Textron (NYSE:TXT) Hits New 52-Week Low – Here’s What Happened

Textron Inc. (NYSE:TXT)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $76.03 and last traded at $76.23, with a volume of 1544582 shares. The stock had previously closed at $80.07.

Analyst Upgrades and Downgrades

TXT has been the topic of a number of research reports. 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. UBS Group reduced their price target on shares of Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a research report on Friday, October 25th. TD Cowen upgraded Textron to a “hold” rating in a report on Thursday. Robert W. Baird dropped their price objective on shares of Textron from $109.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Finally, StockNews.com downgraded Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $101.56.

Textron Trading Up 1.4 %

The business’s 50-day moving average is $84.34 and its two-hundred day moving average is $86.51. The stock has a market capitalization of $14.26 billion, a PE ratio of 16.89, a PEG ratio of 1.46 and a beta of 1.25. The company has a current ratio of 1.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.46.

Textron (NYSE:TXT) last issued its earnings results on Thursday, October 24th. The aerospace company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.09). The firm had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.50 billion. Textron had a return on equity of 16.02% and a net margin of 6.30%. Textron’s revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.49 EPS. On average, analysts predict that Textron Inc. will post 5.52 earnings per share for the current year.

Textron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued 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 0.10%. Textron’s dividend payout ratio is 1.76%.

Hedge Funds Weigh In On Textron

Several hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in Textron by 6.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,808,600 shares of the aerospace company’s stock valued at $241,152,000 after buying an additional 160,923 shares during the last quarter. Brandes Investment Partners LP lifted its holdings in shares of Textron by 20.0% during the second quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock worth $133,096,000 after buying an additional 258,778 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Textron by 18.9% in the second quarter. AQR Capital Management LLC now owns 1,451,293 shares of the aerospace company’s stock worth $124,608,000 after acquiring an additional 231,173 shares during the last quarter. Bank of New York Mellon Corp increased its position in Textron by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 1,398,779 shares of the aerospace company’s stock worth $120,099,000 after acquiring an additional 6,175 shares during the period. Finally, TD Asset Management Inc raised its stake in Textron by 3.2% during the 2nd quarter. TD Asset Management Inc now owns 1,087,342 shares of the aerospace company’s stock valued at $93,359,000 after purchasing an additional 33,394 shares during the last quarter. 86.03% of the stock is owned by institutional investors and hedge funds.

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.