Citigroup Inc. Sells 43,271 Shares of Textron Inc. (NYSE:TXT)

Citigroup Inc. trimmed its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 16.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 223,242 shares of the aerospace company's stock after selling 43,271 shares during the quarter. Citigroup Inc. owned about 0.12% of Textron worth $19,775,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Innealta Capital LLC acquired a new stake in shares of Textron in the second quarter valued at about $25,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Textron in the second quarter valued at about $30,000. Oakworth Capital Inc. acquired a new stake in shares of Textron in the second quarter valued at about $31,000. Family Firm Inc. acquired a new stake in shares of Textron in the second quarter valued at about $40,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Textron in the third quarter valued at about $42,000. 86.03% of the stock is owned by institutional investors and hedge funds.

Textron Price Performance

TXT traded down $0.03 during midday trading on Wednesday, reaching $85.10. 664,708 shares of the company's stock were exchanged, compared to its average volume of 1,085,493. The firm has a market capitalization of $15.79 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 1.54 and a beta of 1.24. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.46. Textron Inc. has a one year low of $74.13 and a one year high of $97.33. The business has a 50-day simple moving average of $85.90 and a two-hundred day simple moving average of $87.17.

Textron (NYSE:TXT - Get Free Report) last posted its earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.49 by ($0.09). Textron had a net margin of 6.30% and a return on equity of 16.02%. The firm had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.50 billion. During the same quarter last year, the firm posted $1.49 EPS. The business's revenue was up 2.5% on a year-over-year basis. As a group, research analysts predict that Textron Inc. will post 5.53 EPS for the current year.

Textron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. The ex-dividend date of this dividend is Friday, December 13th. Textron's dividend payout ratio (DPR) is currently 1.76%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. UBS Group lowered their price target on Textron from $87.00 to $79.00 and set a "sell" rating on the stock in a research report on Friday, October 25th. TD Cowen downgraded Textron from a "buy" rating to a "hold" rating and decreased their target price for the stock from $103.00 to $95.00 in a research report on Wednesday, September 25th. Robert W. Baird decreased their target price on Textron from $109.00 to $100.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. JPMorgan Chase & Co. decreased their target price on Textron from $100.00 to $95.00 and set a "neutral" rating on the stock in a research report on Monday, October 14th. Finally, StockNews.com downgraded Textron from a "strong-buy" rating to a "buy" rating in a research report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $101.56.

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.