Textron Inc. (NYSE:TXT) Short Interest Update

Textron Inc. (NYSE:TXT) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 6,347,900 shares, a drop of 9.5% from the July 31st total of 7,012,300 shares. Approximately 2.8% of the company’s stock are short sold. Based on an average daily trading volume, of 1,530,000 shares, the days-to-cover ratio is currently 4.1 days.

Separately, ValuEngine upgraded shares of Textron from a “sell” rating to a “hold” rating in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $59.29.

Institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its holdings in Textron by 44.5% during the second quarter. Janus Henderson Group PLC now owns 545,839 shares of the aerospace company’s stock worth $28,950,000 after purchasing an additional 168,171 shares during the last quarter. Gamco Investors INC. ET AL boosted its holdings in Textron by 3.7% during the second quarter. Gamco Investors INC. ET AL now owns 2,560,352 shares of the aerospace company’s stock worth $135,801,000 after purchasing an additional 92,426 shares during the last quarter. Oakbrook Investments LLC purchased a new position in Textron during the second quarter worth about $615,000. Carroll Financial Associates Inc. purchased a new position in Textron during the second quarter worth about $196,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Textron by 19.0% during the first quarter. PNC Financial Services Group Inc. now owns 78,867 shares of the aerospace company’s stock worth $3,995,000 after purchasing an additional 12,571 shares during the last quarter. Institutional investors and hedge funds own 82.62% of the company’s stock.

Textron stock traded up $0.51 during midday trading on Friday, hitting $51.40. 1,119,108 shares of the stock were exchanged, compared to its average volume of 1,640,769. Textron has a 52-week low of $42.30 and a 52-week high of $72.87. The stock has a market capitalization of $11.85 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 1.35 and a beta of 1.77. The business’s 50-day moving average price is $46.35 and its 200-day moving average price is $50.05. The company has a quick ratio of 0.97, a current ratio of 2.17 and a debt-to-equity ratio of 0.68.

Textron (NYSE:TXT) last released its quarterly earnings results on Wednesday, July 17th. The aerospace company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.07. Textron had a net margin of 9.07% and a return on equity of 15.55%. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period in the previous year, the company earned $0.87 earnings per share. The firm’s revenue for the quarter was down 13.4% compared to the same quarter last year. On average, sell-side analysts predict that Textron will post 3.75 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.16%. The ex-dividend date is Thursday, September 12th. Textron’s dividend payout ratio (DPR) is presently 2.40%.

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.

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