Textron Inc. (NYSE:TXT) to Issue $0.02 Quarterly Dividend

Textron Inc. (NYSE:TXT) announced a quarterly dividend on Wednesday, April 28th, RTT News reports. Shareholders of record on Friday, June 11th will be given a dividend of 0.02 per share by the aerospace company on Thursday, July 1st. This represents a $0.08 annualized dividend and a yield of 0.11%. The ex-dividend date is Thursday, June 10th.

Textron has a payout ratio of 2.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Textron to earn $3.60 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 2.2%.

Shares of Textron stock opened at $70.28 on Wednesday. The company has a market capitalization of $15.86 billion, a P/E ratio of 37.38, a P/E/G ratio of 0.88 and a beta of 1.80. The company has a quick ratio of 1.45, a current ratio of 2.64 and a debt-to-equity ratio of 0.64. The stock has a 50-day simple moving average of $63.60. Textron has a 1 year low of $30.06 and a 1 year high of $70.68.

Textron (NYSE:TXT) last posted its earnings results on Thursday, April 29th. The aerospace company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.23. Textron had a return on equity of 9.61% and a net margin of 3.66%. The business had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.75 billion. During the same period in the prior year, the business earned $0.35 EPS. Textron’s revenue for the quarter was up 3.7% compared to the same quarter last year. On average, equities research analysts expect that Textron will post 3.07 EPS for the current fiscal year.

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of Textron from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, May 3rd. Credit Suisse Group increased their price objective on Textron from $72.00 to $73.00 and gave the stock an “outperform” rating in a report on Monday, May 3rd. Barclays upgraded Textron from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $52.00 to $68.00 in a research note on Wednesday, March 31st. Robert W. Baird raised shares of Textron from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $57.00 to $72.00 in a research note on Friday, April 30th. Finally, The Goldman Sachs Group raised shares of Textron from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $45.00 to $71.00 in a research report on Thursday, April 8th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Textron has a consensus rating of “Buy” and an average target price of $60.30.

In related news, Director Kathleen M. Bader sold 10,775 shares of the firm’s stock in a transaction dated Friday, April 30th. The shares were sold at an average price of $64.00, for a total value of $689,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

About Textron

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as offers maintenance, inspection, and repair services.

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Dividend History for Textron (NYSE:TXT)

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