for the company in a report on Monday, December 23rd. Citigroup reduced their price target on Textron from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Thursday. Vertical Research upgraded shares of Textron from a "hold" rating to a "buy" rating and set a $91.00 price objective for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. cut their price target on shares of Textron from $90.00 to $88.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Finally, TD Cowen upgraded Textron to a "hold" rating in a report on Monday, February 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Textron presently has a consensus rating of "Moderate Buy" and an average target price of $92.09.

Insider Buying and Selling at Textron

In related news, VP Mark S. Bamford sold 5,451 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $72.68, for a total transaction of $396,178.68. Following the completion of the transaction, the vice president now 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 this hyperlink. Company insiders own 1.70% of the company's stock.

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.