First Citizens Bank & Trust Co. lowered its position in shares of Textron Inc. (NYSE:TXT) by 4.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 22,769 shares of the aerospace company’s stock after selling 1,079 shares during the period. First Citizens Bank & Trust Co.’s holdings in Textron were worth $1,627,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of TXT. Baird Financial Group Inc. purchased a new position in Textron during the first quarter valued at approximately $349,000. A.R.T. Advisors LLC purchased a new position in Textron during the first quarter valued at approximately $1,362,000. United Capital Financial Advisers LLC grew its stake in Textron by 10.2% during the first quarter. United Capital Financial Advisers LLC now owns 8,461 shares of the aerospace company’s stock valued at $499,000 after acquiring an additional 786 shares in the last quarter. LPL Financial LLC grew its stake in Textron by 24.4% during the first quarter. LPL Financial LLC now owns 31,439 shares of the aerospace company’s stock valued at $1,854,000 after acquiring an additional 6,175 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. grew its stake in Textron by 0.8% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 329,594 shares of the aerospace company’s stock valued at $19,436,000 after acquiring an additional 2,719 shares in the last quarter. 82.94% of the stock is owned by institutional investors.
In other news, VP Julie G. Duffy sold 6,562 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $68.13, for a total value of $447,069.06. Following the completion of the sale, the vice president now owns 22,535 shares of the company’s stock, valued at approximately $1,535,309.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP E Robert Lupone sold 45,000 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $67.50, for a total transaction of $3,037,500.00. Following the completion of the sale, the executive vice president now directly owns 121,838 shares of the company’s stock, valued at approximately $8,224,065. The disclosure for this sale can be found here. In the last three months, insiders sold 134,209 shares of company stock valued at $9,035,968. Corporate insiders own 1.20% of the company’s stock.
Several equities analysts recently commented on TXT shares. Zacks Investment Research cut shares of Textron from a “buy” rating to a “hold” rating in a research note on Tuesday, September 18th. Jefferies Financial Group boosted their price target on shares of Textron to $82.00 and gave the stock a “buy” rating in a research note on Wednesday, September 26th. Bank of America set a $78.00 price target on shares of Textron and gave the stock a “buy” rating in a research note on Wednesday, July 25th. JPMorgan Chase & Co. boosted their price target on shares of Textron from $74.00 to $77.00 and gave the stock a “$66.52” rating in a research note on Monday, July 23rd. Finally, Cowen reissued a “$66.44” rating and issued a $73.00 price target on shares of Textron in a research note on Wednesday, July 18th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $73.50.
TXT stock opened at $57.49 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.27 and a quick ratio of 1.11. Textron Inc. has a one year low of $51.07 and a one year high of $72.87. The company has a market capitalization of $17.75 billion, a price-to-earnings ratio of 23.47, a P/E/G ratio of 1.88 and a beta of 1.40.
Textron (NYSE:TXT) last released its quarterly earnings results on Thursday, October 18th. The aerospace company reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.15). Textron had a return on equity of 13.93% and a net margin of 3.21%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.52 billion. During the same period in the prior year, the firm earned $0.65 EPS. Textron’s quarterly revenue was down 8.2% on a year-over-year basis. As a group, equities research analysts forecast that Textron Inc. will post 3.33 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 14th were paid a $0.02 dividend. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. Textron’s dividend payout ratio is presently 3.27%.
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.
Further Reading: Diversification
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