Investors Buy Textron Inc. (TXT) on Weakness
Traders purchased shares of Textron Inc. (NYSE:TXT) on weakness during trading on Thursday. $26.84 million flowed into the stock on the tick-up and $11.46 million flowed out of the stock on the tick-down, for a money net flow of $15.38 million into the stock. Of all equities tracked, Textron had the 11th highest net in-flow for the day. Textron traded down ($0.13) for the day and closed at $40.87
TXT has been the topic of a number of research analyst reports. Credit Suisse Group AG reiterated a “buy” rating on shares of Textron in a report on Saturday, July 9th. Bank of America Corp. set a $45.00 price target on Textron and gave the company a “buy” rating in a report on Monday, July 25th. Zacks Investment Research upgraded Textron from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Finally, Morgan Stanley reiterated a “sell” rating on shares of Textron in a report on Monday, August 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Textron presently has a consensus rating of “Buy” and an average price target of $47.07.
The company has a market capitalization of $11.01 billion and a P/E ratio of 15.42. The firm has a 50 day moving average price of $39.22 and a 200 day moving average price of $37.27.
Textron (NYSE:TXT) last posted its quarterly earnings results on Friday, July 22nd. The company reported $0.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.02. During the same period last year, the company earned $0.60 EPS. The company earned $3.50 billion during the quarter, compared to analyst estimates of $3.36 billion. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. Equities analysts expect that Textron Inc. will post $2.70 EPS for the current fiscal year.
The business 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 $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date is Wednesday, September 7th.
Several hedge funds and institutional investors recently bought and sold shares of TXT. Ameriprise Financial Inc. increased its position in Textron by 4.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,251,827 shares of the company’s stock worth $52,592,000 after buying an additional 56,018 shares during the period. 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 worth $26,517,000 after buying an additional 565,377 shares during the period. 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 worth $4,403,000 after buying an additional 347 shares during the period. Finally, Marshall Wace LLP bought a new position in Textron during the fourth quarter worth $1,189,000.
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.
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