State of New Jersey Common Pension Fund D trimmed its stake in shares of Textron Inc. (NYSE:TXT) by 1.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 324,000 shares of the aerospace company’s stock after selling 6,000 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.13% of Textron worth $23,156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of the company. Bank of Montreal Can raised its position in shares of Textron by 21.5% during the third quarter. Bank of Montreal Can now owns 135,547 shares of the aerospace company’s stock worth $9,687,000 after acquiring an additional 23,986 shares during the last quarter. Lourd Capital LLC bought a new position in shares of Textron during the third quarter worth about $230,000. Lincoln Capital Corp raised its position in shares of Textron by 2.0% during the third quarter. Lincoln Capital Corp now owns 117,013 shares of the aerospace company’s stock worth $8,363,000 after acquiring an additional 2,249 shares during the last quarter. CHURCHILL MANAGEMENT Corp raised its position in shares of Textron by 4.7% during the third quarter. CHURCHILL MANAGEMENT Corp now owns 60,795 shares of the aerospace company’s stock worth $4,345,000 after acquiring an additional 2,735 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new position in shares of Textron during the third quarter worth about $240,000. Institutional investors own 82.76% of the company’s stock.

Shares of TXT stock opened at $57.49 on Friday. The company has a market capitalization of $16.09 billion, a price-to-earnings ratio of 21.74, a price-to-earnings-growth ratio of 1.70 and a beta of 1.40. The company has a quick ratio of 1.11, a current ratio of 2.27 and a debt-to-equity ratio of 0.72. Textron Inc. has a fifty-two week low of $51.07 and a fifty-two week high of $72.87.

Textron (NYSE:TXT) last issued its earnings results on Thursday, October 18th. The aerospace company reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.15). The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.52 billion. Textron had a return on equity of 13.93% and a net margin of 3.21%. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.65 earnings per share. On average, research analysts anticipate that Textron Inc. will post 3.33 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 1st. Shareholders of record on Friday, September 14th were issued a $0.02 dividend. The ex-dividend date was Thursday, September 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.14%. Textron’s payout ratio is currently 3.27%.

In other Textron news, Chairman Scott C. Donnelly sold 82,647 shares of Textron stock in a transaction that occurred on Friday, July 27th. The stock was sold at an average price of $67.17, for a total value of $5,551,398.99. Following the completion of the sale, the chairman now directly owns 639,916 shares in the company, valued at $42,983,157.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Julie G. Duffy sold 6,562 shares of Textron stock in a transaction that occurred on Tuesday, July 31st. The stock was sold at an average price of $68.13, for a total value of $447,069.06. Following the completion of the sale, the vice president now owns 22,535 shares of the company’s stock, valued at $1,535,309.55. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,209 shares of company stock valued at $9,035,968. 1.20% of the stock is currently owned by corporate insiders.

TXT has been the subject of a number of analyst reports. Zacks Investment Research downgraded Textron from a “buy” rating to a “hold” rating in a research report on Monday, July 9th. Morgan Stanley raised their price objective on Textron from $64.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 12th. Cowen restated a “$66.44” rating and set a $73.00 price objective on shares of Textron in a research report on Wednesday, July 18th. Citigroup raised their price objective on Textron to $76.00 and gave the stock a “buy” rating in a research report on Thursday, July 19th. Finally, JPMorgan Chase & Co. raised their price objective on Textron from $74.00 to $77.00 and gave the stock a “$66.52” rating in a research report on Monday, July 23rd. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $73.50.

Textron Profile

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.

See Also: Fundamental Analysis and Choosing Stocks

Institutional Ownership by Quarter for Textron (NYSE:TXT)

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.