New England Research & Management Inc. acquired a new position in shares of Textron Inc. (NYSE:TXT – Get Rating) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 21,200 shares of the aerospace company's stock, valued at approximately $1,295,000.
Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Textron by 0.8% in the first quarter. Vanguard Group Inc. now owns 23,503,096 shares of the aerospace company's stock worth $1,748,161,000 after buying an additional 177,502 shares during the period. BlackRock Inc. increased its position in Textron by 7.2% in the first quarter. BlackRock Inc. now owns 16,846,222 shares of the aerospace company's stock worth $1,253,022,000 after buying an additional 1,126,776 shares during the period. Invesco Ltd. increased its position in Textron by 1.3% in the first quarter. Invesco Ltd. now owns 10,564,768 shares of the aerospace company's stock worth $785,807,000 after buying an additional 140,246 shares during the period. State Street Corp increased its position in Textron by 0.5% in the first quarter. State Street Corp now owns 9,564,040 shares of the aerospace company's stock worth $711,561,000 after buying an additional 47,344 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Textron by 711.4% in the first quarter. JPMorgan Chase & Co. now owns 2,427,439 shares of the aerospace company's stock worth $180,554,000 after buying an additional 2,128,278 shares during the period. 87.80% of the stock is currently owned by institutional investors.
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Textron Price Performance
NYSE:TXT traded down $1.53 during mid-day trading on Thursday, reaching $58.99. 12,512 shares of the stock were exchanged, compared to its average volume of 1,277,928. The business has a fifty day moving average price of $64.25 and a 200 day moving average price of $65.56. The firm has a market capitalization of $12.48 billion, a PE ratio of 16.18, a PEG ratio of 1.19 and a beta of 1.55. Textron Inc. has a 1-year low of $57.11 and a 1-year high of $79.45. The company has a current ratio of 2.30, a quick ratio of 1.22 and a debt-to-equity ratio of 0.52.
Textron (NYSE:TXT – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The aerospace company reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.12. Textron had a return on equity of 12.25% and a net
margin of 6.43%. The business had revenue of $3.15 billion during the quarter, compared to analyst estimates of $3.22 billion. During the same quarter last year, the company posted $0.81 EPS. Textron's revenue for the quarter was down 1.2% on a year-over-year basis. Research analysts expect that Textron Inc. will post 3.96 earnings per share for the current fiscal year.
Textron Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Friday, September 9th will be given a $0.02 dividend. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.14%. Textron's dividend payout ratio (DPR) is 2.20%.
Analysts Set New Price Targets
Several equities research analysts have weighed in on TXT shares. StockNews.com raised Textron from a "buy" rating to a "strong-buy" rating in a research report on Tuesday, September 13th. Cowen set a $86.00 price target on Textron in a report on Tuesday, July 19th. Susquehanna Bancshares lowered their price target on Textron from $90.00 to $84.00 and set a "positive" rating on the stock in a report on Friday, July 29th. Bank of America lowered their price target on Textron from $74.00 to $70.00 and set a "neutral" rating on the stock in a report on Thursday, July 28th. Finally, Cfra raised their price target on Textron to $73.00 in a report on Tuesday, August 9th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $81.33.
Textron Profile
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Textron Inc operates in the aircraft, defense, industrial, and finance businesses. The company's 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.
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