Bank of Montreal Can bought a new stake in shares of Textron Inc. (NYSE:TXT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 246,234 shares of the company’s stock, valued at approximately $9,002,000.
Several other institutional investors have also recently bought and sold shares of TXT. Meeder Asset Management Inc. increased its position in Textron by 225.8% in the second quarter. Meeder Asset Management Inc. now owns 3,323 shares of the company’s stock valued at $121,000 after buying an additional 2,303 shares during the last quarter. IFP Advisors Inc increased its position in Textron by 245.7% in the first quarter. IFP Advisors Inc now owns 5,082 shares of the company’s stock valued at $185,000 after buying an additional 3,612 shares during the last quarter. Creative Planning increased its position in Textron by 24.7% in the second quarter. Creative Planning now owns 5,485 shares of the company’s stock valued at $201,000 after buying an additional 1,087 shares during the last quarter. ING Groep NV purchased a new position in Textron during the first quarter valued at approximately $227,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Textron during the first quarter valued at approximately $267,000. 80.63% of the stock is currently owned by institutional investors.
Textron Inc. (NYSE:TXT) traded up 0.78% during midday trading on Thursday, reaching $39.91. The company’s stock had a trading volume of 989,318 shares. The stock has a 50-day moving average price of $40.11 and a 200 day moving average price of $38.61. The company has a market cap of $10.75 billion, a PE ratio of 15.06 and a beta of 1.65. Textron Inc. has a 12 month low of $30.69 and a 12 month high of $43.93.
Textron (NYSE:TXT) last issued its quarterly earnings data on Friday, July 22nd. The company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.02. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.36 billion. Textron had a net margin of 5.28% and a return on equity of 14.72%. The firm’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.60 earnings per share. Analysts expect that Textron Inc. will post $2.72 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 9th were given a dividend of $0.02 per share. The ex-dividend date was Wednesday, September 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.20%. Textron’s dividend payout ratio (DPR) is 3.02%.
TXT has been the topic of several research reports. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Textron in a research report on Saturday, July 9th. Bank of America Corp. set a $45.00 target price on Textron and gave the company a “buy” rating in a research report on Monday, July 25th. Jefferies Group reaffirmed a “buy” rating and issued a $50.00 target price on shares of Textron in a research report on Wednesday, August 31st. Drexel Hamilton reiterated a “hold” rating on shares of Textron in a research note on Wednesday, August 31st. Finally, Zacks Investment Research upgraded Textron from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Textron has an average rating of “Buy” and an average target price of $46.74.
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. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.
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