Korea Investment CORP Sells 63,848 Shares of Textron Inc. (NYSE:TXT)

Korea Investment CORP cut its stake in Textron Inc. (NYSE:TXT - Free Report) by 32.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 131,433 shares of the aerospace company's stock after selling 63,848 shares during the quarter. Korea Investment CORP owned about 0.07% of Textron worth $10,053,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TXT. Cerity Partners LLC increased its position in shares of Textron by 110.5% in the third quarter. Cerity Partners LLC now owns 28,171 shares of the aerospace company's stock worth $2,495,000 after purchasing an additional 14,789 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in Textron by 8.5% during the third quarter. Public Sector Pension Investment Board now owns 7,694 shares of the aerospace company's stock worth $682,000 after purchasing an additional 600 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Textron by 4.2% during the third quarter. Rockefeller Capital Management L.P. now owns 23,414 shares of the aerospace company's stock worth $2,075,000 after purchasing an additional 941 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of Textron by 16.9% in the 3rd quarter. Captrust Financial Advisors now owns 72,036 shares of the aerospace company's stock worth $6,381,000 after purchasing an additional 10,425 shares in the last quarter. Finally, True Wealth Design LLC purchased a new position in shares of Textron during the 3rd quarter valued at about $26,000. 86.03% of the stock is currently owned by institutional investors.

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Textron Stock Down 9.5 %

Shares of NYSE TXT traded down $6.33 during trading on Friday, reaching $60.54. The company had a trading volume of 3,236,995 shares, compared to its average volume of 1,168,399. Textron Inc. has a 12-month low of $60.38 and a 12-month high of $97.34. 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 business's 50-day moving average is $73.49 and its 200 day moving average is $79.56. The stock has a market cap of $11.00 billion, a PE ratio of 14.05, a P/E/G ratio of 1.18 and a beta of 1.27.

Textron (NYSE:TXT - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the firm posted $1.60 EPS. Textron's revenue for the quarter was down 7.2% on a year-over-year basis. As a group, equities analysts forecast that Textron Inc. will post 6.12 earnings per share for the current fiscal year.

Textron Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Robert W. Baird reduced their target price on shares of Textron from $100.00 to $92.00 and set an "outperform" rating on the stock in a report on Thursday, January 23rd. Barclays decreased their price objective on shares of Textron from $104.00 to $95.00 and set an "overweight" rating for the company in a report on Monday, December 23rd. Morgan Stanley cut their target price on shares of Textron from $86.00 to $82.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 23rd. Vertical Research upgraded shares of Textron from a "hold" rating to a "buy" rating and set a $91.00 price target on the stock in a research report on Monday, January 6th. Finally, Bank of America lowered shares of Textron from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $110.00 to $85.00 in a report on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.45.

Insider Buying and Selling

In other news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction that occurred 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by corporate insiders.

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.