First Citizens Bank & Trust Co. reduced its stake in shares of Textron Inc. (NYSE:TXT) by 9.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 70,992 shares of the aerospace company’s stock after selling 7,193 shares during the period. First Citizens Bank & Trust Co.’s holdings in Textron were worth $3,343,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. GSA Capital Partners LLP acquired a new position in shares of Textron during the fourth quarter valued at $271,000. Kentucky Retirement Systems acquired a new position in shares of Textron during the fourth quarter valued at $952,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Textron during the fourth quarter valued at $425,000. Searle & CO. acquired a new position in shares of Textron during the fourth quarter valued at $277,000. Finally, Macquarie Group Ltd. boosted its position in shares of Textron by 5.2% in the fourth quarter. Macquarie Group Ltd. now owns 10,200 shares of the aerospace company’s stock valued at $496,000 after buying an additional 500 shares during the last quarter. 83.55% of the stock is currently owned by institutional investors and hedge funds.
Textron Inc. (TXT) opened at 48.48 on Friday. The stock has a market capitalization of $12.83 billion, a price-to-earnings ratio of 14.82 and a beta of 1.56. The stock’s 50 day moving average is $48.43 and its 200-day moving average is $47.69. Textron Inc. has a 52-week low of $37.19 and a 52-week high of $50.93.
Textron (NYSE:TXT) last issued its quarterly earnings results on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Textron had a net margin of 6.45% and a return on equity of 11.97%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 earnings per share. Equities research analysts anticipate that Textron Inc. will post $2.52 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.17%. Textron’s dividend payout ratio is presently 2.45%.
Several research firms have commented on TXT. Cowen and Company reissued an “outperform” rating and set a $60.00 target price on shares of Textron in a research report on Saturday, April 22nd. Jefferies Group LLC reissued a “buy” rating and set a $60.00 target price on shares of Textron in a research report on Thursday, May 18th. Credit Suisse Group reissued a “buy” rating and set a $50.00 target price on shares of Textron in a research report on Wednesday, May 24th. Zacks Investment Research cut shares of Textron from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Finally, BidaskClub cut shares of Textron from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $53.60.
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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