Textron (NYSE:TXT) Shares Gap Down on Analyst Downgrade

Textron Inc. (NYSE:TXT)’s share price gapped down before the market opened on Friday after Robert W. Baird lowered their price target on the stock from $64.00 to $58.00. The stock had previously closed at $48.80, but opened at $48.00. Robert W. Baird currently has an outperform rating on the stock. Textron shares last traded at $46.37, with a volume of 1,500,558 shares traded.

Several other research analysts have also recently weighed in on the stock. ValuEngine upgraded shares of Textron from a “sell” rating to a “hold” rating in a report on Tuesday, September 10th. Cowen reiterated a “buy” rating and issued a $60.00 target price on shares of Textron in a research note on Thursday. Credit Suisse Group dropped their target price on shares of Textron from $52.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday. Vertical Research cut shares of Textron from a “buy” rating to a “hold” rating and dropped their target price for the company from $56.00 to $54.00 in a research note on Friday, September 27th. Finally, Morgan Stanley boosted their target price on shares of Textron from $49.00 to $51.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $56.89.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of Textron by 2.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 29,575,191 shares of the aerospace company’s stock valued at $1,568,668,000 after purchasing an additional 651,668 shares during the period. Invesco Ltd. raised its position in shares of Textron by 25.8% in the second quarter. Invesco Ltd. now owns 6,305,455 shares of the aerospace company’s stock valued at $334,441,000 after purchasing an additional 1,294,521 shares during the period. Primecap Management Co. CA raised its position in shares of Textron by 4.1% in the second quarter. Primecap Management Co. CA now owns 5,509,660 shares of the aerospace company’s stock valued at $292,232,000 after purchasing an additional 217,300 shares during the period. Victory Capital Management Inc. raised its position in shares of Textron by 9.2% in the second quarter. Victory Capital Management Inc. now owns 5,105,820 shares of the aerospace company’s stock valued at $270,812,000 after purchasing an additional 431,683 shares during the period. Finally, Nuveen Asset Management LLC raised its position in shares of Textron by 1,591.3% in the second quarter. Nuveen Asset Management LLC now owns 2,752,485 shares of the aerospace company’s stock valued at $145,992,000 after purchasing an additional 2,589,744 shares during the period. 82.66% of the stock is currently owned by institutional investors.

The firm’s 50-day moving average price is $48.50 and its 200-day moving average price is $49.55. The company has a quick ratio of 0.97, a current ratio of 2.17 and a debt-to-equity ratio of 0.68. The company has a market cap of $11.65 billion, a P/E ratio of 13.78, a price-to-earnings-growth ratio of 1.37 and a beta of 1.77.

Textron (NYSE:TXT) last posted its earnings results on Thursday, October 17th. The aerospace company reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.10. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.31 billion. Textron had a net margin of 9.07% and a return on equity of 15.55%. Textron’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.61 EPS. As a group, analysts forecast that Textron Inc. will post 3.73 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date of this dividend was Thursday, September 12th. Textron’s dividend payout ratio (DPR) is presently 2.40%.

Textron Company Profile (NYSE:TXT)

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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