Traders Buy Shares of Textron Inc. (TXT) on Weakness
Traders purchased shares of Textron Inc. (NYSE:TXT) on weakness during trading hours 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
A number of research firms have issued reports on TXT. Credit Suisse Group AG reissued a “buy” rating on shares of Textron in a research note on Saturday, July 9th. Zacks Investment Research raised Textron from a “sell” rating to a “hold” rating in a research note 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 research note on Monday, July 25th. Finally, Morgan Stanley reissued a “sell” rating on shares of Textron in a research note on Monday, August 15th. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $47.07.
The company’s 50-day moving average is $39.37 and its 200 day moving average is $37.33. The company has a market capitalization of $11.03 billion and a PE ratio of 15.45.
Textron (NYSE:TXT) last announced its earnings results on Friday, July 22nd. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.02. During the same period in the prior year, the business earned $0.60 earnings per share. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.36 billion. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. Equities analysts predict that Textron Inc. will post $2.70 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be given a $0.02 dividend. 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 hedge funds and institutional investors have bought and sold shares of the company. American International Group Inc. raised 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 period. Marshall Wace LLP acquired a new position in Textron during the fourth quarter valued at $1,189,000. Ameriprise Financial Inc. raised 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 valued at $52,592,000 after buying an additional 56,018 shares during the period. Finally, BlackRock Advisors LLC raised 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 period.
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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