CHURCHILL MANAGEMENT Corp Reduces Stake in Textron Inc. (TXT)
CHURCHILL MANAGEMENT Corp decreased its position in shares of Textron Inc. (NYSE:TXT) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,606 shares of the aerospace company’s stock after selling 729 shares during the period. CHURCHILL MANAGEMENT Corp’s holdings in Textron were worth $2,713,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Global X Management Co. LLC increased its position in Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock worth $125,000 after buying an additional 607 shares in the last quarter. Financial Architects Inc acquired a new position in Textron during the first quarter worth approximately $126,000. Koch Industries Inc. acquired a new position in Textron during the first quarter worth approximately $203,000. Two Sigma Securities LLC acquired a new position in Textron during the first quarter worth approximately $210,000. Finally, State of Alaska Department of Revenue acquired a new position in Textron during the first quarter worth approximately $220,000. 82.67% of the stock is owned by institutional investors and hedge funds.
Shares of Textron Inc. (NYSE TXT) traded up 0.55% during trading on Friday, reaching $49.31. The company had a trading volume of 808,450 shares. Textron Inc. has a 52-week low of $37.19 and a 52-week high of $50.93. The company has a 50 day moving average of $47.98 and a 200-day moving average of $47.66. The firm has a market capitalization of $13.05 billion, a P/E ratio of 15.07 and a beta of 1.56.
Textron (NYSE:TXT) last announced its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.57 billion. Textron had a return on equity of 11.97% and a net margin of 6.45%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 EPS. Equities analysts expect that Textron Inc. will post $2.52 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, September 14th. Textron’s dividend payout ratio is 2.45%.
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TXT has been the subject of several analyst reports. BidaskClub downgraded shares of Textron from a “sell” rating to a “strong sell” rating in a report on Saturday. Zacks Investment Research downgraded shares of Textron from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Wells Fargo & Company reissued an “outperform” rating and set a $54.00 price target (up previously from $52.00) on shares of Textron in a report on Saturday, July 22nd. Cowen and Company restated an “outperform” rating and set a $60.00 price objective on shares of Textron in a research note on Saturday, April 22nd. Finally, Stephens initiated coverage on shares of Textron in a research note on Thursday, April 13th. They set an “equal weight” rating and a $54.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $53.60.
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. The Textron Aviation segment is engaged in general aviation.
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