Textron (TXT) Reaches New 1-Year High at $69.96

Share on StockTwits

Textron Inc. (NYSE:TXT) reached a new 52-week high during trading on Wednesday . The stock traded as high as $69.96 and last traded at $69.74, with a volume of 55545 shares changing hands. The stock had previously closed at $69.19.

TXT has been the subject of several recent analyst reports. Zacks Investment Research raised Textron from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research note on Monday, August 13th. Bank of America set a $78.00 target price on Textron and gave the stock a “buy” rating in a research note on Wednesday, July 25th. JPMorgan Chase & Co. raised their target price on Textron from $74.00 to $77.00 and gave the stock a “$66.52” rating in a research note on Monday, July 23rd. Cowen reissued a “$66.44” rating and set a $73.00 target price on shares of Textron in a research note on Wednesday, July 18th. Finally, Citigroup raised their target price on Textron to $76.00 and gave the stock a “buy” rating in a research note on Thursday, July 19th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $70.92.

The company has a debt-to-equity ratio of 0.72, a current ratio of 2.27 and a quick ratio of 1.11. The company has a market capitalization of $17.15 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 1.83 and a beta of 1.40.

Textron (NYSE:TXT) last issued its quarterly earnings data on Wednesday, July 18th. The aerospace company reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.17. Textron had a return on equity of 13.93% and a net margin of 3.21%. The business had revenue of $3.73 billion during the quarter, compared to analysts’ expectations of $3.51 billion. During the same period in the previous year, the firm posted $0.60 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. research analysts anticipate that Textron Inc. will post 3.31 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 14th will be paid a $0.02 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.11%. Textron’s payout ratio is presently 3.27%.

In other news, VP Julie G. Duffy sold 6,562 shares of Textron stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $68.13, for a total value of $447,069.06. Following the completion of the sale, the vice president now directly owns 22,535 shares of the company’s stock, valued at $1,535,309.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Scott C. Donnelly sold 82,647 shares of Textron stock in a transaction on Friday, July 27th. The shares were sold at an average price of $67.17, for a total value of $5,551,398.99. Following the completion of the sale, the chairman now directly owns 639,916 shares of the company’s stock, valued at $42,983,157.72. The disclosure for this sale can be found here. Insiders sold 134,209 shares of company stock valued at $9,035,968 over the last ninety days. Insiders own 1.20% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Textron in the second quarter valued at $1,838,000. Nisa Investment Advisors LLC purchased a new position in Textron in the second quarter valued at $5,999,000. Brinker Capital Inc. boosted its holdings in Textron by 17.4% in the first quarter. Brinker Capital Inc. now owns 55,224 shares of the aerospace company’s stock valued at $3,257,000 after purchasing an additional 8,197 shares during the period. Dupont Capital Management Corp boosted its holdings in Textron by 151.1% in the second quarter. Dupont Capital Management Corp now owns 4,997 shares of the aerospace company’s stock valued at $329,000 after purchasing an additional 3,007 shares during the period. Finally, BlackRock Inc. boosted its holdings in Textron by 2.0% in the first quarter. BlackRock Inc. now owns 19,225,987 shares of the aerospace company’s stock valued at $1,133,757,000 after purchasing an additional 374,087 shares during the period. 83.27% of the stock is owned by institutional investors and hedge funds.

Textron Company Profile (NYSE:TXT)

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.

Read More: What is Considered a Good Return on Equity (ROE)?

Receive News & Ratings for Textron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Textron and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply