Zacks Investment Research downgraded shares of Textron Inc. (NYSE:TXT) from a buy rating to a hold rating in a research report report published on Thursday.
According to Zacks, “Textron’s geographically diverse network of businesses negates any specific business risk. Its systematic inorganic growth strategy, along with its focus on strengthening international presence, will improve its growth trajectory. Also, Textron’s latest acquisition of Arctic Cat has boosted its position in the power-sports segment as well as utility vehicle market, courtesy of Arctic Cat’s established dealer network. In terms of product innovation, the company has started delivering its new ELiTE series lithium golf cars, of late. However, the company’s Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also Textron needs to invest substantially in order to sustain in a highly competitive market. Moreover, it underperformed its broader industry in last one year.”
Other equities research analysts have also issued research reports about the stock. Jefferies Group LLC reissued a buy rating and set a $60.00 price objective on shares of Textron in a report on Tuesday, September 26th. Drexel Hamilton raised shares of Textron from a hold rating to a buy rating and set a $58.00 price objective on the stock in a report on Monday, September 11th. ValuEngine raised shares of Textron from a hold rating to a buy rating in a report on Friday, September 8th. BidaskClub raised shares of Textron from a sell rating to a hold rating in a report on Wednesday, July 12th. Finally, Wells Fargo & Company reissued an outperform rating and set a $54.00 price objective (up previously from $52.00) on shares of Textron in a report on Saturday, July 22nd. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. Textron presently has an average rating of Hold and an average price target of $53.75.
Textron (NYSE TXT) traded down 0.54% on Thursday, reaching $53.26. 3,174,145 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $51.98 and a 200-day moving average of $48.72. The firm has a market capitalization of $14.10 billion, a price-to-earnings ratio of 16.28 and a beta of 1.59. Textron has a 12 month low of $37.19 and a 12 month high of $55.80.
Textron (NYSE:TXT) last issued its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. Textron had a net margin of 6.45% and a return on equity of 11.97%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the prior year, the firm earned $0.66 EPS. The company’s revenue was up 2.6% on a year-over-year basis. On average, equities analysts expect that Textron will post $2.52 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.15%. The ex-dividend date was Thursday, September 14th. Textron’s dividend payout ratio (DPR) is presently 2.45%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC boosted its stake in shares of Textron by 2.4% in the 2nd quarter. Lord Abbett & CO. LLC now owns 727,041 shares of the aerospace company’s stock valued at $34,244,000 after purchasing an additional 16,900 shares during the last quarter. Sentry Investment Management LLC boosted its stake in shares of Textron by 1.1% in the 2nd quarter. Sentry Investment Management LLC now owns 17,662 shares of the aerospace company’s stock valued at $832,000 after purchasing an additional 187 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Textron by 24.5% in the 2nd quarter. Toronto Dominion Bank now owns 90,712 shares of the aerospace company’s stock valued at $4,272,000 after purchasing an additional 17,826 shares during the last quarter. U S Global Investors Inc. boosted its stake in shares of Textron by 81.2% in the 2nd quarter. U S Global Investors Inc. now owns 77,138 shares of the aerospace company’s stock valued at $3,790,000 after purchasing an additional 34,562 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new position in shares of Textron in the 2nd quarter valued at about $7,128,000. 81.49% of the stock is currently owned by institutional investors.
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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