Textron Inc. (TXT) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Textron Inc. (NYSE:TXT) from a hold rating to a buy rating in a research report released on Thursday morning. They currently have $59.00 price objective on the aerospace company’s stock.
According to Zacks, “Textron's share outperformed the industry's rally in the last three months. Textron’s geographically diverse network of businesses negates any specific business risk. Its systematic inorganic growth strategy, along with its focus on strengthening international presence, will improve its growth trajectory. Also, Textron’s latest acquisition of Arctic Cat has boosted its position in the power-sports segment as well as utility vehicle market, courtesy of Arctic Cat’s established dealer network. The company’s Textron Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also Textron needs to invest substantially in order to sustain in a highly competitive market.”
Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Textron from a sell rating to a strong sell rating in a research note on Tuesday, June 27th. Wells Fargo & Company restated an outperform rating and issued a $54.00 target price (up from $52.00) on shares of Textron in a research note on Saturday, July 22nd. Drexel Hamilton upgraded shares of Textron from a hold rating to a buy rating and set a $58.00 target price for the company in a research note on Monday, September 11th. Morgan Stanley raised their target price on shares of Textron from $45.00 to $47.00 and gave the company an underweight rating in a research note on Thursday, August 17th. Finally, Bank of America Corporation downgraded shares of Textron from a buy rating to an underperform rating and lowered their target price for the company from $53.00 to $45.00 in a research note on Friday, July 21st. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. Textron currently has a consensus rating of Hold and a consensus target price of $53.75.
Shares of Textron (NYSE:TXT) opened at 53.09 on Thursday. The firm’s 50-day moving average price is $49.37 and its 200 day moving average price is $47.92. Textron has a 52-week low of $37.19 and a 52-week high of $53.21. The company has a market capitalization of $14.05 billion, a PE ratio of 16.23 and a beta of 1.56.
Textron (NYSE:TXT) last released its quarterly earnings data 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. Textron had a net margin of 6.45% and a return on equity of 11.97%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same period last year, the firm earned $0.66 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. On average, equities analysts forecast that Textron will post $2.53 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be issued a $0.02 dividend. 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 0.15%. Textron’s dividend payout ratio is currently 2.45%.
Several hedge funds and other institutional investors have recently bought and sold shares of TXT. Bessemer Group Inc. raised its holdings 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 raised its holdings 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. Parkside Financial Bank & Trust raised its holdings 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. Koch Industries Inc. purchased a new position in shares of Textron in the first quarter worth $203,000. Finally, Two Sigma Securities LLC purchased a new position in shares of Textron in the first quarter worth $210,000. 81.49% of the stock is owned by institutional investors and hedge funds.
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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