Textron Inc. Declares Quarterly Dividend of $0.02 (NYSE:TXT)

Textron Inc. (NYSE:TXT) announced a quarterly dividend on Monday, July 29th, RTT News reports. Shareholders of record on Friday, September 13th will be paid a dividend of 0.02 per share by the aerospace company on Tuesday, October 1st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%.

Textron has a dividend payout ratio of 1.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Textron to earn $6.99 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 1.1%.

Textron Stock Down 0.6 %

Shares of Textron stock traded down $0.55 during midday trading on Monday, reaching $91.51. 772,834 shares of the company’s stock traded hands, compared to its average volume of 1,131,494. The company has a market cap of $17.45 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 1.46 and a beta of 1.25. The company’s 50 day simple moving average is $87.69 and its 200 day simple moving average is $88.40. Textron has a 52 week low of $73.78 and a 52 week high of $97.33. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.66 and a current ratio of 1.64.

Textron (NYSE:TXT) last announced its quarterly earnings data on Thursday, July 18th. The aerospace company reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.06. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.56 billion. Textron had a return on equity of 16.41% and a net margin of 6.67%. Textron’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.46 EPS. Equities analysts expect that Textron will post 6.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TXT. The Goldman Sachs Group boosted their target price on Textron from $103.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Citigroup boosted their target price on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. TD Cowen boosted their target price on Textron from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Bank of America boosted their target price on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Susquehanna decreased their price objective on Textron from $110.00 to $105.00 and set a “positive” rating for the company in a research note on Friday, April 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $101.63.

Insider Buying and Selling

In other Textron news, Director Kathleen M. Bader sold 11,870 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was 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 in the company, valued at $330,189.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is currently owned by corporate insiders.

Textron Company Profile

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.