Textron (NYSE:TXT) Downgraded to Buy at StockNews.com

StockNews.com cut shares of Textron (NYSE:TXT) from a strong-buy rating to a buy rating in a research note published on Friday.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group increased their price target on Textron from $103.00 to $120.00 and gave the company a buy rating in a report on Tuesday, April 16th. Bank of America upgraded shares of Textron from a neutral rating to a buy rating and raised their target price for the company from $85.00 to $105.00 in a research note on Friday, March 8th. Citigroup lifted their target price on shares of Textron from $104.00 to $111.00 and gave the stock a buy rating in a report on Thursday, April 4th. UBS Group raised their price target on Textron from $77.00 to $81.00 and gave the company a sell rating in a research report on Friday, January 26th. Finally, Susquehanna cut their price objective on Textron from $110.00 to $105.00 and set a positive rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $95.63.

Textron Price Performance

NYSE TXT opened at $86.40 on Friday. Textron has a fifty-two week low of $61.27 and a fifty-two week high of $97.33. The stock’s 50-day moving average is $92.12 and its two-hundred day moving average is $83.98. The firm has a market cap of $16.48 billion, a P/E ratio of 18.46, a price-to-earnings-growth ratio of 1.36 and a beta of 1.30. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.81 and a quick ratio of 0.84.

Textron (NYSE:TXT) last released its quarterly earnings results on Thursday, April 25th. The aerospace company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.08). Textron had a return on equity of 16.30% and a net margin of 6.75%. The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.29 billion. During the same quarter last year, the company posted $1.05 EPS. The business’s revenue was up 3.7% compared to the same quarter last year. On average, analysts anticipate that Textron will post 6.29 earnings per share for the current fiscal year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th 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 0.09%. The ex-dividend date of this dividend is Friday, June 14th. Textron’s dividend payout ratio is currently 1.71%.

Institutional Investors Weigh In On Textron

Several hedge funds have recently made changes to their positions in TXT. CVA Family Office LLC acquired a new position in Textron in the 4th quarter valued at approximately $29,000. Global Retirement Partners LLC grew its holdings in shares of Textron by 393.9% during the 3rd quarter. Global Retirement Partners LLC now owns 489 shares of the aerospace company’s stock worth $37,000 after purchasing an additional 390 shares in the last quarter. Trust Co. of Vermont bought a new stake in shares of Textron during the third quarter valued at approximately $37,000. Provence Wealth Management Group bought a new stake in shares of Textron during the third quarter valued at approximately $39,000. Finally, Morton Brown Family Wealth LLC acquired a new position in shares of Textron in the fourth quarter valued at $40,000. Institutional investors own 86.03% of the company’s stock.

About Textron

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.