Cypress Capital Group Sells 942 Shares of Textron Inc. (NYSE:TXT)

Cypress Capital Group lowered its stake in shares of Textron Inc. (NYSE:TXT) by 8.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,102 shares of the aerospace company’s stock after selling 942 shares during the quarter. Cypress Capital Group’s holdings in Textron were worth $867,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. International Assets Investment Management LLC bought a new stake in shares of Textron in the 4th quarter valued at about $31,713,000. abrdn plc increased its stake in Textron by 63.8% during the 4th quarter. abrdn plc now owns 81,365 shares of the aerospace company’s stock worth $6,543,000 after purchasing an additional 31,702 shares in the last quarter. Lindbrook Capital LLC increased its stake in Textron by 18.6% during the 4th quarter. Lindbrook Capital LLC now owns 777 shares of the aerospace company’s stock worth $62,000 after purchasing an additional 122 shares in the last quarter. GAMMA Investing LLC bought a new stake in Textron during the 4th quarter worth approximately $93,000. Finally, Atria Wealth Solutions Inc. boosted its position in Textron by 10.2% during the 4th quarter. Atria Wealth Solutions Inc. now owns 8,681 shares of the aerospace company’s stock worth $698,000 after acquiring an additional 806 shares during the last quarter. Institutional investors own 86.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Morgan Stanley downgraded Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target for the company. in a report on Thursday, August 8th. TD Cowen raised their target price on shares of Textron from $100.00 to $103.00 and gave the company a “buy” rating in a report on Friday, July 19th. Citigroup boosted their price objective on shares of Textron from $111.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Bank of America upped their price objective on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, UBS Group boosted their target price on Textron from $84.00 to $87.00 and gave the stock a “sell” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Textron has a consensus rating of “Moderate Buy” and an average target price of $102.50.

Textron Price Performance

Textron stock traded up $0.70 during trading on Monday, reaching $90.61. The company had a trading volume of 31,140 shares, compared to its average volume of 1,092,570. The firm’s 50-day simple moving average is $87.95 and its 200 day simple moving average is $89.12. Textron Inc. has a 1-year low of $74.13 and a 1-year high of $97.33. The firm has a market capitalization of $16.98 billion, a PE ratio of 19.21, a price-to-earnings-growth ratio of 1.41 and a beta of 1.25. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.81 and a current ratio of 1.79.

Textron (NYSE:TXT) last posted its earnings results on Thursday, July 18th. The aerospace company reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.06. The company had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. Textron’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.46 earnings per share. As a group, equities research analysts anticipate that Textron Inc. will post 6.27 earnings per share for the current fiscal year.

Textron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. The ex-dividend date of this dividend is Friday, September 13th. Textron’s dividend payout ratio is presently 1.71%.

Textron 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.