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

Textron Inc. (NYSE:TXT) announced a quarterly dividend on Monday, July 24th, Wall Street Journal reports. Stockholders of record on Friday, September 15th will be given a dividend of 0.02 per share by the aerospace company on Sunday, October 1st. This represents a $0.08 annualized dividend and a dividend yield of 0.11%. The ex-dividend date of this dividend is Thursday, September 14th.

Textron has a payout ratio of 1.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Textron to earn $5.66 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 1.4%.

Textron Stock Down 0.5 %

NYSE:TXT opened at $75.61 on Wednesday. Textron has a 1-year low of $58.03 and a 1-year high of $80.10. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.87 and a quick ratio of 0.93. The firm has a market cap of $14.98 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 1.21 and a beta of 1.49. The company has a 50-day moving average of $73.95 and a 200 day moving average of $69.51.

Textron (NYSE:TXT) last announced its earnings results on Thursday, July 27th. The aerospace company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.25. Textron had a return on equity of 13.83% and a net margin of 6.88%. The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.42 billion. During the same quarter last year, the firm earned $1.00 EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, research analysts anticipate that Textron will post 5.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TXT shares. Vertical Research downgraded shares of Textron from a “buy” rating to a “hold” rating and set a $70.00 price objective on the stock. in a research report on Wednesday, May 24th. Citigroup increased their price objective on Textron from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, July 28th. StockNews.com raised Textron from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Susquehanna increased their price target on Textron from $83.00 to $89.00 and gave the company a “positive” rating in a research note on Friday, July 28th. Finally, Bank of America raised their price target on Textron from $76.00 to $85.00 and gave the stock a “neutral” rating in a report on Tuesday, August 15th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $86.00.

Insider Transactions at Textron

In related news, Director R Kerry Clark sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $75.33, for a total value of $376,650.00. Following the sale, the director now owns 13,870 shares in the company, valued at $1,044,827.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Money Concepts Capital Corp raised its position in Textron by 109.0% during the fourth quarter. Money Concepts Capital Corp now owns 443 shares of the aerospace company’s stock valued at $31,000 after acquiring an additional 231 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Textron in the 1st quarter valued at $40,000. CENTRAL TRUST Co lifted its stake in shares of Textron by 100.0% in the 3rd quarter. CENTRAL TRUST Co now owns 600 shares of the aerospace company’s stock valued at $35,000 after purchasing an additional 300 shares during the period. Dark Forest Capital Management LP acquired a new stake in Textron during the first quarter valued at $63,000. Finally, AM Squared Ltd purchased a new position in Textron in the first quarter valued at $85,000. 85.92% of the stock is currently 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.