Principal Financial Group Inc. Has $16.50 Million Position in Textron Inc. (TXT)

Principal Financial Group Inc. decreased its position in shares of Textron Inc. (NYSE:TXT) by 8.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 358,831 shares of the aerospace company’s stock after selling 31,827 shares during the quarter. Principal Financial Group Inc.’s holdings in Textron were worth $16,503,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TXT. Victory Capital Management Inc. grew its holdings in Textron by 11.9% during the 4th quarter. Victory Capital Management Inc. now owns 4,409,907 shares of the aerospace company’s stock valued at $202,812,000 after purchasing an additional 470,595 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Textron by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,565,875 shares of the aerospace company’s stock valued at $163,995,000 after purchasing an additional 30,800 shares during the last quarter. Geode Capital Management LLC grew its holdings in Textron by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,144,494 shares of the aerospace company’s stock valued at $144,357,000 after purchasing an additional 131,360 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Textron by 29.6% during the 4th quarter. Bank of New York Mellon Corp now owns 2,701,623 shares of the aerospace company’s stock valued at $124,248,000 after purchasing an additional 617,437 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Textron by 3.0% during the 4th quarter. Northern Trust Corp now owns 2,631,198 shares of the aerospace company’s stock valued at $121,008,000 after purchasing an additional 75,714 shares during the last quarter. Institutional investors own 83.88% of the company’s stock.

Several brokerages recently commented on TXT. Zacks Investment Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Wednesday, February 13th. Cowen restated a “buy” rating and issued a $62.00 target price on shares of Textron in a research note on Wednesday, February 27th. TheStreet upgraded shares of Textron from a “c+” rating to a “b” rating in a research note on Thursday, January 31st. ValuEngine downgraded shares of Textron from a “hold” rating to a “sell” rating in a research note on Thursday, March 7th. Finally, Credit Suisse Group began coverage on shares of Textron in a research note on Monday. They issued a “neutral” rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $66.08.

NYSE:TXT opened at $51.58 on Tuesday. The firm has a market capitalization of $11.85 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 1.10 and a beta of 1.65. Textron Inc. has a 1-year low of $43.27 and a 1-year high of $72.87. The company has a current ratio of 2.14, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68.

Textron (NYSE:TXT) last released its quarterly earnings data on Thursday, January 24th. The aerospace company reported $1.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.17. The firm had revenue of $3.75 billion for the quarter, compared to analyst estimates of $3.99 billion. Textron had a net margin of 8.75% and a return on equity of 15.51%. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 earnings per share. Research analysts predict that Textron Inc. will post 3.67 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a dividend of $0.02 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.08 annualized dividend and a yield of 0.16%. Textron’s dividend payout ratio is presently 2.40%.

In related news, VP Mark S. Bamford sold 4,500 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $54.75, for a total transaction of $246,375.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Scott C. Donnelly sold 150,226 shares of the firm’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $55.04, for a total transaction of $8,268,439.04. Following the sale, the chief executive officer now owns 707,495 shares in the company, valued at approximately $38,940,524.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 458,112 shares of company stock worth $25,222,635. 1.40% of the stock is owned by company insiders.

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Textron Company Profile

Textron, Inc is a multi-industry company, which leverages global network of aircraft, defense, industrial, and finance businesses to provide customers innovative solutions and services. The company operates its business through the following segments: Textron Aviation, Bell, Textron Systems, Industrial, and Finance.

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Institutional Ownership by Quarter for Textron (NYSE:TXT)

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