Cullen Frost Bankers Inc. Reduces Stake in Textron Inc. (NYSE:TXT)
Cullen Frost Bankers Inc. decreased its position in Textron Inc. (NYSE:TXT) by 8.6% during the second quarter, Holdings Channel reports. The fund owned 9,924 shares of the aerospace company’s stock after selling 936 shares during the period. Cullen Frost Bankers Inc.’s holdings in Textron were worth $467,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Bessemer Group Inc. boosted its stake in Textron by 66.7% in the second quarter. Bessemer Group Inc. now owns 2,607 shares of the aerospace company’s stock worth $123,000 after buying an additional 1,043 shares during the last quarter. Global X Management Co. LLC boosted its stake in Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock worth $125,000 after buying an additional 607 shares during the last quarter. Financial Architects Inc acquired a new stake in Textron during the first quarter worth about $126,000. Parkside Financial Bank & Trust boosted its stake in Textron by 0.8% in the second quarter. Parkside Financial Bank & Trust now owns 3,226 shares of the aerospace company’s stock worth $152,000 after buying an additional 26 shares during the last quarter. Finally, Koch Industries Inc. acquired a new stake in Textron during the first quarter worth about $203,000. 83.55% of the stock is owned by institutional investors and hedge funds.
Textron Inc. (NYSE TXT) opened at 49.06 on Wednesday. The firm has a market cap of $12.99 billion, a P/E ratio of 15.00 and a beta of 1.56. Textron Inc. has a 52-week low of $37.19 and a 52-week high of $50.93. The firm’s 50-day moving average price is $48.13 and its 200-day moving average price is $47.70.
Textron (NYSE:TXT) last released its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.57 billion. Textron had a return on equity of 11.97% and a net margin of 6.45%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 earnings per share. Equities research analysts expect that Textron Inc. will post $2.52 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a dividend of $0.02 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.08 annualized dividend and a dividend yield of 0.16%. Textron’s dividend payout ratio is 2.45%.
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A number of analysts recently issued reports on the company. BidaskClub cut Textron from a “sell” rating to a “strong sell” rating in a research note on Saturday. Wells Fargo & Company reissued an “outperform” rating and set a $54.00 target price (up from $52.00) on shares of Textron in a research note on Saturday, July 22nd. Bank of America Corporation cut Textron from a “buy” rating to an “underperform” rating and lowered their target price for the stock from $53.00 to $45.00 in a research note on Friday, July 21st. Credit Suisse Group reissued an “outperform” rating and set a $55.00 target price (up from $50.00) on shares of Textron in a research note on Thursday, July 20th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $60.00 target price on shares of Textron in a research note on Thursday, May 18th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $53.60.
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. The Textron Aviation segment is engaged in general aviation.
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