New York State Teachers Retirement System Decreases Stock Position in Textron Inc. (NYSE:TXT)

New York State Teachers Retirement System lowered its position in shares of Textron Inc. (NYSE:TXT) by 7.4% during the third quarter, HoldingsChannel reports. The firm owned 193,420 shares of the aerospace company’s stock after selling 15,483 shares during the period. New York State Teachers Retirement System’s holdings in Textron were worth $17,133,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Innealta Capital LLC purchased a new stake in Textron during the 2nd quarter worth $25,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Textron during the second quarter valued at about $30,000. Oakworth Capital Inc. purchased a new stake in shares of Textron during the second quarter worth about $31,000. Family Firm Inc. acquired a new position in shares of Textron in the second quarter worth about $40,000. Finally, Truvestments Capital LLC purchased a new position in Textron in the first quarter valued at about $48,000. 86.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TXT has been the topic of several analyst reports. Citigroup lifted their price objective on Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Bank of America lifted their price target on shares of Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Robert W. Baird decreased their price objective on shares of Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a report on Friday, October 25th. TD Cowen downgraded shares of Textron from a “buy” rating to a “hold” rating and dropped their target price for the stock from $103.00 to $95.00 in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Textron has an average rating of “Moderate Buy” and a consensus target price of $101.56.

Textron Trading Up 1.3 %

NYSE:TXT opened at $81.46 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.83 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $87.00 and its 200-day moving average is $87.64. The firm has a market cap of $15.11 billion, a price-to-earnings ratio of 17.90, a P/E/G ratio of 1.48 and a beta of 1.23. Textron Inc. has a 12 month low of $74.13 and a 12 month high of $97.33.

Textron (NYSE:TXT) last released its earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.50 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.49 EPS. Equities analysts anticipate that Textron Inc. will post 5.52 EPS for the current year.

Textron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date is Friday, December 13th. 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.