Stifel Financial Corp Lowers Position in Textron Inc. (NYSE:TXT)
Stifel Financial Corp decreased its position in shares of Textron Inc. (NYSE:TXT) by 25.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 125,317 shares of the aerospace company’s stock after selling 41,730 shares during the period. Stifel Financial Corp owned approximately 0.05% of Textron worth $4,125,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rocky Mountain Advisers LLC raised its position in Textron by 105.5% during the second quarter. Rocky Mountain Advisers LLC now owns 822 shares of the aerospace company’s stock valued at $27,000 after purchasing an additional 422 shares in the last quarter. First Mercantile Trust Co. purchased a new stake in Textron during the second quarter valued at about $28,000. Oppenheimer Asset Management Inc. raised its position in Textron by 40.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 1,363 shares of the aerospace company’s stock valued at $36,000 after purchasing an additional 394 shares in the last quarter. Flagship Harbor Advisors LLC grew its stake in shares of Textron by 2,286.2% during the first quarter. Flagship Harbor Advisors LLC now owns 1,384 shares of the aerospace company’s stock valued at $37,000 after buying an additional 1,326 shares during the last quarter. Finally, Burt Wealth Advisors bought a new position in shares of Textron during the second quarter valued at about $37,000. Institutional investors and hedge funds own 84.93% of the company’s stock.
Shares of NYSE TXT opened at $39.07 on Wednesday. Textron Inc. has a twelve month low of $20.26 and a twelve month high of $52.87. The firm has a market cap of $8.91 billion, a P/E ratio of 23.82, a PEG ratio of 4.26 and a beta of 1.68. The company has a 50 day moving average of $37.87 and a 200 day moving average of $32.34. The company has a quick ratio of 1.15, a current ratio of 2.19 and a debt-to-equity ratio of 0.66.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend is Thursday, September 10th. Textron’s payout ratio is 2.14%.
In related news, CEO Scott C. Donnelly sold 227,766 shares of the company’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $40.29, for a total value of $9,176,692.14. Following the completion of the transaction, the chief executive officer now owns 867,951 shares of the company’s stock, valued at approximately $34,969,745.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Frank T. Connor sold 69,566 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $40.29, for a total transaction of $2,802,814.14. Following the completion of the transaction, the chief financial officer now directly owns 207,922 shares of the company’s stock, valued at approximately $8,377,177.38. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
A number of research analysts have recently issued reports on the company. Alembic Global Advisors raised Textron from a “neutral” rating to an “overweight” rating and set a $52.00 price objective on the stock in a research note on Monday, August 17th. Jefferies Financial Group reissued a “buy” rating and issued a $45.00 target price on shares of Textron in a research note on Tuesday, August 11th. Barclays lifted their price objective on Textron from $26.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 16th. ValuEngine raised Textron from a “sell” rating to a “hold” rating in a research report on Thursday, September 10th. Finally, Morgan Stanley started coverage on Textron in a research report on Tuesday, September 8th. They set an “equal weight” rating and a $45.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $42.64.
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
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