Textron (TXT) Shares Gap Down on Disappointing Earnings

Textron Inc. (NYSE:TXT) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $59.04, but opened at $58.67. Textron shares last traded at $60.18, with a volume of 1118364 shares.

The aerospace company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.03). The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $4.06 billion. Textron had a return on equity of 11.58% and a net margin of 2.16%. The company’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.80 earnings per share.

TXT has been the subject of a number of research analyst reports. Zacks Investment Research downgraded Textron from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. Wells Fargo & Co upped their price objective on Textron from $54.00 to $59.00 and gave the stock an “outperform” rating in a report on Friday, October 20th. Jefferies Group restated a “buy” rating and set a $65.00 price objective on shares of Textron in a report on Friday, October 20th. Stephens set a $65.00 price objective on Textron and gave the stock a “hold” rating in a report on Thursday, January 11th. Finally, Credit Suisse Group dropped their price objective on Textron from $61.00 to $59.00 and set an “outperform” rating for the company in a report on Friday, October 20th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $59.60.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank increased its holdings in Textron by 8.3% in the 4th quarter. Huntington National Bank now owns 18,925 shares of the aerospace company’s stock valued at $1,071,000 after purchasing an additional 1,455 shares in the last quarter. Public Employees Retirement Association of Colorado increased its holdings in Textron by 3.7% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 47,942 shares of the aerospace company’s stock valued at $2,713,000 after purchasing an additional 1,690 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Textron by 4.3% in the 4th quarter. CIBC Asset Management Inc now owns 26,438 shares of the aerospace company’s stock valued at $1,496,000 after purchasing an additional 1,084 shares in the last quarter. Gamco Investors INC. ET AL increased its holdings in Textron by 20.8% in the 4th quarter. Gamco Investors INC. ET AL now owns 2,597,290 shares of the aerospace company’s stock valued at $146,981,000 after purchasing an additional 448,025 shares in the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. increased its holdings in Textron by 38.5% in the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 5,400 shares of the aerospace company’s stock valued at $306,000 after purchasing an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

The stock has a market cap of $15,560.00, a price-to-earnings ratio of 52.27, a PEG ratio of 2.25 and a beta of 1.45. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.96 and a current ratio of 1.92.

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Textron Company Profile

Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation.

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