Paloma Partners Management Co boosted its position in shares of Textron Inc. (NYSE:TXT - Free Report) by 269.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,398 shares of the aerospace company's stock after acquiring an additional 6,851 shares during the period. Paloma Partners Management Co's holdings in Textron were worth $832,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Wedge Capital Management L L P NC bought a new stake in Textron in the 2nd quarter valued at $64,319,000. Brandes Investment Partners LP lifted its stake in shares of Textron by 20.0% in the second quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company's stock valued at $133,096,000 after buying an additional 258,778 shares during the period. AQR Capital Management LLC grew its position in Textron by 18.9% during the second quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company's stock worth $124,608,000 after buying an additional 231,173 shares in the last quarter. Fidelity National Financial Inc. bought a new position in Textron during the second quarter valued at about $19,748,000. Finally, Distillate Capital Partners LLC raised its holdings in Textron by 101,299.4% in the 2nd quarter. Distillate Capital Partners LLC now owns 166,295 shares of the aerospace company's stock valued at $14,278,000 after acquiring an additional 166,131 shares in the last quarter. 86.03% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of analysts have recently issued reports on TXT shares. Robert W. Baird lowered their price objective on Textron from $109.00 to $100.00 and set an "outperform" rating on the stock in a research report on Friday, October 25th. TD Cowen downgraded shares of Textron from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $103.00 to $95.00 in a report on Wednesday, September 25th. UBS Group lowered their target price on shares of Textron from $87.00 to $79.00 and set a "sell" rating on the stock in a research note on Friday, October 25th. JPMorgan Chase & Co. decreased their price objective on Textron from $100.00 to $95.00 and set a "neutral" rating on the stock in a report on Monday, October 14th. Finally, Morgan Stanley cut Textron from an "overweight" rating to an "equal weight" rating and set a $95.00 target price for the company. in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $101.56.
Read Our Latest Analysis on TXT
Textron Price Performance
Shares of TXT stock traded down $0.28 during trading hours on Tuesday, hitting $85.18. 633,377 shares of the company's stock were exchanged, compared to its average volume of 1,080,703. The stock's 50-day moving average is $85.70 and its 200-day moving average is $87.10. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.83 and a quick ratio of 0.82. Textron Inc. has a 52 week low of $75.70 and a 52 week high of $97.33. The stock has a market cap of $15.80 billion, a price-to-earnings ratio of 18.71, a price-to-earnings-growth ratio of 1.54 and a beta of 1.25.
Textron (NYSE:TXT - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.09). Textron had a net margin of 6.30% and a return on equity of 16.02%. The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same quarter in the previous year, the business posted $1.49 EPS. The company's revenue was up 2.5% compared to the same quarter last year. As a group, research analysts forecast that Textron Inc. will post 5.53 EPS for the current year.
Textron Dividend Announcement
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 given a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. Textron's payout ratio is currently 1.76%.
About Textron
(
Free Report)
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.
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