Municipal Employees Retirement System of Michigan maintained its stake in Textron Inc. (NYSE:TXT) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 21,830 shares of the aerospace company’s stock at the end of the second quarter. Municipal Employees Retirement System of Michigan’s holdings in Textron were worth $1,028,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Global X Management Co. LLC boosted its stake in Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock worth $125,000 after buying an additional 607 shares during the period. Financial Architects Inc purchased a new stake in Textron during the first quarter worth approximately $126,000. Koch Industries Inc. purchased a new stake in Textron during the first quarter worth approximately $203,000. Two Sigma Securities LLC purchased a new stake in Textron during the first quarter worth approximately $210,000. Finally, State of Alaska Department of Revenue purchased a new stake in Textron during the first quarter worth approximately $220,000. Institutional investors and hedge funds own 83.55% of the company’s stock.
Textron Inc. (NYSE:TXT) opened at 48.24 on Friday. The firm has a market cap of $12.77 billion, a PE ratio of 14.75 and a beta of 1.56. Textron Inc. has a 12 month low of $37.19 and a 12 month high of $50.93. The company has a 50-day moving average price of $48.34 and a 200 day moving average price of $47.69.
Textron (NYSE:TXT) last issued its earnings results on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. Textron had a net margin of 6.45% and a return on equity of 11.97%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter last year, the company posted $0.66 earnings per share. Textron’s revenue was up 2.6% on a year-over-year basis. Equities research analysts anticipate that Textron Inc. will post $2.52 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be issued a $0.02 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.08 dividend on an annualized basis and a yield of 0.17%. Textron’s dividend payout ratio is currently 2.45%.
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A number of analysts have recently commented on the company. BidaskClub cut Textron from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Jefferies Group LLC reiterated a “buy” rating and set a $60.00 target price on shares of Textron in a research report on Thursday, May 18th. Bank of America Corporation cut Textron from a “buy” rating to an “underperform” rating and cut their target price for the stock from $53.00 to $45.00 in a research report on Friday, July 21st. Credit Suisse Group reiterated a “buy” rating and set a $50.00 target price on shares of Textron in a research report on Wednesday, May 24th. Finally, Stephens assumed coverage on Textron in a research report on Thursday, April 13th. They set an “equal weight” rating and a $54.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. Textron currently has an average rating of “Hold” and an average price target of $53.60.
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. The Textron Aviation segment is engaged in general aviation.
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