Textron (TXT) Issues Quarterly Earnings Results

Textron (NYSE:TXT) issued its quarterly earnings results on Wednesday. The aerospace company reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.06, MarketWatch Earnings reports. Textron had a return on equity of 15.51% and a net margin of 8.75%. The firm had revenue of $31.09 million for the quarter, compared to analyst estimates of $3.17 billion. During the same period in the previous year, the firm earned $0.72 earnings per share. The company’s revenue was down 99.1% compared to the same quarter last year. Textron updated its FY 2019 guidance to $3.55-3.75 EPS and its FY19 guidance to $3.55-3.75 EPS.

Textron stock traded down $0.28 during trading on Thursday, hitting $53.95. 28,161 shares of the company were exchanged, compared to its average volume of 1,794,555. The company has a market capitalization of $12.02 billion, a P/E ratio of 16.08, a price-to-earnings-growth ratio of 1.11 and a beta of 1.65. 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 has a 52 week low of $43.27 and a 52 week high of $72.87.

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were issued 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 0.15%. Textron’s dividend payout ratio (DPR) is currently 2.40%.

In other news, CEO Scott C. Donnelly sold 150,226 shares of the company’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $55.04, for a total transaction of $8,268,439.04. Following the transaction, the chief executive officer now owns 707,495 shares of the company’s stock, valued at approximately $38,940,524.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark S. Bamford sold 4,500 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $54.75, for a total value of $246,375.00. The disclosure for this sale can be found here. Insiders sold a total of 458,112 shares of company stock valued at $25,222,635 in the last 90 days. Corporate insiders own 1.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of TXT. Levin Capital Strategies L.P. purchased a new stake in Textron during the 4th quarter worth about $66,381,000. Oregon Public Employees Retirement Fund lifted its holdings in 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 worth $28,000 after purchasing an additional 1,246,159 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in Textron by 406.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 799,985 shares of the aerospace company’s stock worth $36,792,000 after purchasing an additional 641,926 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in Textron by 191.7% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 945,000 shares of the aerospace company’s stock worth $43,461,000 after purchasing an additional 621,000 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted 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 worth $124,248,000 after purchasing an additional 617,437 shares in the last quarter. 83.88% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have issued reports on the company. Zacks Investment Research lowered Textron from a “buy” rating to a “hold” rating in a research note on Tuesday, March 26th. Credit Suisse Group assumed coverage on Textron in a research note on Monday, April 1st. They issued a “neutral” rating and a $50.00 price target on the stock. Susquehanna Bancshares began coverage on Textron in a research note on Thursday, January 10th. They issued a “neutral” rating and a $52.00 price target on the stock. TheStreet lowered Textron from a “b” rating to a “c+” rating in a research report on Friday, January 4th. Finally, Jefferies Financial Group set a $59.00 target price on Textron and gave the stock a “buy” rating in a research report on Tuesday, January 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $66.08.

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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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Earnings History for Textron (NYSE:TXT)

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