Textron Inc. (TXT) Shares Sold by Cornerstone Capital Management Holdings LLC.
Cornerstone Capital Management Holdings LLC. reduced its holdings in Textron Inc. (NYSE:TXT) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,511 shares of the aerospace company’s stock after selling 143 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in Textron were worth $2,190,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. increased its stake in Textron by 66.7% in the 2nd quarter. Bessemer Group Inc. now owns 2,607 shares of the aerospace company’s stock worth $123,000 after acquiring an additional 1,043 shares during the last quarter. Global X Management Co. LLC increased its stake in Textron by 30.2% in the 1st quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock worth $125,000 after acquiring an additional 607 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in Textron by 0.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,226 shares of the aerospace company’s stock worth $152,000 after acquiring an additional 26 shares during the last quarter. Two Sigma Securities LLC bought a new position in Textron in the 1st quarter worth about $210,000. Finally, Canandaigua National Bank & Trust Co. increased its stake in Textron by 1.6% in the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 4,815 shares of the aerospace company’s stock worth $227,000 after acquiring an additional 75 shares during the last quarter. Institutional investors and hedge funds own 81.49% of the company’s stock.
A number of equities analysts have weighed in on the company. ValuEngine upgraded Textron from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. BidaskClub lowered Textron from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Drexel Hamilton upgraded Textron from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Monday, September 11th. Jefferies Group LLC restated a “buy” rating and issued a $60.00 target price on shares of Textron in a research note on Tuesday, September 26th. Finally, Zacks Investment Research upgraded Textron from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Thursday, September 21st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.50.
Textron Inc. (NYSE TXT) opened at 53.57 on Thursday. Textron Inc. has a 12 month low of $37.19 and a 12 month high of $55.80. The company has a market capitalization of $14.18 billion, a price-to-earnings ratio of 16.38 and a beta of 1.59. The stock’s 50 day moving average price is $52.57 and its 200 day moving average price is $48.91.
Textron (NYSE:TXT) last posted its earnings results on Wednesday, July 19th. The aerospace company reported $0.60 EPS for the quarter, topping 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 for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 earnings per share. Equities research analysts anticipate that Textron Inc. will post $2.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were given a $0.02 dividend. The ex-dividend date of this dividend was 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%.
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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