Bank of New York Mellon Corp lessened its stake in shares of Textron Inc. (NYSE:TXT) by 1.9% during the second quarter, HoldingsChannel.com reports. The fund owned 1,828,388 shares of the aerospace company’s stock after selling 35,789 shares during the quarter. Bank of New York Mellon Corp’s holdings in Textron were worth $120,510,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in TXT. Janus Henderson Group PLC lifted its position in shares of Textron by 439.9% during the 2nd quarter. Janus Henderson Group PLC now owns 560,129 shares of the aerospace company’s stock valued at $36,919,000 after acquiring an additional 456,384 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Textron during the 2nd quarter valued at $25,458,000. OppenheimerFunds Inc. lifted its position in shares of Textron by 1,361.8% during the 2nd quarter. OppenheimerFunds Inc. now owns 312,804 shares of the aerospace company’s stock valued at $20,617,000 after acquiring an additional 291,405 shares during the period. WINTON GROUP Ltd lifted its position in shares of Textron by 5,739.1% during the 2nd quarter. WINTON GROUP Ltd now owns 284,073 shares of the aerospace company’s stock valued at $18,723,000 after acquiring an additional 279,208 shares during the period. Finally, Columbus Circle Investors acquired a new position in shares of Textron during the 2nd quarter valued at $17,825,000. Institutional investors own 84.96% of the company’s stock.
TXT has been the topic of several research reports. Wells Fargo & Co lowered their price objective on shares of Textron from $72.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, October 19th. Jefferies Financial Group upped their price objective on shares of Textron to $82.00 and gave the stock a “buy” rating in a report on Wednesday, September 26th. Zacks Investment Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Tuesday, July 17th. JPMorgan Chase & Co. upped their price objective on shares of Textron from $74.00 to $77.00 and gave the stock a “$66.52” rating in a report on Monday, July 23rd. Finally, Morgan Stanley upped their price objective on shares of Textron from $64.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, July 12th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $74.64.
TXT opened at $55.81 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.11 and a current ratio of 2.29. Textron Inc. has a 1-year low of $51.49 and a 1-year high of $72.87. The firm has a market cap of $13.14 billion, a price-to-earnings ratio of 22.78, a price-to-earnings-growth ratio of 1.29 and a beta of 1.66.
Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, October 18th. The aerospace company reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.15). The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.52 billion. Textron had a return on equity of 13.72% and a net margin of 6.11%. The business’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 EPS. On average, equities research analysts anticipate that Textron Inc. will post 3.2 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Stockholders of record on Friday, December 14th will be issued a $0.02 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.08 annualized dividend and a dividend yield of 0.14%. Textron’s dividend payout ratio is currently 3.27%.
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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.
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