Textron Inc. (TXT) Position Reduced by Hartford Investment Management Co.
Hartford Investment Management Co. decreased its position in shares of Textron Inc. (NYSE:TXT) by 2.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,156 shares of the aerospace company’s stock after selling 987 shares during the period. Hartford Investment Management Co.’s holdings in Textron were worth $2,441,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its position in Textron by 2.3% in the third quarter. Nisa Investment Advisors LLC now owns 93,150 shares of the aerospace company’s stock worth $6,657,000 after buying an additional 2,132 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in Textron in the second quarter worth approximately $1,838,000. Global X Management Co LLC grew its position in Textron by 86.7% in the second quarter. Global X Management Co LLC now owns 6,253 shares of the aerospace company’s stock worth $412,000 after buying an additional 2,903 shares during the last quarter. AMP Capital Investors Ltd acquired a new position in Textron in the second quarter worth approximately $4,046,000. Finally, Oakbrook Investments LLC acquired a new position in Textron in the third quarter worth approximately $982,000. 84.22% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Textron from a “buy” rating to a “hold” rating in a research report on Monday, October 22nd. Morgan Stanley lowered their price objective on shares of Textron from $71.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 14th. JPMorgan Chase & Co. lifted their price objective on shares of Textron from $74.00 to $77.00 and gave the stock a “$66.52” rating in a research report on Monday, July 23rd. Bank of America set a $78.00 price objective on shares of Textron and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Finally, ValuEngine cut shares of Textron from a “buy” rating to a “hold” rating in a research report on Thursday, October 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. Textron presently has a consensus rating of “Buy” and an average price target of $74.00.
Textron (NYSE:TXT) last posted its quarterly earnings data on Thursday, October 18th. The aerospace company reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.15). Textron had a return on equity of 13.72% and a net margin of 6.11%. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.52 billion. During the same quarter in the previous year, the firm posted $0.65 earnings per share. The company’s revenue for the quarter was down 8.2% on a year-over-year basis. As a group, equities analysts expect that Textron Inc. will post 3.21 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend is Thursday, December 13th. Textron’s dividend payout ratio (DPR) is currently 3.27%.
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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.
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