Envestnet Portfolio Solutions Inc. Lowers Position in Textron Inc. (NYSE:TXT)

Envestnet Portfolio Solutions Inc. lessened its holdings in shares of Textron Inc. (NYSE:TXT - Free Report) by 31.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,867 shares of the aerospace company's stock after selling 5,514 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Textron were worth $908,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in Textron during the fourth quarter valued at $41,451,000. Brandes Investment Partners LP lifted its position in Textron by 19.4% during the 4th quarter. Brandes Investment Partners LP now owns 1,859,703 shares of the aerospace company's stock valued at $142,249,000 after acquiring an additional 302,712 shares during the period. International Assets Investment Management LLC bought a new stake in Textron during the fourth quarter worth about $11,523,000. Wealthfront Advisers LLC boosted its stake in Textron by 384.7% during the fourth quarter. Wealthfront Advisers LLC now owns 175,347 shares of the aerospace company's stock worth $13,412,000 after acquiring an additional 139,173 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Textron by 7.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,428,377 shares of the aerospace company's stock worth $109,257,000 after purchasing an additional 104,982 shares during the period. Institutional investors own 86.03% of the company's stock.

Insider Buying and Selling

In related news, VP Mark S. Bamford sold 5,451 shares of Textron stock in a transaction on Monday, February 24th. The shares were sold at an average price of $72.68, for a total transaction of $396,178.68. Following the transaction, the vice president now owns 18,223 shares in the company, valued at approximately $1,324,447.64. The trade was a 23.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is currently owned by insiders.

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Wall Street Analyst Weigh In

A number of brokerages have recently commented on TXT. JPMorgan Chase & Co. dropped their price target on Textron from $90.00 to $88.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. Morgan Stanley reduced their price target on Textron from $86.00 to $82.00 and set an "equal weight" rating for the company in a report on Thursday, January 23rd. TD Cowen raised shares of Textron to a "hold" rating in a research report on Monday, February 24th. Bank of America downgraded shares of 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 note on Friday, January 24th. Finally, Susquehanna decreased their price objective on shares of Textron from $100.00 to $90.00 and set a "positive" rating for the company 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 assigned a buy rating to the company. Based on data from MarketBeat, Textron presently has a consensus rating of "Moderate Buy" and an average price target of $93.45.

Textron Stock Performance

Shares of TXT traded up $0.15 during trading hours on Thursday, hitting $75.32. The stock had a trading volume of 1,082,561 shares, compared to its average volume of 1,107,760. The firm has a market capitalization of $13.68 billion, a PE ratio of 17.48, a PEG ratio of 1.18 and a beta of 1.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84. Textron Inc. has a 12 month low of $70.14 and a 12 month high of $97.34. The stock has a fifty day moving average price of $74.69 and a 200 day moving average price of $80.39.

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

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. The ex-dividend date is Friday, March 14th. Textron's dividend payout ratio (DPR) is currently 1.86%.

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.