Textron (NYSE:TXT) Downgraded to Neutral Rating by Bank of America

Bank of America lowered shares of Textron (NYSE:TXT - Free Report) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, Marketbeat reports. They currently have $85.00 target price on the aerospace company's stock, down from their previous target price of $110.00.

A number of other equities research analysts have also weighed in on TXT. Barclays cut their target price on shares of Textron from $104.00 to $95.00 and set an "overweight" rating on the stock in a research note on Monday, December 23rd. Citigroup dropped their price objective on shares of Textron from $118.00 to $111.00 and set a "buy" rating on the stock in a research note on Tuesday. TD Cowen raised shares of Textron to a "hold" rating in a research note on Thursday, December 19th. UBS Group dropped their price objective 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. Finally, JPMorgan Chase & Co. dropped their price objective on shares of 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 given a buy rating to the company. According to MarketBeat.com, Textron currently has a consensus rating of "Moderate Buy" and a consensus price target of $93.45.

Textron Trading Down 0.5 %

Shares of TXT traded down $0.42 during trading hours on Friday, reaching $77.79. 750,720 shares of the company traded hands, compared to its average volume of 1,380,413. The company's fifty day moving average price is $80.03 and its two-hundred day moving average price is $84.96. The company has a market capitalization of $14.43 billion, a price-to-earnings ratio of 18.05, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.40. Textron has a 12 month low of $74.89 and a 12 month high of $97.33.

Textron (NYSE:TXT - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 earnings per share 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 $3,778,060 billion. Textron had a net margin of 6.01% and a return on equity of 14.92%. The company's revenue for the quarter was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.60 EPS. Equities research analysts predict that Textron will post 6.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. raised its holdings in shares of Textron by 10.3% during the third quarter. Franklin Resources Inc. now owns 164,029 shares of the aerospace company's stock valued at $14,505,000 after purchasing an additional 15,294 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Textron during the fourth quarter valued at approximately $11,523,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Textron during the third quarter valued at approximately $828,000. Easterly Investment Partners LLC increased its holdings in Textron by 87.7% during the third quarter. Easterly Investment Partners LLC now owns 41,305 shares of the aerospace company's stock valued at $3,659,000 after buying an additional 19,304 shares during the last quarter. Finally, KBC Group NV purchased a new stake in Textron during the third quarter valued at approximately $1,797,000. Institutional investors own 86.03% of the company's stock.

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.