Martingale Asset Management L P trimmed its position in shares of Textron Inc. (NYSE:TXT - Free Report) by 11.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 273,284 shares of the aerospace company's stock after selling 34,632 shares during the period. Martingale Asset Management L P owned approximately 0.15% of Textron worth $24,207,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Lazard Asset Management LLC increased its stake in Textron by 57.2% in the first quarter. Lazard Asset Management LLC now owns 695 shares of the aerospace company's stock valued at $66,000 after acquiring an additional 253 shares during the last quarter. Bayesian Capital Management LP acquired a new position in shares of Textron during the 1st quarter worth $297,000. B. Riley Wealth Advisors Inc. lifted its position in shares of Textron by 17.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,402 shares of the aerospace company's stock worth $422,000 after buying an additional 640 shares during the last quarter. Tidal Investments LLC boosted its stake in Textron by 57.0% in the first quarter. Tidal Investments LLC now owns 10,868 shares of the aerospace company's stock valued at $1,043,000 after buying an additional 3,946 shares in the last quarter. Finally, Hancock Whitney Corp acquired a new position in Textron during the first quarter worth about $227,000. 86.03% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on TXT shares. TD Cowen lowered shares of Textron from a "buy" rating to a "hold" rating and decreased their price target for the company from $103.00 to $95.00 in a report on Wednesday, September 25th. StockNews.com downgraded Textron from a "strong-buy" rating to a "buy" rating in a report on Thursday, September 12th. UBS Group lowered their target price on Textron from $87.00 to $79.00 and set a "sell" rating for the company in a report on Friday, October 25th. Morgan Stanley lowered Textron from an "overweight" rating to an "equal weight" rating and set a $95.00 price target on the stock. in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. lowered their price objective on Textron from $100.00 to $95.00 and set a "neutral" rating for the company in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $101.56.
Read Our Latest Stock Report on Textron
Textron Trading Up 0.6 %
TXT stock traded up $0.55 during trading on Friday, hitting $85.63. The company had a trading volume of 587,995 shares, compared to its average volume of 1,083,339. The company has a current ratio of 1.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.46. Textron Inc. has a one year low of $74.61 and a one year high of $97.33. The business has a 50-day moving average of $85.77 and a 200-day moving average of $87.14. The stock has a market cap of $15.89 billion, a PE ratio of 18.80, a PEG ratio of 1.53 and a beta of 1.24.
Textron (NYSE:TXT - Get Free Report) last announced its earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing analysts' consensus estimates of $1.49 by ($0.09). The firm had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.50 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. Textron's quarterly revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.49 EPS. Research analysts predict that Textron Inc. will post 5.53 earnings per share for the current fiscal year.
Textron Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $0.02 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a 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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