Textron Inc. (TXT) Coverage Initiated at Robert W. Baird
Equities research analysts at Robert W. Baird initiated coverage on shares of Textron Inc. (NYSE:TXT) in a report issued on Wednesday. The firm set an “outperform” rating and a $48.00 price target on the stock. Robert W. Baird’s price target would indicate a potential upside of 20.27% from the stock’s previous close.
Other equities research analysts have also issued research reports about the stock. Credit Suisse Group AG reissued a “buy” rating on shares of Textron in a report on Saturday, July 9th. Bank of America Corp. set a $45.00 price target on shares of Textron and gave the stock a “buy” rating in a report on Monday, July 25th. Jefferies Group reaffirmed a “buy” rating and set a $50.00 target price on shares of Textron in a research note on Wednesday, August 31st. Drexel Hamilton reaffirmed a “hold” rating on shares of Textron in a research note on Wednesday, August 31st. Finally, Zacks Investment Research raised shares of Textron from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Textron presently has an average rating of “Buy” and a consensus price target of $46.74.
Textron (NYSE:TXT) opened at 39.91 on Wednesday. Textron has a 1-year low of $30.69 and a 1-year high of $43.93. The company has a 50-day moving average of $40.11 and a 200 day moving average of $38.61. The stock has a market cap of $10.75 billion, a P/E ratio of 15.06 and a beta of 1.65.
Textron (NYSE:TXT) last issued its quarterly earnings results on Friday, July 22nd. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.64 by $0.02. The company earned $3.50 billion during the quarter, compared to analyst estimates of $3.36 billion. Textron had a net margin of 5.28% and a return on equity of 14.72%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS. Analysts predict that Textron will post $2.73 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Friday, September 9th were given a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.20%. Textron’s payout ratio is currently 3.02%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. boosted its position in Textron by 225.8% in the second quarter. Meeder Asset Management Inc. now owns 3,323 shares of the company’s stock worth $121,000 after buying an additional 2,303 shares during the last quarter. Mizuho Asset Management Co. Ltd. boosted its position in Textron by 107.0% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,561 shares of the company’s stock worth $130,000 after buying an additional 1,841 shares during the last quarter. IFP Advisors Inc boosted its position in Textron by 245.7% in the first quarter. IFP Advisors Inc now owns 5,082 shares of the company’s stock worth $185,000 after buying an additional 3,612 shares during the last quarter. Pacer Advisors Inc. boosted its position in Textron by 9.3% in the second quarter. Pacer Advisors Inc. now owns 5,440 shares of the company’s stock worth $199,000 after buying an additional 464 shares during the last quarter. Finally, Creative Planning boosted its position in Textron by 24.7% in the second quarter. Creative Planning now owns 5,485 shares of the company’s stock worth $201,000 after buying an additional 1,087 shares during the last quarter. 80.63% of the stock is currently owned by institutional investors.
Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.
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