Bank of The West cut its position in shares of Textron Inc. (NYSE:TXT) by 10.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,027 shares of the aerospace company’s stock after selling 2,935 shares during the quarter. Bank of The West’s holdings in Textron were worth $1,789,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Centaurus Financial Inc. acquired a new stake in Textron during the second quarter worth about $105,000. First Hawaiian Bank acquired a new stake in Textron during the third quarter worth about $140,000. BlueMountain Capital Management LLC acquired a new stake in Textron during the second quarter worth about $139,000. Willingdon Wealth Management acquired a new stake in Textron during the third quarter worth about $157,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in Textron during the third quarter worth about $191,000. 84.96% of the stock is currently owned by institutional investors and hedge funds.
NYSE TXT opened at $55.81 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.11 and a current ratio of 2.29. The company has a market cap of $13.14 billion, a price-to-earnings ratio of 22.78, a P/E/G ratio of 1.29 and a beta of 1.66. Textron Inc. has a 1-year low of $51.49 and a 1-year high of $72.87.
Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, October 18th. The aerospace company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.15). The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.52 billion. Textron had a net margin of 6.11% and a return on equity of 13.72%. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. On average, sell-side analysts predict that Textron Inc. will post 3.2 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend is Thursday, December 13th. Textron’s payout ratio is 3.27%.
A number of equities research analysts recently weighed in on the company. Morgan Stanley lifted their target price on Textron from $64.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 12th. Citigroup lifted their target price on Textron to $76.00 and gave the stock a “buy” rating in a research report on Thursday, July 19th. Cowen reissued a “$66.44” rating and set a $73.00 target price on shares of Textron in a research report on Wednesday, July 18th. Zacks Investment Research downgraded Textron from a “buy” rating to a “hold” rating in a research report on Monday, October 22nd. Finally, JPMorgan Chase & Co. lifted their target price on Textron from $74.00 to $77.00 and gave the stock a “$66.52” rating in a research report on Monday, July 23rd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $74.64.
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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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