Textron Inc. (TXT) Receives “Buy” Rating from Cowen and Company
Cowen and Company reissued their buy rating on shares of Textron Inc. (NYSE:TXT) in a research note issued to investors on Tuesday morning. Cowen and Company currently has a $60.00 target price on the aerospace company’s stock.
Several other research firms have also commented on TXT. Zacks Investment Research lowered shares of Textron from a buy rating to a hold rating in a report on Thursday, October 12th. Credit Suisse Group reissued an outperform rating and issued a $55.00 target price (up from $50.00) on shares of Textron in a report on Thursday, July 20th. Morgan Stanley raised their target price on shares of Textron from $45.00 to $47.00 and gave the company an underweight rating in a report on Thursday, August 17th. Jefferies Group LLC reissued a buy rating and issued a $65.00 target price on shares of Textron in a report on Friday, October 20th. Finally, Citigroup Inc. raised their target price on shares of Textron from $54.00 to $61.00 and gave the company a buy rating in a report on Friday, October 20th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $56.92.
Textron (TXT) traded down $0.13 during mid-day trading on Tuesday, reaching $53.57. 875,900 shares of the company’s stock traded hands, compared to its average volume of 1,563,365. The company has a current ratio of 2.08, a quick ratio of 0.96 and a debt-to-equity ratio of 0.67. Textron has a 52-week low of $43.66 and a 52-week high of $55.80. The company has a market cap of $14,145.68, a price-to-earnings ratio of 21.39, a P/E/G ratio of 2.47 and a beta of 1.58.
Textron (NYSE:TXT) last released its earnings results on Thursday, October 19th. The aerospace company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.62 by $0.03. Textron had a net margin of 4.48% and a return on equity of 12.02%. The firm had revenue of $3.48 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period last year, the firm earned $0.61 EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. equities research analysts forecast that Textron will post 2.47 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 15th will be paid a $0.02 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.15%. Textron’s payout ratio is currently 3.45%.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Textron by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 24,931,208 shares of the aerospace company’s stock worth $1,174,260,000 after buying an additional 393,214 shares during the period. Capital Research Global Investors boosted its position in Textron by 2.1% during the 2nd quarter. Capital Research Global Investors now owns 18,615,303 shares of the aerospace company’s stock worth $876,781,000 after buying an additional 378,902 shares during the period. BlackRock Inc. boosted its position in Textron by 3.8% during the 2nd quarter. BlackRock Inc. now owns 17,799,799 shares of the aerospace company’s stock worth $838,370,000 after buying an additional 655,034 shares during the period. American Century Companies Inc. lifted its position in shares of Textron by 4.9% in the 2nd quarter. American Century Companies Inc. now owns 5,457,637 shares of the aerospace company’s stock worth $257,055,000 after purchasing an additional 252,903 shares during the period. Finally, Neuberger Berman Group LLC lifted its position in shares of Textron by 28.4% in the 2nd quarter. Neuberger Berman Group LLC now owns 4,323,775 shares of the aerospace company’s stock worth $203,650,000 after purchasing an additional 957,464 shares during the period. Institutional investors and hedge funds own 81.49% of the company’s stock.
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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