Textron Inc. (NYSE:TXT) Sees Significant Growth in Short Interest

Textron Inc. (NYSE:TXT) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 4,720,000 shares, a growth of 25.9% from the May 31st total of 3,750,000 shares. Approximately 2.5% of the shares of the company are short sold. Based on an average daily trading volume, of 1,120,000 shares, the days-to-cover ratio is currently 4.2 days.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. StockNews.com cut shares of Textron from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 26th. The Goldman Sachs Group lifted their price target on shares of Textron from $103.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Susquehanna lowered their price target on shares of Textron from $110.00 to $105.00 and set a “positive” rating for the company in a research report on Friday, April 26th. Citigroup lifted their price objective on shares of Textron from $104.00 to $111.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Finally, Bank of America raised shares of Textron from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $85.00 to $105.00 in a research note on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.29.

Insider Buying and Selling at Textron

In other Textron news, Director Kathleen M. Bader sold 11,870 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $87.91, for a total value of $1,043,491.70. Following the sale, the director now owns 3,756 shares of the company’s stock, valued at approximately $330,189.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Textron

Large investors have recently bought and sold shares of the stock. CVA Family Office LLC bought a new position in Textron during the 4th quarter valued at $29,000. Trust Co. of Vermont purchased a new stake in shares of Textron during the 3rd quarter valued at $37,000. Truvestments Capital LLC purchased a new stake in shares of Textron during the 1st quarter valued at $48,000. Morton Brown Family Wealth LLC purchased a new stake in shares of Textron during the 4th quarter valued at $40,000. Finally, Jones Financial Companies Lllp increased its position in shares of Textron by 200.0% during the 4th quarter. Jones Financial Companies Lllp now owns 507 shares of the aerospace company’s stock valued at $41,000 after purchasing an additional 338 shares during the last quarter. 86.03% of the stock is currently owned by institutional investors.

Textron Price Performance

Shares of TXT stock traded up $0.41 on Tuesday, reaching $85.78. The company had a trading volume of 629,414 shares, compared to its average volume of 1,142,776. The business’s 50-day moving average is $87.12 and its 200 day moving average is $87.12. Textron has a one year low of $66.43 and a one year high of $97.33. The company has a quick ratio of 0.84, a current ratio of 1.81 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $16.36 billion, a PE ratio of 18.24, a price-to-earnings-growth ratio of 1.36 and a beta of 1.25.

Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, April 25th. The aerospace company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.08). Textron had a net margin of 6.75% and a return on equity of 16.30%. The firm had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.29 billion. During the same period in the prior year, the company earned $1.05 EPS. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. Equities research analysts forecast that Textron will post 6.27 EPS for the current fiscal year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.09%. The ex-dividend date of this dividend was Friday, June 14th. Textron’s dividend payout ratio (DPR) is presently 1.71%.

About Textron

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts.