Textron (TXT) Upgraded to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Textron (NYSE:TXT) from a hold rating to a strong-buy rating in a report issued on Friday morning. They currently have $81.00 price objective on the aerospace company’s stock.
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. While Textron’s legacy products continue to expand their well established footprint across the globe, the company has been innovating new products to capture more shares in the market place. The company's shares also outperformed the industry in the last year. However, the discontinuation of its SFW product line has been weighing heavily on Textron Systems segment’s growth.”
Several other analysts have also recently commented on TXT. Morgan Stanley boosted their price target on shares of Textron from $64.00 to $65.00 and gave the stock an equal weight rating in a research note on Thursday, July 12th. Cowen reiterated a $66.44 rating and issued a $73.00 price target on shares of Textron in a research note on Wednesday, July 18th. Citigroup boosted their price target on shares of Textron to $76.00 and gave the stock a buy rating in a research note on Thursday, July 19th. JPMorgan Chase & Co. boosted their price target on shares of Textron from $74.00 to $77.00 and gave the stock a $66.52 rating in a research note on Monday, July 23rd. Finally, Bank of America set a $78.00 price target on shares of Textron and gave the stock a buy rating in a research note on Wednesday, July 25th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Textron currently has an average rating of Buy and an average target price of $73.50.
Textron (NYSE:TXT) last announced its quarterly earnings results on Wednesday, July 18th. The aerospace company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.70 by $0.17. The business had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $3.51 billion. Textron had a net margin of 3.21% and a return on equity of 13.93%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.60 EPS. On average, research analysts forecast that Textron will post 3.33 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.12%. The ex-dividend date of this dividend was Thursday, September 13th. Textron’s dividend payout ratio is 3.27%.
In other news, EVP E Robert Lupone sold 45,000 shares of the company’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $67.50, for a total transaction of $3,037,500.00. Following the sale, the executive vice president now directly owns 121,838 shares in the company, valued at approximately $8,224,065. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Scott C. Donnelly sold 82,647 shares of the company’s stock in a transaction dated Friday, July 27th. The shares were sold at an average price of $67.17, for a total transaction of $5,551,398.99. Following the sale, the chairman now owns 639,916 shares in the company, valued at $42,983,157.72. The disclosure for this sale can be found here. Insiders have sold a total of 134,209 shares of company stock worth $9,035,968 over the last 90 days. Corporate insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Levin Capital Strategies L.P. grew its holdings in Textron by 446.3% during the 1st quarter. Levin Capital Strategies L.P. now owns 1,034,266 shares of the aerospace company’s stock valued at $60,991,000 after purchasing an additional 844,945 shares during the last quarter. Janus Henderson Group PLC grew its stake in Textron by 439.9% in the 2nd quarter. Janus Henderson Group PLC now owns 560,129 shares of the aerospace company’s stock worth $36,919,000 after acquiring an additional 456,384 shares in the last quarter. Acadian Asset Management LLC bought a new position in Textron in the 2nd quarter worth about $25,458,000. OppenheimerFunds Inc. grew its stake in Textron by 1,361.8% in the 2nd quarter. OppenheimerFunds Inc. now owns 312,804 shares of the aerospace company’s stock worth $20,617,000 after acquiring an additional 291,405 shares in the last quarter. Finally, WINTON GROUP Ltd grew its stake in Textron by 5,739.1% in the 2nd quarter. WINTON GROUP Ltd now owns 284,073 shares of the aerospace company’s stock worth $18,723,000 after acquiring an additional 279,208 shares in the last quarter. Hedge funds and other institutional investors own 82.94% of the company’s stock.
Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. The company's Textron Aviation segment manufactures and sells business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and commercial parts, as well as provides maintenance, inspection, and repair services.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Textron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Textron and related companies with MarketBeat.com's FREE daily email newsletter.