Primecap Management Co. CA reduced its position in shares of Textron Inc. (NYSE:TXT - Free Report) by 7.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,874,615 shares of the aerospace company's stock after selling 405,740 shares during the period. Primecap Management Co. CA owned about 2.63% of Textron worth $372,859,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. True Wealth Design LLC bought a new position in shares of Textron during the 3rd quarter worth approximately $26,000. SBI Securities Co. Ltd. bought a new position in Textron in the fourth quarter valued at $31,000. Truvestments Capital LLC bought a new stake in Textron during the 3rd quarter worth about $43,000. Eastern Bank acquired a new position in shares of Textron during the 4th quarter worth about $42,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Textron in the 4th quarter valued at about $63,000. 86.03% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on the company. Robert W. Baird reduced their price target on Textron from $100.00 to $92.00 and set an "outperform" rating for the company in a research report on Thursday, January 23rd. Barclays decreased their target price on shares of Textron from $104.00 to $95.00 and set an "overweight" rating for the company in a research note on Monday, December 23rd. JPMorgan Chase & Co. cut their price target on shares of Textron from $90.00 to $88.00 and set a "neutral" rating for the company in a research note on Thursday, January 16th. 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 research note on Friday, January 24th. Finally, Vertical Research upgraded shares of Textron from a "hold" rating to a "buy" rating and set a $91.00 target price for the company in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Textron presently has an average rating of "Moderate Buy" and an average target price of $93.45.
Check Out Our Latest Report on TXT
Textron Stock Performance
Shares of Textron stock traded down $0.42 on Friday, hitting $73.07. The stock had a trading volume of 3,154,087 shares, compared to its average volume of 1,098,266. The stock has a market cap of $13.27 billion, a price-to-earnings ratio of 16.95, a price-to-earnings-growth ratio of 1.18 and a beta of 1.27. The company has a quick ratio of 0.84, a current ratio of 1.76 and a debt-to-equity ratio of 0.45. Textron Inc. has a twelve month low of $70.14 and a twelve month high of $97.34. The business's 50 day moving average is $74.93 and its two-hundred day moving average is $80.84.
Textron (NYSE:TXT - Get Free Report) last issued its quarterly earnings data on Wednesday, January 22nd. The aerospace company reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.07. The firm had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.78 billion. Textron had a return on equity of 14.92% and a net margin of 6.01%. The company's revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.60 EPS. Analysts forecast that Textron Inc. will post 6.12 EPS for the current year.
Textron Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date is Friday, March 14th. Textron's dividend payout ratio is currently 1.86%.
Insider Transactions at Textron
In related news, VP Mark S. Bamford sold 5,451 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $72.68, for a total transaction of $396,178.68. Following the sale, the vice president now owns 18,223 shares of the company's stock, valued at $1,324,447.64. This represents a 23.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.70% of the company's stock.
About Textron
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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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