Textron (NYSE:TXT) Reaches New 12-Month Low - Here's What Happened

Textron Inc. (NYSE:TXT - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $67.66 and last traded at $67.77, with a volume of 275302 shares traded. The stock had previously closed at $72.48.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Robert W. Baird decreased their price target on shares of Textron from $100.00 to $92.00 and set an "outperform" rating for the company in a research note on Thursday, January 23rd. Susquehanna dropped their target price on Textron from $100.00 to $90.00 and set a "positive" rating for the company in a report on Wednesday, January 8th. Morgan Stanley lowered their target price on shares of Textron from $86.00 to $82.00 and set an "equal weight" rating for the company in a report 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, JPMorgan Chase & Co. reduced their price objective on Textron from $90.00 to $88.00 and set a "neutral" rating on the stock in a research note on Thursday, January 16th. 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 company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $93.45.

Textron Price Performance

The company has a current ratio of 1.76, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $11.04 billion, a price-to-earnings ratio of 14.10, a price-to-earnings-growth ratio of 1.18 and a beta of 1.06. The stock has a 50-day simple moving average of $72.51 and a 200 day simple moving average of $78.99.

Textron (NYSE:TXT - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.07. Textron had a net margin of 6.01% and a return on equity of 14.92%. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the previous year, the company earned $1.60 earnings per share. The business's revenue was down 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Textron Inc. will post 6.12 EPS for the current fiscal year.

Textron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.02 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.13%. Textron's payout ratio is presently 1.86%.

Insider Activity

In other Textron news, VP Mark S. Bamford sold 5,451 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $72.68, for a total value of $396,178.68. Following the sale, the vice president now directly owns 18,223 shares in the company, valued at $1,324,447.64. The trade was 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. Company insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On Textron

Large investors have recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in shares of Textron during the fourth quarter valued at about $31,000. Eastern Bank purchased a new position in Textron during the fourth quarter valued at $42,000. Optiver Holding B.V. purchased a new stake in Textron in the 4th quarter worth $56,000. Golden State Wealth Management LLC purchased a new position in Textron during the fourth quarter valued at $63,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Textron by 123.3% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 842 shares of the aerospace company's stock valued at $61,000 after acquiring an additional 465 shares during the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

Textron Company 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.