JPMorgan Chase & Co. Sells 239,270 Shares of Textron Inc. (TXT)
JPMorgan Chase & Co. decreased its holdings in Textron Inc. (NYSE:TXT) by 22.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 829,399 shares of the aerospace company’s stock after selling 239,270 shares during the period. JPMorgan Chase & Co. owned approximately 0.31% of Textron worth $39,065,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the business. Cleararc Capital Inc. raised its holdings in Textron by 0.3% in the 1st quarter. Cleararc Capital Inc. now owns 6,098 shares of the aerospace company’s stock valued at $290,000 after acquiring an additional 16 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in Textron by 0.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 3,226 shares of the aerospace company’s stock valued at $152,000 after acquiring an additional 26 shares during the last quarter. Intrust Bank NA raised its holdings in Textron by 0.6% in the 2nd quarter. Intrust Bank NA now owns 5,892 shares of the aerospace company’s stock valued at $277,000 after acquiring an additional 33 shares during the last quarter. Canandaigua National Bank & Trust Co. raised its holdings in Textron by 1.6% in the 2nd quarter. Canandaigua National Bank & Trust Co. now owns 4,815 shares of the aerospace company’s stock valued at $227,000 after acquiring an additional 75 shares during the last quarter. Finally, YHB Investment Advisors Inc. raised its holdings in Textron by 1.3% in the 1st quarter. YHB Investment Advisors Inc. now owns 7,398 shares of the aerospace company’s stock valued at $345,000 after acquiring an additional 98 shares during the last quarter. Institutional investors own 81.50% of the company’s stock.
Shares of Textron Inc. (NYSE:TXT) opened at 51.61 on Friday. The stock’s 50 day moving average is $49.17 and its 200-day moving average is $47.87. Textron Inc. has a one year low of $37.19 and a one year high of $52.89. The firm has a market cap of $13.66 billion, a P/E ratio of 15.78 and a beta of 1.56.
Textron (NYSE:TXT) last posted its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.57 billion. Textron had a net margin of 6.45% and a return on equity of 11.97%. The company’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.66 earnings per share. Analysts anticipate that Textron Inc. will post $2.53 EPS for the current fiscal 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 given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, September 14th. Textron’s dividend payout ratio is presently 2.45%.
A number of analysts have commented on TXT shares. Zacks Investment Research downgraded shares of Textron from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. BidaskClub downgraded shares of Textron from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 27th. Credit Suisse Group reiterated a “buy” rating and issued a $50.00 price objective on shares of Textron in a report on Wednesday, May 24th. Bank of America Corporation downgraded shares of Textron from a “buy” rating to an “underperform” rating and cut their price objective for the company from $53.00 to $45.00 in a report on Friday, July 21st. Finally, Wells Fargo & Company reiterated an “outperform” rating and issued a $54.00 price objective (up previously from $52.00) on shares of Textron in a report on Saturday, July 22nd. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. Textron currently has a consensus rating of “Hold” and a consensus target price of $53.42.
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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