Gabelli Funds LLC Increases Position in Textron Inc. (TXT)
Gabelli Funds LLC increased its position in shares of Textron Inc. (NYSE:TXT) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 998,500 shares of the aerospace company’s stock after buying an additional 3,500 shares during the period. Gabelli Funds LLC’s holdings in Textron were worth $47,029,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of TXT. Macquarie Group Ltd. raised its position in shares of Textron by 5.2% in the fourth quarter. Macquarie Group Ltd. now owns 10,200 shares of the aerospace company’s stock worth $496,000 after buying an additional 500 shares in the last quarter. Bank of Montreal Can raised its position in Textron by 0.5% in the first quarter. Bank of Montreal Can now owns 132,775 shares of the aerospace company’s stock worth $6,317,000 after buying an additional 644 shares during the period. Nisa Investment Advisors LLC raised its position in Textron by 21.1% in the first quarter. Nisa Investment Advisors LLC now owns 103,603 shares of the aerospace company’s stock worth $4,930,000 after buying an additional 18,023 shares during the period. State of Alaska Department of Revenue acquired a new position in Textron during the first quarter worth $220,000. Finally, Retirement Systems of Alabama raised its position in Textron by 2.2% in the first quarter. Retirement Systems of Alabama now owns 230,631 shares of the aerospace company’s stock worth $10,976,000 after buying an additional 5,027 shares during the period. 83.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Textron Inc. (NYSE TXT) opened at 48.12 on Friday. Textron Inc. has a one year low of $37.19 and a one year high of $50.93. The stock’s 50 day moving average is $48.73 and its 200-day moving average is $47.71. The firm has a market cap of $12.74 billion, a P/E ratio of 14.71 and a beta of 1.56.
Textron (NYSE:TXT) last announced its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.05. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.57 billion. Textron had a net margin of 6.45% and a return on equity of 11.97%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.66 earnings per share. Analysts anticipate that Textron Inc. will post $2.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.17%. The ex-dividend date of this dividend is Thursday, September 14th. Textron’s payout ratio is 2.45%.
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A number of research analysts have weighed in on TXT shares. Zacks Investment Research lowered shares of Textron from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Credit Suisse Group reissued a “buy” rating and issued a $50.00 target price on shares of Textron in a research note on Wednesday, May 24th. BidaskClub lowered shares of Textron from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 27th. Cowen and Company reissued an “outperform” rating and issued a $60.00 target price on shares of Textron in a research note on Saturday, April 22nd. Finally, Bank of America Corporation lowered shares of Textron from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $53.00 to $45.00 in a research note on Friday, July 21st. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Textron has an average rating of “Hold” and a consensus target price of $53.00.
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. The Textron Aviation segment is engaged in general aviation.
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