Stone Ridge Asset Management LLC purchased a new position in Textron Inc. (NYSE:TXT) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 30,031 shares of the aerospace company’s stock, valued at approximately $1,699,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TXT. Steward Partners Investment Advisory LLC purchased a new position in Textron in the third quarter worth $110,000. Invictus RG purchased a new position in Textron in the third quarter worth $115,000. Cerebellum GP LLC purchased a new position in Textron in the fourth quarter worth $133,000. Commerzbank Aktiengesellschaft FI purchased a new position in Textron in the third quarter worth $201,000. Finally, BB&T Securities LLC purchased a new stake in shares of Textron during the third quarter valued at $203,000. 83.27% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on the stock. Cowen reissued a “buy” rating and set a $70.00 price objective on shares of Textron in a report on Thursday, February 1st. Wells Fargo & Co reissued an “outperform” rating and set a $67.00 price objective (up from $59.00) on shares of Textron in a report on Tuesday, January 16th. Zacks Investment Research raised shares of Textron from a “sell” rating to a “hold” rating in a report on Friday, January 12th. Stephens set a $65.00 price objective on shares of Textron and gave the company a “hold” rating in a report on Thursday, January 11th. Finally, Jefferies Group reissued a “buy” rating and set a $74.00 price objective on shares of Textron in a report on Sunday, February 4th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $60.50.
Textron (NYSE:TXT) last posted its earnings results on Wednesday, January 31st. The aerospace company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.03). The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $4.06 billion. Textron had a net margin of 2.16% and a return on equity of 11.58%. The company’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 earnings per share. analysts predict that Textron Inc. will post 3.07 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Friday, March 9th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. Textron’s dividend payout ratio is presently 7.02%.
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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