Textron (TXT) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Textron (NYSE:TXT) from a sell rating to a hold rating in a report issued on Friday.
According to Zacks, “Textron is known globally for its most recognizable and valuable brand names, such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, E-Z-GO and Greenlee. Its geographically diverse network of aircraft, defense & intelligence, industrial and finance businesses negates any specific business risk. The company is known to acquire assets in the same line of business as its own, thus helping it to expand its core offerings. However, shares of Textron have returned lower than the industry in last one year. Textron’s Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also, the company needs to increase investments to stay afloat in a highly competitive aerospace and defense market.”
TXT has been the subject of a number of other reports. ValuEngine upgraded shares of Textron from a hold rating to a buy rating in a research report on Sunday, December 31st. Jefferies Group restated a buy rating and set a $60.00 price objective on shares of Textron in a research report on Tuesday, September 26th. Cowen restated a buy rating and set a $60.00 price objective on shares of Textron in a research report on Thursday, October 19th. Stephens restated an equal weight rating and set a $63.00 price objective (up from $54.00) on shares of Textron in a research report on Friday, October 13th. Finally, Credit Suisse Group reduced their price objective on shares of Textron from $61.00 to $59.00 and set an outperform rating for the company in a research report on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $58.91.
Shares of Textron (TXT) traded up $1.06 during midday trading on Friday, reaching $60.15. 1,213,732 shares of the company were exchanged, compared to its average volume of 1,088,336. Textron has a 12-month low of $43.66 and a 12-month high of $60.19. The stock has a market capitalization of $15,565.51, a P/E ratio of 25.93, a PEG ratio of 2.40 and a beta of 1.57. The company has a debt-to-equity ratio of 0.67, a current ratio of 2.08 and a quick ratio of 0.96.
Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 19th. The aerospace company reported $0.65 earnings per share (EPS) for the quarter, topping the Zacks’ 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 the consensus estimate of $3.55 billion. During the same period in the prior year, the firm posted $0.61 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. equities analysts predict that Textron will post 2.47 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, January 1st. Shareholders of record on Friday, December 15th were given a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.13%. The ex-dividend date was Thursday, December 14th. Textron’s dividend payout ratio is presently 3.45%.
A number of large investors have recently bought and sold shares of the business. Rhumbline Advisers raised its position in shares of Textron by 0.6% in the third quarter. Rhumbline Advisers now owns 416,185 shares of the aerospace company’s stock valued at $22,424,000 after buying an additional 2,391 shares during the last quarter. First Trust Advisors LP raised its position in shares of Textron by 1.0% in the third quarter. First Trust Advisors LP now owns 904,301 shares of the aerospace company’s stock valued at $48,724,000 after buying an additional 9,022 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Textron by 0.9% in the third quarter. Dimensional Fund Advisors LP now owns 3,604,911 shares of the aerospace company’s stock valued at $194,233,000 after buying an additional 32,525 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Textron by 20.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 22,472 shares of the aerospace company’s stock valued at $1,058,000 after buying an additional 3,776 shares during the last quarter. Finally, Regentatlantic Capital LLC raised its position in shares of Textron by 10.7% in the third quarter. Regentatlantic Capital LLC now owns 95,060 shares of the aerospace company’s stock valued at $5,122,000 after buying an additional 9,155 shares during the last quarter. Institutional investors own 81.91% 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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