Textron (NYSE:TXT) Downgraded by Vertical Research

Textron (NYSE:TXT – Get Rating) was downgraded by equities research analysts at Vertical Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, The Fly reports. They currently have a $70.00 price target on the aerospace company’s stock. Vertical Research’s target price suggests a potential upside of 11.96% from the stock’s current price.

Several other research analysts have also weighed in on TXT. Wolfe Research assumed coverage on shares of Textron in a research note on Thursday, April 6th. They set a “peer perform” rating on the stock. StockNews.com assumed coverage on shares of Textron in a research note on Thursday, May 18th. They issued a “buy” rating for the company. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.00.

Textron Stock Performance

NYSE TXT opened at $62.52 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market cap of $12.61 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.12 and a beta of 1.48. The company has a 50 day moving average of $66.95 and a 200-day moving average of $69.83. Textron has a 1-year low of $57.11 and a 1-year high of $76.11.

Textron (NYSE:TXT – Get Rating) last announced its quarterly earnings results on Thursday, April 27th. The aerospace company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.10. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Textron had a net margin of 6.66% and a return on equity of 12.82%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the firm posted $0.88 earnings per share. On average, equities analysts forecast that Textron will post 5.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Textron by 0.4% in the third quarter. Vanguard Group Inc. now owns 23,702,886 shares of the aerospace company’s stock worth $1,380,930,000 after acquiring an additional 84,175 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Textron by 2.9% during the 1st quarter. BlackRock Inc. now owns 18,231,026 shares of the aerospace company’s stock valued at $1,287,657,000 after acquiring an additional 519,468 shares in the last quarter. State Street Corp raised its stake in shares of Textron by 0.5% in the 1st quarter. State Street Corp now owns 9,564,040 shares of the aerospace company’s stock valued at $711,561,000 after purchasing an additional 47,344 shares in the last quarter. Boston Partners grew its position in shares of Textron by 1.3% during the 1st quarter. Boston Partners now owns 6,985,080 shares of the aerospace company’s stock valued at $493,286,000 after buying an additional 89,674 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Textron by 27.7% in the first quarter. JPMorgan Chase & Co. now owns 4,596,887 shares of the aerospace company’s stock valued at $324,678,000 after acquiring an additional 997,119 shares in the last quarter. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

About Textron

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Textron, Inc is a multi-industry company, which leverages a global network of aircraft, defense, industrial, and finance businesses to provide customers innovative solutions and services. The company operates its business through the following segments: Textron Aviation, Bell, Textron Systems, Industrial, and Textron eAviation.