Gulf International Bank UK Ltd increased its position in shares of Textron Inc. (NYSE:TXT) by 343.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,352 shares of the aerospace company’s stock after acquiring an additional 70,000 shares during the period. Gulf International Bank UK Ltd’s holdings in Textron were worth $6,457,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in TXT. Centaurus Financial Inc. acquired a new position in Textron during the second quarter worth about $105,000. BlueMountain Capital Management LLC acquired a new position in Textron during the second quarter worth about $139,000. First Hawaiian Bank acquired a new position in Textron during the third quarter worth about $140,000. Willingdon Wealth Management acquired a new position in Textron during the third quarter worth about $157,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Textron during the third quarter worth about $191,000. 84.96% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on the company. Cowen reissued a “$66.44” rating and issued a $73.00 price target on shares of Textron in a research note on Wednesday, July 18th. Zacks Investment Research raised Textron from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a research note on Wednesday, September 5th. Citigroup lifted their price target on Textron to $76.00 and gave the stock a “buy” rating in a research note on Thursday, July 19th. JPMorgan Chase & Co. lifted their price target on Textron from $74.00 to $77.00 and gave the stock a “$66.52” rating in a research note on Monday, July 23rd. Finally, Morgan Stanley set a $71.00 price target on Textron and gave the stock a “hold” rating in a research note on Thursday, October 11th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Textron currently has an average rating of “Buy” and a consensus price target of $74.64.
Textron (NYSE:TXT) last issued its quarterly earnings results on Thursday, October 18th. The aerospace company reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.15). The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.52 billion. Textron had a return on equity of 13.72% and a net margin of 6.11%. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.65 EPS. As a group, equities analysts forecast that Textron Inc. will post 3.2 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. Textron’s payout ratio is presently 3.27%.
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
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