Textron Inc. $TXT Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Textron Inc. (NYSE:TXT) by 4.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 401,457 shares of the aerospace company’s stock after selling 17,859 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Textron were worth $30,591,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Textron in the 3rd quarter worth approximately $3,389,000. ProShare Advisors LLC boosted its holdings in shares of Textron by 8.6% in the third quarter. ProShare Advisors LLC now owns 48,549 shares of the aerospace company’s stock worth $3,699,000 after buying an additional 3,851 shares during the last quarter. MGO One Seven LLC grew its position in Textron by 13.2% during the third quarter. MGO One Seven LLC now owns 3,981 shares of the aerospace company’s stock valued at $303,000 after buying an additional 463 shares during the period. International Assets Investment Management LLC bought a new stake in Textron during the third quarter valued at approximately $3,810,000. Finally, Soltis Investment Advisors LLC increased its holdings in Textron by 337.4% during the third quarter. Soltis Investment Advisors LLC now owns 15,580 shares of the aerospace company’s stock valued at $1,187,000 after buying an additional 12,018 shares during the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TXT. Freedom Broker decreased their price target on shares of Textron from $108.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday. UBS Group lifted their price target on shares of Textron from $86.00 to $94.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. Weiss Ratings downgraded shares of Textron from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 27th. Morgan Stanley lifted their target price on Textron from $86.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, TD Cowen cut their price target on Textron from $105.00 to $100.00 and set a “buy” rating for the company in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.09.

Textron Price Performance

Shares of NYSE:TXT opened at $85.37 on Friday. The firm has a market cap of $14.46 billion, a price-to-earnings ratio of 15.38, a P/E/G ratio of 1.23 and a beta of 0.88. The firm has a fifty day moving average price of $78.93 and a 200 day moving average price of $88.19. Textron Inc. has a fifty-two week low of $71.87 and a fifty-two week high of $101.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.82 and a current ratio of 1.80.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 29th. The aerospace company reported $1.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.33. The company had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.77 billion. Textron had a net margin of 6.30% and a return on equity of 14.34%. Textron’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.55 EPS. As a group, sell-side analysts expect that Textron Inc. will post 6.63 earnings per share for the current fiscal year.

Textron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 1st. Stockholders of record on Friday, December 11th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend is Friday, December 11th. Textron’s payout ratio is 1.44%.

Textron Profile

Textron Inc (NYSE:TXT) is a diversified industrial company that develops and manufactures aircraft, helicopters, specialized vehicles, defense systems and other industrial products. Founded in 1923 by Royal Little, the company has grown through the development and acquisition of businesses serving commercial, government and consumer markets.

Textron Aviation produces business jets, turboprop aircraft and general aviation aircraft under the Cessna and Beechcraft brands. Bell designs and manufactures military and commercial helicopters, tiltrotor aircraft and related support services.