ING Groep NV boosted its stake in shares of Textron Inc. (NYSE:TXT) by 51.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,463 shares of the company’s stock after buying an additional 3,226 shares during the period. ING Groep NV’s holdings in Textron were worth $346,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. increased its stake 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 in the last quarter. IFP Advisors Inc increased its stake 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 in the last quarter. Creative Planning increased its stake 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 in the last quarter. Conning Inc. increased its stake in Textron by 0.3% in the second quarter. Conning Inc. now owns 6,409 shares of the company’s stock valued at $234,000 after buying an additional 20 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Textron during the first quarter valued at about $267,000. 80.63% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Textron Inc. (NYSE:TXT) traded up 0.18% during midday trading on Wednesday, hitting $37.97. The stock had a trading volume of 978,562 shares. The stock’s 50-day moving average price is $39.92 and its 200 day moving average price is $38.67. The company has a market cap of $10.23 billion, a price-to-earnings ratio of 14.33 and a beta of 1.65. Textron Inc. has a 52 week low of $30.69 and a 52 week high of $43.93.
Textron (NYSE:TXT) last released its quarterly earnings data on Friday, July 22nd. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.02. The company had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.36 billion. Textron had a net margin of 5.28% and a return on equity of 14.72%. The business’s revenue was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. On average, equities analysts forecast that Textron Inc. will post $2.73 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Friday, September 9th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.21%. Textron’s dividend payout ratio (DPR) is presently 3.02%.
Several research firms have issued reports on TXT. Credit Suisse Group AG reissued a “buy” rating on shares of Textron in a research note on Saturday, July 9th. Drexel Hamilton reissued a “hold” rating on shares of Textron in a research note on Wednesday, August 31st. Zacks Investment Research downgraded Textron from a “hold” rating to a “sell” rating in a research note on Friday, September 2nd. Jefferies Group set a $50.00 target price on Textron and gave the company a “buy” rating in a research report on Thursday, October 6th. Finally, Robert W. Baird initiated coverage on Textron in a research report on Wednesday, October 5th. They issued an “outperform” rating and a $48.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Textron has an average rating of “Buy” and an average target price of $46.74.
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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