Shelton Capital Management decreased its holdings in shares of Textron Inc. (NYSE:TXT – Free Report) by 2.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 39,651 shares of the aerospace company’s stock after selling 1,100 shares during the period. Shelton Capital Management’s holdings in Textron were worth $2,682,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in TXT. Empirical Finance LLC raised its position in shares of Textron by 11.6% in the 2nd quarter. Empirical Finance LLC now owns 6,847 shares of the aerospace company’s stock worth $463,000 after buying an additional 714 shares during the period. ProShare Advisors LLC raised its position in shares of Textron by 28.1% in the 1st quarter. ProShare Advisors LLC now owns 62,383 shares of the aerospace company’s stock worth $4,406,000 after buying an additional 13,672 shares during the period. Capital Analysts LLC purchased a new position in shares of Textron in the 1st quarter worth $29,000. WealthPLAN Partners LLC purchased a new position in shares of Textron in the 1st quarter worth $70,000. Finally, Credit Suisse AG raised its position in shares of Textron by 77.8% in the 1st quarter. Credit Suisse AG now owns 175,379 shares of the aerospace company’s stock worth $12,387,000 after buying an additional 76,728 shares during the period. Institutional investors and hedge funds own 85.92% of the company’s stock.
Analysts Set New Price Targets
Several research analysts recently weighed in on TXT shares. StockNews.com raised Textron from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 27th. Bank of America increased their target price on Textron from $76.00 to $85.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 15th. UBS Group began coverage on Textron in a research report on Tuesday, October 10th. They issued a “sell” rating and a $73.00 price objective on the stock. Susquehanna reissued a “positive” rating on shares of Textron in a research report on Friday, October 27th. Finally, Citigroup raised their price objective on Textron from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Textron currently has an average rating of “Moderate Buy” and an average target price of $84.71.
Insider Transactions at Textron
In other news, Director R Kerry Clark sold 5,000 shares of Textron stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $75.33, for a total transaction of $376,650.00. Following the sale, the director now directly owns 13,870 shares of the company’s stock, valued at $1,044,827.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.
Textron Stock Up 0.8 %
Shares of NYSE TXT opened at $77.40 on Friday. Textron Inc. has a 1 year low of $61.27 and a 1 year high of $81.39. The firm has a market cap of $15.17 billion, a price-to-earnings ratio of 16.68, a PEG ratio of 1.18 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.92 and a current ratio of 1.88. The stock’s 50-day simple moving average is $77.04 and its 200-day simple moving average is $72.19.
Textron (NYSE:TXT – Get Free Report) last announced its earnings results on Thursday, October 26th. The aerospace company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.22. Textron had a return on equity of 14.70% and a net margin of 7.07%. The business had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same period in the previous year, the company earned $1.06 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts anticipate that Textron Inc. will post 5.54 earnings per share for the current fiscal year.
Textron Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 15th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend is Thursday, December 14th. Textron’s payout ratio is 1.72%.
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.
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