Textron Inc. (TXT) Shares Sold by FTB Advisors Inc.
FTB Advisors Inc. reduced its stake in shares of Textron Inc. (NYSE:TXT) by 13.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,832 shares of the company’s stock after selling 447 shares during the period. FTB Advisors Inc.’s holdings in Textron were worth $104,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Textron by 478.3% in the first quarter. JPMorgan Chase & Co. now owns 1,091,992 shares of the company’s stock valued at $39,813,000 after buying an additional 903,170 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Textron by 93.1% in the first quarter. Renaissance Technologies LLC now owns 874,700 shares of the company’s stock valued at $31,892,000 after buying an additional 421,700 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Textron during the second quarter valued at about $9,002,000. Jacobs Levy Equity Management Inc. raised its position in shares of Textron by 72.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 568,335 shares of the company’s stock valued at $20,721,000 after buying an additional 238,340 shares in the last quarter. Finally, Prudential PLC raised its position in shares of Textron by 13.0% in the first quarter. Prudential PLC now owns 1,673,800 shares of the company’s stock valued at $61,027,000 after buying an additional 192,600 shares in the last quarter. Institutional investors and hedge funds own 80.61% of the company’s stock.
Textron Inc. (NYSE:TXT) remained flat at $38.09 during midday trading on Wednesday. 2,130,304 shares of the company’s stock were exchanged. The company has a market capitalization of $10.26 billion, a price-to-earnings ratio of 14.37 and a beta of 1.65. The stock’s 50-day moving average is $39.48 and its 200 day moving average is $38.73. Textron Inc. has a 12-month low of $30.69 and a 12-month high of $43.93.
Textron (NYSE:TXT) last released its earnings results on Friday, July 22nd. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.64 by $0.02. Textron had a return on equity of 14.72% and a net margin of 5.28%. The business earned $3.50 billion during the quarter, compared to analysts’ expectations of $3.36 billion. During the same quarter last year, the firm posted $0.60 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. Equities analysts forecast that Textron Inc. will post $2.73 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 9th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.08 annualized dividend and a yield of 0.21%. Textron’s dividend payout ratio is currently 3.02%.
Several equities research analysts have commented on TXT shares. Morgan Stanley restated a “sell” rating on shares of Textron in a research note on Monday, August 15th. Zacks Investment Research cut Textron from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Bank of America Corp. set a $45.00 target price on Textron and gave the company a “buy” rating in a research note on Monday, July 25th. Robert W. Baird started coverage on Textron in a research note on Wednesday, October 5th. They issued an “outperform” rating and a $48.00 target price on the stock. Finally, Credit Suisse Group AG restated a “buy” rating and issued a $45.00 target price on shares of Textron in a research note on Tuesday, July 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Textron currently has an average rating of “Buy” and an average price target of $46.74.
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. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.
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