Point72 Asset Management L.P. Decreases Position in Textron Inc. (NYSE:TXT)

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Point72 Asset Management L.P. cut its holdings in Textron Inc. (NYSE:TXT) by 62.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 108,298 shares of the aerospace company’s stock after selling 183,462 shares during the period. Point72 Asset Management L.P.’s holdings in Textron were worth $5,302,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC increased its stake in shares of Textron by 73.1% in the second quarter. Parallel Advisors LLC now owns 509 shares of the aerospace company’s stock worth $27,000 after buying an additional 215 shares during the period. NEXT Financial Group Inc bought a new stake in Textron during the 2nd quarter valued at $32,000. HM Payson & Co. purchased a new stake in Textron during the 2nd quarter valued at $34,000. Covington Capital Management boosted its position in Textron by 130.2% during the 3rd quarter. Covington Capital Management now owns 845 shares of the aerospace company’s stock valued at $41,000 after buying an additional 478 shares during the period. Finally, Trust Co. of Vermont purchased a new stake in Textron during the 2nd quarter valued at $42,000. Institutional investors and hedge funds own 84.39% of the company’s stock.

NYSE:TXT opened at $46.04 on Tuesday. The company has a 50-day moving average price of $46.98 and a 200-day moving average price of $48.32. Textron Inc. has a 12 month low of $42.30 and a 12 month 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. The stock has a market cap of $10.55 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.36 and a beta of 1.71.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 17th. The aerospace company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.10. Textron had a net margin of 6.46% and a return on equity of 16.88%. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.31 billion. During the same quarter in the previous year, the company earned $0.61 earnings per share. Textron’s quarterly revenue was up 1.8% on a year-over-year basis. Equities analysts forecast that Textron Inc. will post 3.72 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $0.08 annualized dividend and a yield of 0.17%. Textron’s payout ratio is 2.40%.

TXT has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Textron from a “hold” rating to a “strong sell” rating and set a $50.00 price objective for the company. in a research note on Friday, October 25th. Robert W. Baird cut their target price on Textron from $64.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Bank of America cut Textron from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 22nd. Credit Suisse Group reduced 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, 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 research report on Friday, September 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $54.25.

About Textron

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: What is the Ex-Dividend Date in Investing?

Want to see what other hedge funds are holding TXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Textron Inc. (NYSE:TXT).

Institutional Ownership by Quarter for Textron (NYSE:TXT)

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