Channing Capital Management LLC Reduces Stake in Textron Inc. (TXT)

Channing Capital Management LLC decreased its stake in shares of Textron Inc. (NYSE:TXT) by 85.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 18,125 shares of the aerospace company’s stock after selling 108,021 shares during the quarter. Channing Capital Management LLC’s holdings in Textron were worth $1,295,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of TXT. Janus Henderson Group PLC increased its holdings in shares of Textron by 439.9% during the 2nd quarter. Janus Henderson Group PLC now owns 560,129 shares of the aerospace company’s stock worth $36,919,000 after purchasing an additional 456,384 shares during the period. First Trust Advisors LP bought a new position in shares of Textron during the 3rd quarter worth about $26,015,000. Primecap Management Co. CA increased its holdings in shares of Textron by 7.6% during the 3rd quarter. Primecap Management Co. CA now owns 4,985,260 shares of the aerospace company’s stock worth $356,297,000 after purchasing an additional 353,242 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Textron by 117.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 620,660 shares of the aerospace company’s stock worth $44,357,000 after purchasing an additional 335,095 shares during the period. Finally, OppenheimerFunds Inc. increased its holdings in shares of Textron by 1,361.8% during the 2nd quarter. OppenheimerFunds Inc. now owns 312,804 shares of the aerospace company’s stock worth $20,617,000 after purchasing an additional 291,405 shares during the period. Institutional investors own 83.80% of the company’s stock.

Shares of Textron stock opened at $56.73 on Tuesday. The company has a current ratio of 2.29, a quick ratio of 1.11 and a debt-to-equity ratio of 0.70. Textron Inc. has a twelve month low of $51.49 and a twelve month high of $72.87. The stock has a market cap of $13.64 billion, a PE ratio of 23.16, a price-to-earnings-growth ratio of 1.08 and a beta of 1.62.

Textron (NYSE:TXT) last issued its earnings results on Thursday, October 18th. The aerospace company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.15). Textron had a net margin of 6.11% and a return on equity of 13.72%. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.52 billion. During the same quarter last year, the firm posted $0.65 earnings per share. Textron’s revenue was down 8.2% on a year-over-year basis. Research analysts forecast that Textron Inc. will post 3.21 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.14%. Textron’s dividend payout ratio (DPR) is currently 3.27%.

Several research firms have recently issued reports on TXT. Jefferies Financial Group set a $68.00 price objective on shares of Textron and gave the stock a “buy” rating in a report on Friday. Zacks Investment Research downgraded shares of Textron from a “buy” rating to a “hold” rating in a report on Monday, October 22nd. Morgan Stanley set a $71.00 price objective on shares of Textron and gave the stock a “hold” rating in a report on Thursday, October 11th. ValuEngine downgraded shares of Textron from a “buy” rating to a “hold” rating in a report on Thursday, October 18th. Finally, Wells Fargo & Co dropped their price objective on shares of Textron from $72.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, October 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. Textron presently has an average rating of “Buy” and a consensus price target of $72.73.

COPYRIGHT VIOLATION NOTICE: “Channing Capital Management LLC Reduces Stake in Textron Inc. (TXT)” was originally reported by Community Financial News and is owned by of Community Financial News. If you are accessing this report on another website, it was copied illegally and reposted in violation of U.S. and international copyright & trademark legislation. The legal version of this report can be accessed at https://www.com-unik.info/2018/12/04/channing-capital-management-llc-reduces-stake-in-textron-inc-txt.html.

Textron Company Profile

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.

Featured Story: What is a Leveraged Buyout (LBO)?

Want to see what other hedge funds are holding TXT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Textron Inc. (NYSE:TXT).

Institutional Ownership by Quarter for Textron (NYSE:TXT)

Receive News & Ratings for Textron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Textron and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit