Textron Inc. Plans Quarterly Dividend of $0.02 (NYSE:TXT)

Textron Inc. (NYSE:TXT) announced a quarterly dividend on Wednesday, October 23rd, RTT News reports. Shareholders of record on Friday, December 13th will be given a dividend of 0.02 per share by the aerospace company on Wednesday, January 1st. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%.

Textron has a payout ratio of 1.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Textron to earn $6.98 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 1.1%.

Textron Price Performance

Shares of Textron stock traded down $0.63 during mid-day trading on Wednesday, reaching $86.92. 323,222 shares of the stock were exchanged, compared to its average volume of 1,061,869. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. The company has a market cap of $16.29 billion, a price-to-earnings ratio of 18.55, a price-to-earnings-growth ratio of 1.47 and a beta of 1.23. Textron has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The firm has a 50-day simple moving average of $87.92 and a 200 day simple moving average of $88.24.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. TD Cowen lowered shares of Textron from a “buy” rating to a “hold” rating and reduced their target price for the company from $103.00 to $95.00 in a research note on Wednesday, September 25th. Citigroup lifted their price target on shares of Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. StockNews.com lowered Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. JPMorgan Chase & Co. dropped their price target on Textron from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Monday, October 14th. Finally, Bank of America raised their target price on shares of Textron from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $102.75.

About Textron

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts.