Jacobs Levy Equity Management Inc. trimmed its stake in Textron Inc. (NYSE:TXT) by 0.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 356,165 shares of the aerospace company’s stock after selling 2,950 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Textron were worth $18,043,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Osborn Williams & Donohoe LLC bought a new stake in Textron in the first quarter valued at $25,000. Oregon Public Employees Retirement Fund lifted its stake in shares of Textron by 4,444.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,274,199 shares of the aerospace company’s stock valued at $28,000 after buying an additional 1,246,159 shares in the last quarter. Lake Point Wealth Management bought a new stake in Textron during the 4th quarter worth approximately $28,000. North Star Investment Management Corp. bought a new position in shares of Textron in the 1st quarter worth $36,000. Finally, Rational Advisors LLC boosted its stake in shares of Textron by 120.1% in the 1st quarter. Rational Advisors LLC now owns 929 shares of the aerospace company’s stock valued at $47,000 after purchasing an additional 507 shares in the last quarter. 83.98% of the stock is owned by institutional investors.
TXT has been the subject of several research reports. ValuEngine lowered shares of Textron from a “hold” rating to a “sell” rating in a research note on Thursday, March 7th. Credit Suisse Group started coverage on shares of Textron in a report on Monday, April 1st. They set a “neutral” rating and a $50.00 price target on the stock. Cowen reiterated a “buy” rating and set a $62.00 price objective on shares of Textron in a research report on Wednesday, February 27th. Finally, Zacks Investment Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Tuesday, March 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $64.60.
TXT traded down $0.11 during trading on Friday, hitting $49.62. 173,920 shares of the stock were exchanged, compared to its average volume of 1,254,670. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 14.86, a price-to-earnings-growth ratio of 1.05 and a beta of 1.70. Textron Inc. has a 1-year low of $43.27 and a 1-year high of $72.87. The company has a quick ratio of 0.99, a current ratio of 2.17 and a debt-to-equity ratio of 0.67.
Textron (NYSE:TXT) last posted its earnings results on Wednesday, April 17th. The aerospace company reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.06. Textron had a return on equity of 15.66% and a net margin of 8.79%. The company had revenue of $31.09 million for the quarter, compared to the consensus estimate of $3.17 billion. During the same period in the previous year, the business earned $0.72 earnings per share. Textron’s quarterly revenue was down 99.1% compared to the same quarter last year. Equities analysts expect that Textron Inc. will post 3.7 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date is Thursday, June 13th. Textron’s dividend payout ratio is currently 2.40%.
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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.
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