Textron (TXT) Rating Increased to Hold at Zacks Investment Research

Textron (NYSE:TXT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

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, 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 market. Moreover, it underperformed its broader industry over a year. Further, the company operates in a highly competitive market.”

TXT has been the topic of a number of other research reports. ValuEngine upgraded Textron from a “hold” rating to a “buy” rating in a report on Friday, September 8th. Jefferies Group reiterated a “buy” rating and issued a $60.00 target price on shares of Textron in a report on Tuesday, September 26th. Wells Fargo & Co lifted their target price on Textron from $54.00 to $59.00 and gave the company an “outperform” rating in a report on Friday, October 20th. Credit Suisse Group reduced their target price on Textron from $61.00 to $59.00 and set an “outperform” rating on the stock in a report on Friday, October 20th. Finally, Citigroup lifted their target price on Textron from $54.00 to $61.00 and gave the company a “buy” rating in a report on Friday, October 20th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $57.82.

Textron (NYSE:TXT) opened at $56.97 on Tuesday. Textron has a fifty-two week low of $43.66 and a fifty-two week high of $57.71. The firm has a market capitalization of $15,010.00, a price-to-earnings ratio of 24.56, a P/E/G ratio of 2.60 and a beta of 1.57. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.08 and a quick ratio of 0.96.

Textron (NYSE:TXT) last issued its earnings results on Thursday, October 19th. The aerospace company reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.03. Textron had a return on equity of 12.02% and a net margin of 4.48%. The firm had revenue of $3.48 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter last year, the firm earned $0.61 earnings per share. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. equities analysts forecast that Textron will post 2.47 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in TXT. Schwab Charles Investment Management Inc. raised its position in Textron by 2.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 931,337 shares of the aerospace company’s stock valued at $43,866,000 after purchasing an additional 25,429 shares during the period. Blair William & Co. IL purchased a new position in Textron in the second quarter valued at about $232,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Textron by 2.3% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 744,520 shares of the aerospace company’s stock worth $35,067,000 after acquiring an additional 16,659 shares during the last quarter. Intrust Bank NA increased its position in shares of Textron by 0.6% during the second quarter. Intrust Bank NA now owns 5,892 shares of the aerospace company’s stock worth $277,000 after acquiring an additional 33 shares during the last quarter. Finally, Airain ltd purchased a new stake in shares of Textron during the second quarter worth about $2,608,000. 81.91% of the stock is currently owned by institutional investors.

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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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