Textron (NYSE:TXT) Downgraded to "Hold" at TD Cowen

TD Cowen lowered shares of Textron (NYSE:TXT - Free Report) from a buy rating to a hold rating in a report published on Wednesday morning, MarketBeat Ratings reports. TD Cowen currently has $95.00 price target on the aerospace company's stock, down from their previous price target of $103.00.

A number of other brokerages have also commented on TXT. StockNews.com lowered Textron from a strong-buy rating to a buy rating in a report on Thursday, September 12th. Bank of America raised their price target on shares of Textron from $105.00 to $110.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Morgan Stanley lowered shares of Textron from an overweight rating to an equal weight rating and set a $95.00 price objective for the company. in a research report on Thursday, August 8th. Citigroup lifted their target price on Textron from $111.00 to $115.00 and gave the stock a buy rating in a research report on Monday, July 22nd. Finally, UBS Group upped their price target on Textron from $84.00 to $87.00 and gave the company a sell rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $101.50.

Textron Stock Performance

Shares of NYSE TXT traded down $1.19 during trading hours on Wednesday, hitting $85.49. 1,152,459 shares of the stock were exchanged, compared to its average volume of 1,079,207. Textron has a one year low of $74.13 and a one year high of $97.33. The company's 50 day moving average is $88.44 and its 200 day moving average is $89.22. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.79 and a quick ratio of 0.81. The firm has a market capitalization of $16.30 billion, a P/E ratio of 18.27, a P/E/G ratio of 1.38 and a beta of 1.23.

Textron (NYSE:TXT - Get Free Report) last released its quarterly earnings results on Thursday, July 18th. The aerospace company reported $1.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.48 by $0.06. The company had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.56 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. The business's quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 earnings per share. On average, research analysts expect that Textron will post 6.26 EPS for the current year.

Textron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.09%. The ex-dividend date is Friday, September 13th. Textron's dividend payout ratio is 1.71%.

Hedge Funds Weigh In On Textron

Several institutional investors have recently added to or reduced their stakes in TXT. Envestnet Portfolio Solutions Inc. increased its stake in shares of Textron by 263.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 13,369 shares of the aerospace company's stock valued at $1,283,000 after buying an additional 9,692 shares in the last quarter. Studio Investment Management LLC bought a new position in shares of Textron in the fourth quarter worth about $1,223,000. SG Americas Securities LLC lifted its position in shares of Textron by 461.1% during the first quarter. SG Americas Securities LLC now owns 117,257 shares of the aerospace company's stock worth $11,248,000 after purchasing an additional 96,361 shares in the last quarter. LSV Asset Management grew its stake in shares of Textron by 6.9% during the first quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company's stock valued at $388,809,000 after purchasing an additional 260,003 shares during the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Textron by 579.5% in the first quarter. Cetera Investment Advisers now owns 50,684 shares of the aerospace company's stock valued at $4,862,000 after purchasing an additional 43,225 shares in the last quarter. 86.03% of the stock is owned by institutional investors.

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.