Analysts forecast that Textron Inc. (NYSE:TXT) will announce earnings per share (EPS) of $0.76 for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Textron’s earnings, with estimates ranging from $0.74 to $0.78. Textron reported earnings of $0.65 per share in the same quarter last year, which indicates a positive year over year growth rate of 16.9%. The business is expected to issue its next quarterly earnings report on Thursday, October 18th.
According to Zacks, analysts expect that Textron will report full year earnings of $3.33 per share for the current fiscal year, with EPS estimates ranging from $3.25 to $3.40. For the next financial year, analysts anticipate that the firm will post earnings of $3.73 per share, with EPS estimates ranging from $3.45 to $3.90. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Textron.
Textron (NYSE:TXT) last released its earnings results on Wednesday, July 18th. The aerospace company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.17. Textron had a net margin of 3.21% and a return on equity of 13.93%. The firm had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same period in the previous year, the firm earned $0.60 earnings per share. Textron’s revenue was up 3.4% compared to the same quarter last year.
Several equities research analysts have issued reports on TXT shares. Cowen reiterated a “$66.44” rating and set a $73.00 price objective on shares of Textron in a research note on Wednesday, July 18th. JPMorgan Chase & Co. boosted their price objective on shares of Textron from $74.00 to $77.00 and gave the stock a “$66.52” rating in a research note on Monday, July 23rd. Bank of America set a $78.00 price objective on shares of Textron and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Zacks Investment Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Wednesday. Finally, Citigroup boosted their price objective on shares of Textron to $76.00 and gave the stock a “buy” rating in a research note on Thursday, July 19th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $70.92.
In other news, EVP E Robert Lupone sold 45,000 shares of the business’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $67.50, for a total transaction of $3,037,500.00. Following the transaction, the executive vice president now directly owns 121,838 shares of the company’s stock, valued at $8,224,065. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Julie G. Duffy sold 6,562 shares of the business’s stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $68.13, for a total transaction of $447,069.06. Following the transaction, the vice president now directly owns 22,535 shares in the company, valued at $1,535,309.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 134,209 shares of company stock worth $9,035,968. Corporate insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of Textron by 2.0% during the first quarter. BlackRock Inc. now owns 19,225,987 shares of the aerospace company’s stock worth $1,133,757,000 after purchasing an additional 374,087 shares in the last quarter. Boston Partners lifted its position in shares of Textron by 4.9% during the first quarter. Boston Partners now owns 4,142,659 shares of the aerospace company’s stock worth $244,293,000 after purchasing an additional 193,786 shares in the last quarter. TCW Group Inc. lifted its position in shares of Textron by 5.0% during the second quarter. TCW Group Inc. now owns 2,952,226 shares of the aerospace company’s stock worth $194,581,000 after purchasing an additional 139,578 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in shares of Textron by 4.7% during the first quarter. Gamco Investors INC. ET AL now owns 2,719,542 shares of the aerospace company’s stock worth $160,371,000 after purchasing an additional 122,252 shares in the last quarter. Finally, Gabelli Funds LLC lifted its position in shares of Textron by 11.9% during the first quarter. Gabelli Funds LLC now owns 1,197,460 shares of the aerospace company’s stock worth $70,614,000 after purchasing an additional 126,960 shares in the last quarter. 83.27% of the stock is currently owned by institutional investors and hedge funds.
TXT traded down $0.45 during trading on Friday, hitting $69.16. 32,744 shares of the company’s stock were exchanged, compared to its average volume of 1,326,361. The company has a quick ratio of 1.11, a current ratio of 2.27 and a debt-to-equity ratio of 0.72. Textron has a 1 year low of $48.45 and a 1 year high of $70.49. The company has a market cap of $17.35 billion, a P/E ratio of 28.27, a P/E/G ratio of 1.85 and a beta of 1.40.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be paid a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.08 annualized dividend and a yield of 0.12%. Textron’s dividend payout ratio is currently 3.27%.
Textron Company Profile
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.
Featured Article: Fiduciary
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.