Textron (NYSE:TXT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $77.00 target price on the aerospace company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.55% from the company’s previous close.
According to Zacks, “Textron is known globally for its most recognizable and valuable brand names such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, E-Z-GO and Greenlee. Its geographically diverse network of aircraft, defense & intelligence, industrial and finance businesses negates any specific business risk. It has recently launched a handful of new products which will improve its position in the aerospace-defense space and consequently attract solid orders. It has a strong presence in diverse areas including business jets and other general aviation aircraft, helicopter, aircraft engines, golf carts, turf maintenance equipment and electronic test equipment. Textron’s systematic inorganic growth strategy is also well appreciated. The company also outperformed the industry in the last one year. However, the company's commercial business has been delivering weak performance of late, while its restructuring plans are pushing up its costs.”
Several other research analysts have also commented on TXT. ValuEngine upgraded Textron from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Barclays started coverage on Textron in a report on Thursday, March 29th. They set an “overweight” rating and a $70.00 price target on the stock. Citigroup lifted their price target on Textron from $61.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, April 10th. Morgan Stanley reduced their price objective on shares of Textron from $60.00 to $59.00 and set a “hold” rating on the stock in a report on Thursday, April 12th. Finally, Stephens set a $66.00 price objective on shares of Textron and gave the company a “hold” rating in a report on Monday, April 16th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. Textron presently has a consensus rating of “Buy” and a consensus target price of $68.67.
NYSE TXT opened at $67.81 on Tuesday. Textron has a 52 week low of $45.00 and a 52 week high of $69.36. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.09 and a current ratio of 2.31. The firm has a market cap of $17.64 billion, a PE ratio of 27.68, a P/E/G ratio of 1.92 and a beta of 1.39.
Textron (NYSE:TXT) last posted its quarterly earnings results on Wednesday, April 18th. The aerospace company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.46 by $0.26. Textron had a return on equity of 12.65% and a net margin of 2.74%. The business had revenue of $3.30 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter in the previous year, the firm earned $0.46 EPS. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. sell-side analysts expect that Textron will post 3.15 earnings per share for the current fiscal year.
In other Textron news, CEO Scott C. Donnelly sold 11,988 shares of Textron stock in a transaction dated Tuesday, May 1st. The stock was sold at an average price of $61.60, for a total value of $738,460.80. Following the completion of the transaction, the chief executive officer now directly owns 715,106 shares of the company’s stock, valued at approximately $44,050,529.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Scott C. Donnelly sold 158,237 shares of Textron stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $63.05, for a total value of $9,976,842.85. Following the completion of the transaction, the chief executive officer now directly owns 715,106 shares of the company’s stock, valued at $45,087,433.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 250,225 shares of company stock worth $15,754,504. 1.20% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TXT. HPM Partners LLC acquired a new position in Textron in the 4th quarter valued at about $214,000. Landscape Capital Management L.L.C. acquired a new position in Textron in the 4th quarter valued at about $218,000. Tower Research Capital LLC TRC grew its position in Textron by 33,614.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,720 shares of the aerospace company’s stock valued at $267,000 after acquiring an additional 4,706 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Textron in the 1st quarter valued at about $287,000. Finally, BB&T Securities LLC grew its position in Textron by 45.4% in the 4th quarter. BB&T Securities LLC now owns 5,480 shares of the aerospace company’s stock valued at $310,000 after acquiring an additional 1,712 shares in the last quarter. 83.98% of the stock is owned by institutional investors.
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
Get a free copy of the Zacks research report on Textron (TXT)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Textron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Textron and related companies with MarketBeat.com's FREE daily email newsletter.