Textron Inc. (NYSE:TXT) was upgraded by equities research analysts at Drexel Hamilton from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $58.00 price objective on the aerospace company’s stock. Drexel Hamilton’s price objective would indicate a potential upside of 10.67% from the company’s previous close.
TXT has been the subject of several other research reports. ValuEngine raised Textron from a “hold” rating to a “buy” rating in a report on Friday, September 8th. BidaskClub cut Textron from a “sell” rating to a “strong sell” rating in a report on Saturday, August 5th. Jefferies Group LLC reissued a “buy” rating and issued a $60.00 price objective on shares of Textron in a report on Thursday, May 18th. Bank of America Corporation cut Textron from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $53.00 to $45.00 in a report on Friday, July 21st. Finally, Credit Suisse Group reissued a “buy” rating and issued a $50.00 price objective on shares of Textron in a report on Wednesday, May 24th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $53.42.
Shares of Textron (NYSE:TXT) opened at 52.41 on Monday. Textron has a 12 month low of $37.19 and a 12 month high of $52.43. The stock has a market cap of $13.87 billion, a PE ratio of 16.02 and a beta of 1.56. The firm has a 50-day moving average price of $48.82 and a 200-day moving average price of $47.74.
Textron (NYSE:TXT) last issued its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Textron had a return on equity of 11.97% and a net margin of 6.45%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 EPS. Equities analysts forecast that Textron will post $2.53 EPS for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TXT. Wells Fargo & Company MN raised its holdings in Textron by 1.0% in the 1st quarter. Wells Fargo & Company MN now owns 728,686 shares of the aerospace company’s stock worth $34,678,000 after purchasing an additional 7,154 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in Textron by 48.7% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 7,778 shares of the aerospace company’s stock worth $370,000 after purchasing an additional 2,548 shares during the period. Daiwa Securities Group Inc. raised its holdings in Textron by 8.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,950 shares of the aerospace company’s stock worth $378,000 after purchasing an additional 600 shares during the period. Pictet Asset Management Ltd. raised its holdings in Textron by 1.3% in the 1st quarter. Pictet Asset Management Ltd. now owns 137,288 shares of the aerospace company’s stock worth $6,534,000 after purchasing an additional 1,700 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Textron by 3.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,229 shares of the aerospace company’s stock worth $2,152,000 after purchasing an additional 1,367 shares during the period. 81.50% of the stock is owned by institutional investors.
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. The Textron Aviation segment is engaged in general aviation.
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