Textron Inc. (TXT) Stake Raised by Prudential Financial Inc.
Prudential Financial Inc. increased its position in shares of Textron Inc. (NYSE:TXT) by 82.3% during the third quarter, Holdings Channel reports. The fund owned 1,734,537 shares of the company’s stock after buying an additional 783,001 shares during the period. Prudential Financial Inc.’s holdings in Textron were worth $68,948,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its position in Textron by 131.4% in the second quarter. Capital Research Global Investors now owns 12,369,176 shares of the company’s stock worth $452,217,000 after buying an additional 7,024,376 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Textron by 81.0% in the third quarter. Bank of New York Mellon Corp now owns 4,458,694 shares of the company’s stock worth $177,233,000 after buying an additional 1,995,663 shares during the period. RidgeWorth Capital Management LLC acquired a new stake in Textron during the second quarter worth approximately $28,644,000. Primecap Management Co. CA acquired a new stake in Textron during the second quarter worth approximately $24,130,000. Finally, LSV Asset Management boosted its stake in Textron by 43.6% in the second quarter. LSV Asset Management now owns 1,462,197 shares of the company’s stock worth $53,457,000 after buying an additional 444,297 shares during the period. Institutional investors and hedge funds own 80.44% of the company’s stock.
Shares of Textron Inc. (NYSE:TXT) opened at 45.98 on Wednesday. The stock’s 50 day moving average is $41.17 and its 200 day moving average is $39.49. Textron Inc. has a 52-week low of $30.69 and a 52-week high of $45.95. The stock has a market cap of $12.42 billion, a price-to-earnings ratio of 12.90 and a beta of 1.77.
Textron (NYSE:TXT) last issued its earnings results on Thursday, October 20th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by $0.05. Textron had a net margin of 7.01% and a return on equity of 13.85%. The company earned $3.30 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same period last year, the business posted $0.63 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts expect that Textron Inc. will post $2.70 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Shareholders of record on Friday, December 9th will be issued a $0.02 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.17%. Textron’s dividend payout ratio (DPR) is presently 2.24%.
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A number of equities research analysts have recently commented on TXT shares. Vertical Research started coverage on Textron in a research report on Friday, October 28th. They set a “buy” rating and a $46.00 target price on the stock. Jefferies Group set a $50.00 target price on Textron and gave the company a “buy” rating in a research report on Thursday, October 6th. Credit Suisse Group AG restated a “buy” rating on shares of Textron in a research report on Wednesday, August 31st. Zacks Investment Research cut Textron from a “hold” rating to a “sell” rating in a research report on Friday, September 2nd. Finally, Morgan Stanley restated a “sell” rating on shares of Textron in a research report on Monday, August 15th. Two analysts have rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $46.68.
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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