Meridian Wealth Management LLC Makes New Investment in Textron Inc. (NYSE:TXT)

Meridian Wealth Management LLC purchased a new stake in Textron Inc. (NYSE:TXT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,546 shares of the aerospace company’s stock, valued at approximately $226,000.

A number of other hedge funds have also modified their holdings of the business. Lazard Asset Management LLC raised its stake in Textron by 57.2% in the 1st quarter. Lazard Asset Management LLC now owns 695 shares of the aerospace company’s stock valued at $66,000 after purchasing an additional 253 shares during the last quarter. Bayesian Capital Management LP acquired a new position in shares of Textron in the first quarter valued at approximately $297,000. B. Riley Wealth Advisors Inc. lifted its stake in shares of Textron by 17.0% during the first quarter. B. Riley Wealth Advisors Inc. now owns 4,402 shares of the aerospace company’s stock valued at $422,000 after buying an additional 640 shares during the period. California State Teachers Retirement System boosted its position in Textron by 1.2% during the first quarter. California State Teachers Retirement System now owns 331,325 shares of the aerospace company’s stock worth $31,784,000 after acquiring an additional 3,767 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in Textron by 57.0% in the 1st quarter. Tidal Investments LLC now owns 10,868 shares of the aerospace company’s stock worth $1,043,000 after acquiring an additional 3,946 shares during the period. 86.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TXT has been the subject of a number of recent analyst reports. Robert W. Baird lowered their price objective on Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. JPMorgan Chase & Co. dropped their price objective on shares of Textron from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, October 14th. TD Cowen lowered shares of Textron from a “buy” rating to a “hold” rating and cut their price objective for the stock from $103.00 to $95.00 in a report on Wednesday, September 25th. StockNews.com downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. Finally, Morgan Stanley downgraded shares of Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target on the stock. in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $101.56.

Textron Trading Up 0.4 %

Shares of TXT stock opened at $85.73 on Tuesday. The stock has a 50-day simple moving average of $85.97 and a 200 day simple moving average of $87.19. The stock has a market capitalization of $15.90 billion, a P/E ratio of 18.84, a P/E/G ratio of 1.54 and a beta of 1.24. Textron Inc. has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.46.

Textron (NYSE:TXT) last posted its quarterly earnings data on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.09). Textron had a net margin of 6.30% and a return on equity of 16.02%. The business had revenue of $3.43 billion for the quarter, compared to the consensus estimate of $3.50 billion. During the same quarter last year, the business posted $1.49 EPS. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, sell-side analysts expect that Textron Inc. will post 5.53 earnings per share for the current fiscal year.

Textron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $0.02 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.09%. Textron’s dividend payout ratio is currently 1.76%.

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.