Lapides Asset Management LLC Buys New Shares in Textron Inc. (NYSE:TXT)

Lapides Asset Management LLC bought a new stake in Textron Inc. (NYSE:TXT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 17,700 shares of the aerospace company’s stock, valued at approximately $583,000.

Several other large investors also recently added to or reduced their stakes in the stock. Ladenburg Thalmann Financial Services Inc. grew its holdings in Textron by 5.2% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,170 shares of the aerospace company’s stock worth $410,000 after purchasing an additional 451 shares during the period. Profund Advisors LLC bought a new position in Textron during the fourth quarter worth about $202,000. Macquarie Group Ltd. grew its holdings in Textron by 6.5% during the fourth quarter. Macquarie Group Ltd. now owns 159,855 shares of the aerospace company’s stock worth $7,130,000 after purchasing an additional 9,800 shares during the period. State of Alaska Department of Revenue grew its holdings in Textron by 8.1% during the first quarter. State of Alaska Department of Revenue now owns 123,057 shares of the aerospace company’s stock worth $3,281,000 after purchasing an additional 9,273 shares during the period. Finally, Hexavest Inc. bought a new position in Textron during the first quarter worth about $10,419,000. 82.77% of the stock is currently owned by institutional investors and hedge funds.

NYSE TXT traded down $0.20 on Friday, reaching $34.94. The company had a trading volume of 1,696,018 shares, compared to its average volume of 1,154,946. The firm has a market cap of $7.95 billion, a price-to-earnings ratio of 21.31, a P/E/G ratio of 8.88 and a beta of 1.67. Textron Inc. has a fifty-two week low of $20.26 and a fifty-two week high of $52.87. The business has a 50 day moving average of $33.35 and a two-hundred day moving average of $34.37. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.98 and a quick ratio of 1.10.

Textron (NYSE:TXT) last posted its quarterly earnings data on Thursday, July 30th. The aerospace company reported $0.13 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.28. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.30 billion. Textron had a return on equity of 10.60% and a net margin of 3.01%. Textron’s quarterly revenue was down 23.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 earnings per share. As a group, research analysts predict that Textron Inc. will post 1.39 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a dividend of $0.02 per share. The ex-dividend date is Thursday, September 10th. This represents a $0.08 dividend on an annualized basis and a yield of 0.23%. Textron’s dividend payout ratio (DPR) is currently 2.14%.

A number of equities research analysts have recently issued reports on TXT shares. Alembic Global Advisors cut Textron from an “overweight” rating to a “neutral” rating and set a $33.00 price objective for the company. in a report on Monday, April 13th. JPMorgan Chase & Co. cut Textron from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $32.00 to $30.00 in a report on Friday, May 1st. Citigroup cut Textron from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $60.00 to $30.00 in a report on Monday, April 20th. Barclays boosted their price objective on Textron from $26.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 16th. Finally, Credit Suisse Group cut their price target on Textron from $51.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $41.10.

Textron Company Profile

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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Institutional Ownership by Quarter for Textron (NYSE:TXT)

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