Textron Inc. (NYSE:TXT) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in Textron Inc. (NYSE:TXT - Free Report) by 9.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 312,641 shares of the aerospace company's stock after selling 30,775 shares during the quarter. California Public Employees Retirement System owned about 0.17% of Textron worth $23,914,000 as of its most recent filing with the SEC.

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

Textron Price Performance

Shares of Textron stock traded up $1.31 on Tuesday, hitting $62.40. The company's stock had a trading volume of 264,698 shares, compared to its average volume of 1,171,042. The company has a market capitalization of $11.33 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 1.18 and a beta of 1.06. Textron Inc. has a 52-week low of $57.70 and a 52-week high of $97.34. The firm has a fifty day moving average price of $73.14 and a 200-day moving average price of $79.30. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45.

Textron (NYSE:TXT - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $3.78 billion. During the same period in the prior year, the business earned $1.60 earnings per share. The company's quarterly revenue was down 7.2% on a year-over-year basis. On average, equities research analysts expect that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.02 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.13%. Textron's dividend payout ratio (DPR) is 1.86%.

Wall Street Analyst Weigh In

Several research firms have recently commented on TXT. TD Cowen upgraded shares of Textron to a "hold" rating in a research note on Monday, February 24th. Robert W. Baird reduced their price objective on shares of Textron from $100.00 to $92.00 and set an "outperform" rating for the company in a research report on Thursday, January 23rd. Bank of America cut Textron from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $110.00 to $85.00 in a research report on Friday, January 24th. 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. Finally, Susquehanna dropped their price objective on Textron from $100.00 to $90.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. One investment 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. According to MarketBeat.com, Textron presently has an average rating of "Moderate Buy" and an average price target of $93.45.

Insider Activity

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the sale, the vice president now directly owns 18,223 shares of the company's stock, valued at $1,324,447.64. This trade represents a 23.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.70% of the company's stock.

About Textron

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.