Textron Inc. (TXT) Sees Large Volume Increase
Textron Inc. (NYSE:TXT) shares saw an uptick in trading volume on Wednesday . 1,725,489 shares traded hands during trading, an increase of 80% from the previous session’s volume of 958,711 shares.The stock last traded at $40.96 and had previously closed at $41.00.
A number of brokerages have recently commented on TXT. Credit Suisse Group AG reiterated a “buy” rating on shares of Textron in a research report on Saturday, July 9th. Zacks Investment Research upgraded Textron from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Bank of America Corp. set a $45.00 target price on Textron and gave the company a “buy” rating in a report on Monday, July 25th. Finally, Morgan Stanley restated a “sell” rating on shares of Textron in a report on Monday, August 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $47.07.
The company has a 50-day moving average of $39.08 and a 200-day moving average of $37.24. The firm has a market cap of $11.05 billion and a PE ratio of 15.47.
Textron (NYSE:TXT) last issued its quarterly earnings data on Friday, July 22nd. The company reported $0.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.02. The company earned $3.50 billion during the quarter, compared to the consensus estimate of $3.36 billion. Textron’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.60 EPS. On average, analysts anticipate that Textron Inc. will post $2.70 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.20%. The ex-dividend date of this dividend is Wednesday, September 7th.
Several institutional investors have added to or reduced their stakes in TXT. Marshall Wace LLP acquired a new position in Textron during the fourth quarter valued at about $1,189,000. Mutual of America Capital Management LLC increased its position in Textron by 0.8% in the fourth quarter. Mutual of America Capital Management LLC now owns 30,334 shares of the company’s stock valued at $1,274,000 after buying an additional 248 shares during the last quarter. Trexquant Investment LP increased its position in Textron by 38.1% in the fourth quarter. Trexquant Investment LP now owns 43,353 shares of the company’s stock valued at $1,821,000 after buying an additional 11,953 shares during the last quarter. American International Group Inc. increased its position in Textron by 0.3% in the fourth quarter. American International Group Inc. now owns 104,797 shares of the company’s stock valued at $4,403,000 after buying an additional 347 shares during the last quarter. Finally, BlackRock Advisors LLC increased its position in Textron by 859.1% in the fourth quarter. BlackRock Advisors LLC now owns 631,190 shares of the company’s stock valued at $26,517,000 after buying an additional 565,377 shares during the last quarter.
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. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.