Other research analysts have also recently issued reports about the company. 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 price objective on Textron and gave the company a buy rating in a research report on Monday, July 25th. Jefferies Group reaffirmed a buy rating and set a $50.00 price objective on shares of Textron in a research report on Wednesday, August 31st. Drexel Hamilton reaffirmed a hold rating on shares of Textron in a research report on Wednesday, August 31st. Finally, Zacks Investment Research raised Textron from a sell rating to a hold rating in a research report on Tuesday, July 26th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $46.74.
Textron (NYSE:TXT) opened at 38.86 on Wednesday. The firm’s 50-day moving average is $40.00 and its 200-day moving average is $38.67. Textron has a 12 month low of $30.69 and a 12 month high of $43.93. The company has a market capitalization of $10.47 billion, a PE ratio of 14.66 and a beta of 1.65.
Textron (NYSE:TXT) last posted 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. Textron had a return on equity of 14.72% and a net margin of 5.28%. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.36 billion. During the same period in the previous year, the firm earned $0.60 EPS. The business’s quarterly revenue was up 8.1% on a year-over-year basis. Equities analysts anticipate that Textron will post $2.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were issued a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.08 annualized dividend and a dividend yield of 0.21%. Textron’s dividend payout ratio (DPR) is 3.02%.
Several hedge funds have recently modified their holdings of the company. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Textron during the second quarter valued at about $397,000. Kentucky Retirement Systems purchased a new stake in shares of Textron during the second quarter valued at about $836,000. Mason Street Advisors LLC purchased a new stake in shares of Textron during the second quarter valued at about $1,324,000. Public Employees Retirement System of Ohio boosted its stake in shares of Textron by 31.4% in the second quarter. Public Employees Retirement System of Ohio now owns 102,509 shares of the company’s stock valued at $3,748,000 after buying an additional 24,485 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Textron by 1.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 791,293 shares of the company’s stock valued at $28,930,000 after buying an additional 12,244 shares during the period. 80.63% of the stock is currently owned by institutional investors and hedge funds.
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. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.
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