Rhumbline Advisers Lowers Position in Textron Inc. (TXT)
Rhumbline Advisers reduced its stake in shares of Textron Inc. (NYSE:TXT) by 3.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 413,794 shares of the aerospace company’s stock after selling 15,480 shares during the period. Rhumbline Advisers owned about 0.15% of Textron worth $19,490,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its stake in shares of Textron by 66.7% in the second quarter. Bessemer Group Inc. now owns 2,607 shares of the aerospace company’s stock worth $123,000 after buying an additional 1,043 shares during the last quarter. Global X Management Co. LLC boosted its stake in shares of 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 during the last quarter. Financial Architects Inc acquired a new stake in shares of Textron during the first quarter worth about $126,000. Parkside Financial Bank & Trust boosted its stake in shares of Textron by 0.8% in the second quarter. Parkside Financial Bank & Trust now owns 3,226 shares of the aerospace company’s stock worth $152,000 after buying an additional 26 shares during the last quarter. Finally, Koch Industries Inc. acquired a new stake in shares of Textron during the first quarter worth about $203,000. Hedge funds and other institutional investors own 83.62% of the company’s stock.
Textron Inc. (NYSE:TXT) opened at 48.12 on Friday. The stock has a 50 day moving average of $48.73 and a 200-day moving average of $47.71. The company has a market cap of $12.74 billion, a PE ratio of 14.71 and a beta of 1.56. Textron Inc. has a 12-month low of $37.19 and a 12-month high of $50.93.
Textron (NYSE:TXT) last issued its quarterly earnings results on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.05. The firm had revenue of $3.60 billion during 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 company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the company posted $0.66 EPS. On average, equities research analysts anticipate that Textron Inc. will post $2.52 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a dividend of $0.02 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.17%. Textron’s dividend payout ratio (DPR) is presently 2.45%.
TXT has been the subject of a number of recent research reports. Credit Suisse Group reissued an “outperform” rating and issued a $55.00 target price (up previously from $50.00) on shares of Textron in a research report on Thursday, July 20th. Zacks Investment Research cut shares of Textron from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Morgan Stanley upped their price objective on shares of Textron from $45.00 to $47.00 and gave the stock an “underweight” rating in a research report on Thursday. BidaskClub cut shares of Textron from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 27th. Finally, Cowen and Company reaffirmed an “outperform” rating and set a $60.00 price objective on shares of Textron in a research report on Saturday, April 22nd. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Textron has a consensus rating of “Hold” and a consensus price target of $53.00.
Textron Company Profile
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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