Huntington National Bank trimmed its stake in Textron Inc. (NYSE:TXT) by 3.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 15,088 shares of the aerospace company’s stock after selling 619 shares during the quarter. Huntington National Bank’s holdings in Textron were worth $739,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the business. Denali Advisors LLC acquired a new position in shares of Textron during the second quarter valued at $212,000. Carroll Financial Associates Inc. acquired a new position in shares of Textron during the second quarter valued at $196,000. Supplemental Annuity Collective Trust of NJ increased its holdings in shares of Textron by 12.5% during the second quarter. Supplemental Annuity Collective Trust of NJ now owns 18,000 shares of the aerospace company’s stock valued at $955,000 after purchasing an additional 2,000 shares during the period. Retirement Systems of Alabama increased its holdings in shares of Textron by 5.0% during the second quarter. Retirement Systems of Alabama now owns 224,958 shares of the aerospace company’s stock valued at $11,932,000 after purchasing an additional 10,619 shares during the period. Finally, Exane Derivatives acquired a new position in shares of Textron during the second quarter valued at $118,000. Institutional investors own 82.98% of the company’s stock.
A number of research analysts have recently commented on TXT shares. Vertical Research lowered Textron from a “buy” rating to a “hold” rating and lowered their price target for the company from $56.00 to $54.00 in a report on Friday, September 27th. Cowen reissued a “buy” rating and set a $60.00 price target on shares of Textron in a report on Thursday, October 17th. Morgan Stanley raised their price target on Textron from $49.00 to $51.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Credit Suisse Group lowered their price target on Textron from $52.00 to $50.00 and set a “neutral” rating on the stock in a report on Friday, October 18th. Finally, ValuEngine raised Textron from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $54.25.
NYSE:TXT traded down $0.52 during mid-day trading on Friday, reaching $46.61. 1,263,878 shares of the stock were exchanged, compared to its average volume of 1,609,286. The business has a fifty day moving average price of $48.05 and a 200 day moving average price of $49.02. The firm has a market capitalization of $10.80 billion, a PE ratio of 13.96, a PEG ratio of 1.39 and a beta of 1.73. Textron Inc. has a 1-year low of $42.30 and a 1-year high of $58.00. The company has a current ratio of 2.15, a quick ratio of 0.97 and a debt-to-equity ratio of 0.66.
Textron (NYSE:TXT) last released its earnings results on Thursday, October 17th. The aerospace company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.10. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.31 billion. Textron had a return on equity of 16.88% and a net margin of 6.46%. Textron’s revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.61 earnings per share. On average, sell-side analysts forecast that Textron Inc. will post 3.73 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date is Thursday, December 12th. Textron’s payout ratio is currently 2.40%.
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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