Zacks Investment Research upgraded shares of Textron (NYSE:TXT) from a sell rating to a hold rating in a report released on Friday.
According to Zacks, “Textron is known globally for its most recognizable and valuable brand names, such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, E-Z-GO and Greenlee. Its geographically diverse network of aircraft, defense & intelligence, industrial and finance businesses negates any specific business risk. The company is known to acquire assets in the same line of business as its own, thus helping it to expand its core offerings. However, shares of Textron have returned lower than the industry in last one year. Textron’s Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also, the company needs to increase investments to stay afloat in a highly competitive aerospace and defense market.”
Other analysts have also recently issued reports about the stock. ValuEngine cut shares of Textron from a buy rating to a hold rating in a research note on Monday, October 2nd. Cowen reiterated a buy rating and issued a $60.00 target price on shares of Textron in a research note on Thursday, October 19th. Stephens reiterated an equal weight rating and issued a $63.00 target price (up from $54.00) on shares of Textron in a research note on Friday, October 13th. Credit Suisse Group lowered their target price on shares of Textron from $61.00 to $59.00 and set an outperform rating on the stock in a research note on Friday, October 20th. Finally, Citigroup increased their target price on shares of Textron from $54.00 to $61.00 and gave the stock a buy rating in a research note on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $58.91.
Textron (NYSE:TXT) last posted its earnings results on Thursday, October 19th. The aerospace company reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.03. Textron had a net margin of 4.56% and a return on equity of 11.09%. The business had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the prior year, the company posted $0.61 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. equities analysts anticipate that Textron will post 2.47 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, January 1st. Stockholders of record on Friday, December 15th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.13%. The ex-dividend date of this dividend was Thursday, December 14th. Textron’s dividend payout ratio (DPR) is currently 3.45%.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Textron by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 24,931,208 shares of the aerospace company’s stock valued at $1,174,260,000 after buying an additional 393,214 shares in the last quarter. Capital Research Global Investors raised its position in shares of Textron by 2.1% during the 2nd quarter. Capital Research Global Investors now owns 18,615,303 shares of the aerospace company’s stock valued at $876,781,000 after buying an additional 378,902 shares in the last quarter. BlackRock Inc. raised its position in shares of Textron by 3.8% during the 2nd quarter. BlackRock Inc. now owns 17,799,799 shares of the aerospace company’s stock valued at $838,370,000 after buying an additional 655,034 shares in the last quarter. Neuberger Berman Group LLC raised its position in shares of Textron by 13.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 4,886,812 shares of the aerospace company’s stock valued at $263,302,000 after buying an additional 563,037 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Textron by 10.3% during the 3rd quarter. Victory Capital Management Inc. now owns 4,112,026 shares of the aerospace company’s stock valued at $221,557,000 after buying an additional 384,277 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.
Textron Company Profile
Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation.
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