Textron Inc. (NYSE:TXT) Stock Rating Reaffirmed by Wells Fargo & Company
Textron Inc. (NYSE:TXT)‘s stock had its “outperform” rating reiterated by research analysts at Wells Fargo & Company in a note issued to investors on Saturday, July 22nd. They presently have a $54.00 target price on the aerospace company’s stock, up from their previous target price of $52.00. Wells Fargo & Company’s target price would suggest a potential upside of 13.23% from the stock’s previous close.
Several other equities research analysts have also issued reports on TXT. Credit Suisse Group reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Textron in a research note on Tuesday, April 11th. Stephens initiated coverage on shares of Textron in a research note on Thursday, April 13th. They issued an “equal weight” rating and a $54.00 price objective for the company. Cowen and Company reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of Textron in a research note on Saturday, April 22nd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Textron in a research note on Thursday, May 18th. Finally, Zacks Investment Research lowered shares of Textron from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $53.00.
Shares of Textron (NYSE TXT) traded down 0.89% during midday trading on Friday, hitting $47.69. The stock had a trading volume of 1,037,036 shares. Textron has a 12-month low of $37.19 and a 12-month high of $50.93. The stock has a market cap of $12.62 billion, a P/E ratio of 14.58 and a beta of 1.56. The stock has a 50-day moving average price of $48.76 and a 200-day moving average price of $47.71.
Textron (NYSE:TXT) last issued its earnings results 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 during the quarter, compared to analyst estimates of $3.57 billion. Textron had a net margin of 6.45% and a return on equity of 11.97%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the business posted $0.66 EPS. Equities analysts forecast that Textron will post $2.53 earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TXT. Vanguard Group Inc. increased its position in Textron by 1.6% in the second quarter. Vanguard Group Inc. now owns 24,931,208 shares of the aerospace company’s stock valued at $1,174,260,000 after buying an additional 393,214 shares during the last quarter. Capital Research Global Investors increased its position in Textron by 2.1% in the second quarter. Capital Research Global Investors now owns 18,615,303 shares of the aerospace company’s stock valued at $876,781,000 after buying an additional 378,902 shares during the last quarter. BlackRock Inc. increased its position in Textron by 3.8% in the second quarter. BlackRock Inc. now owns 17,799,799 shares of the aerospace company’s stock valued at $838,370,000 after buying an additional 655,034 shares during the last quarter. State Street Corp increased its position in Textron by 3.3% in the first quarter. State Street Corp now owns 11,562,285 shares of the aerospace company’s stock valued at $550,256,000 after buying an additional 370,189 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Textron by 4.9% in the second quarter. American Century Companies Inc. now owns 5,457,637 shares of the aerospace company’s stock valued at $257,055,000 after buying an additional 252,903 shares during the last quarter. 83.62% of the stock is owned by hedge funds and other institutional investors.
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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