Textron (TXT) Price Target Cut to $70.00

Textron (NYSE:TXT) had its price objective trimmed by Wells Fargo & Co from $72.00 to $70.00 in a research note issued to investors on Friday morning. The brokerage currently has an outperform rating on the aerospace company’s stock.

TXT has been the topic of a number of other reports. 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. Zacks Investment Research lowered shares of Textron from a buy rating to a hold rating in a research note on Tuesday, September 18th. 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. Cowen reiterated a $66.44 rating and set a $73.00 price target on shares of Textron in a research note on Wednesday, July 18th. Finally, 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. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $73.33.

Shares of NYSE:TXT traded down $0.74 on Friday, reaching $56.75. The company’s stock had a trading volume of 3,724,107 shares, compared to its average volume of 2,076,512. Textron has a 52-week low of $52.33 and a 52-week high of $72.87. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.11 and a current ratio of 2.02. The stock has a market capitalization of $14.28 billion, a price-to-earnings ratio of 23.16, a PEG ratio of 1.54 and a beta of 1.40.

Textron (NYSE:TXT) last announced its earnings results on Thursday, October 18th. The aerospace company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.15). Textron had a net margin of 6.11% and a return on equity of 13.72%. The business had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.52 billion. During the same period in the previous year, the company posted $0.65 earnings per share. Textron’s quarterly revenue was down 8.2% on a year-over-year basis. As a group, research analysts forecast that Textron will post 3.28 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were paid a dividend of $0.02 per share. The ex-dividend date was Thursday, September 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.14%. Textron’s dividend payout ratio (DPR) is 3.27%.

In other news, VP Julie G. Duffy sold 6,562 shares of the business’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $68.13, for a total transaction of $447,069.06. Following the transaction, the vice president now directly owns 22,535 shares in the company, valued at $1,535,309.55. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Scott C. Donnelly sold 82,647 shares of the company’s stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $67.17, for a total transaction of $5,551,398.99. Following the transaction, the chairman now owns 639,916 shares in the company, valued at $42,983,157.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 134,209 shares of company stock worth $9,035,968. Company insiders own 1.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. TCW Group Inc. grew its position in Textron by 5.0% during the second quarter. TCW Group Inc. now owns 2,952,226 shares of the aerospace company’s stock worth $194,581,000 after buying an additional 139,578 shares during the period. Schwab Charles Investment Management Inc. grew its position in Textron by 0.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,028,167 shares of the aerospace company’s stock worth $67,767,000 after buying an additional 3,899 shares during the period. Bank of America Corp DE grew its position in Textron by 10.4% during the second quarter. Bank of America Corp DE now owns 1,016,754 shares of the aerospace company’s stock worth $67,014,000 after buying an additional 95,436 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in Textron by 8.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 810,383 shares of the aerospace company’s stock worth $53,412,000 after buying an additional 64,625 shares during the period. Finally, Wells Fargo & Company MN grew its position in Textron by 0.3% during the second quarter. Wells Fargo & Company MN now owns 794,714 shares of the aerospace company’s stock worth $52,380,000 after buying an additional 2,598 shares during the period. Institutional investors own 82.76% of the company’s stock.

Textron Company Profile

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.

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Analyst Recommendations for Textron (NYSE:TXT)

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