Martingale Asset Management L P Cuts Position in Textron Inc. (NYSE:TXT)

Martingale Asset Management L P lowered its stake in Textron Inc. (NYSE:TXT) by 11.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 273,284 shares of the aerospace company’s stock after selling 34,632 shares during the quarter. Martingale Asset Management L P’s holdings in Textron were worth $24,207,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Lazard Asset Management LLC grew its position in shares of Textron by 57.2% in the 1st quarter. Lazard Asset Management LLC now owns 695 shares of the aerospace company’s stock worth $66,000 after acquiring an additional 253 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Textron in the 1st quarter worth $297,000. B. Riley Wealth Advisors Inc. grew its holdings in shares of Textron by 17.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 4,402 shares of the aerospace company’s stock worth $422,000 after acquiring an additional 640 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Textron by 57.0% in the 1st quarter. Tidal Investments LLC now owns 10,868 shares of the aerospace company’s stock worth $1,043,000 after acquiring an additional 3,946 shares during the last quarter. Finally, Hancock Whitney Corp acquired a new position in shares of Textron in the 1st quarter worth $227,000. Institutional investors and hedge funds own 86.03% of the company’s stock.

Wall Street Analysts Forecast Growth

TXT has been the topic of a number of recent research reports. Morgan Stanley cut Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price on the stock. in a report on Thursday, August 8th. UBS Group lowered their price target on Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a report on Friday, October 25th. StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. TD Cowen downgraded Textron from a “buy” rating to a “hold” rating and lowered their price target for the company from $103.00 to $95.00 in a report on Wednesday, September 25th. Finally, Robert W. Baird lowered their price target on Textron from $109.00 to $100.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Textron presently has a consensus rating of “Moderate Buy” and an average price target of $101.56.

Textron Price Performance

TXT opened at $85.08 on Friday. The stock has a market cap of $15.78 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 1.53 and a beta of 1.24. Textron Inc. has a 1 year low of $74.13 and a 1 year high of $97.33. The company has a current ratio of 1.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average price of $85.85 and a 200 day moving average price of $87.16.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). Textron had a return on equity of 16.02% and a net margin of 6.30%. The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same period in the prior year, the firm earned $1.49 EPS. Textron’s quarterly revenue was up 2.5% on a year-over-year basis. Analysts forecast that Textron Inc. will post 5.53 EPS for the current fiscal year.

Textron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.02 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.09%. Textron’s dividend payout ratio is currently 1.76%.

Textron Company Profile

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.