Bank of New York Mellon Corp trimmed its position in shares of Textron Inc. (NYSE:TXT) by 12.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 1,770,395 shares of the aerospace company’s stock after selling 246,955 shares during the quarter. Bank of New York Mellon Corp’s holdings in Textron were worth $47,217,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. State Street Corp grew its holdings in Textron by 2.4% during the fourth quarter. State Street Corp now owns 10,747,469 shares of the aerospace company’s stock valued at $479,545,000 after purchasing an additional 251,345 shares during the period. Victory Capital Management Inc. grew its holdings in Textron by 8.1% during the first quarter. Victory Capital Management Inc. now owns 7,227,470 shares of the aerospace company’s stock valued at $192,756,000 after purchasing an additional 543,821 shares during the period. LSV Asset Management grew its holdings in Textron by 0.9% during the fourth quarter. LSV Asset Management now owns 5,784,893 shares of the aerospace company’s stock valued at $258,006,000 after purchasing an additional 54,216 shares during the period. Geode Capital Management LLC grew its holdings in Textron by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 3,620,974 shares of the aerospace company’s stock valued at $161,168,000 after purchasing an additional 183,559 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Textron by 23.8% during the fourth quarter. AQR Capital Management LLC now owns 2,084,407 shares of the aerospace company’s stock valued at $92,902,000 after purchasing an additional 401,037 shares during the period. 83.14% of the stock is owned by institutional investors and hedge funds.

Shares of TXT stock opened at $26.95 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.10 and a current ratio of 2.07. Textron Inc. has a 52-week low of $20.26 and a 52-week high of $54.24. The company has a market capitalization of $6.20 billion, a PE ratio of 9.07, a price-to-earnings-growth ratio of 6.49 and a beta of 1.62. The business’s fifty day moving average is $26.58 and its 200 day moving average is $38.69.

Textron (NYSE:TXT) last issued its quarterly earnings data on Thursday, April 30th. The aerospace company reported $0.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.11). Textron had a return on equity of 14.12% and a net margin of 5.16%. The business had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the business posted $0.76 EPS. The company’s quarterly revenue was down 10.7% on a year-over-year basis. On average, sell-side analysts forecast that Textron Inc. will post 1.49 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 12th will be given a $0.02 dividend. The ex-dividend date is Thursday, June 11th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.30%. Textron’s dividend payout ratio (DPR) is presently 2.14%.

TXT has been the topic of several recent research reports. JPMorgan Chase & Co. downgraded Textron from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $32.00 to $30.00 in a research report on Friday, May 1st. Alembic Global Advisors downgraded Textron from an “overweight” rating to a “neutral” rating and set a $33.00 target price on the stock. in a research report on Monday, April 13th. Credit Suisse Group dropped their target price on Textron from $51.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Cowen restated a “buy” rating and set a $34.00 target price (down previously from $53.00) on shares of Textron in a research report on Monday, April 20th. They noted that the move was a valuation call. Finally, ValuEngine downgraded Textron from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $39.90.

Textron Company 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.

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Institutional Ownership by Quarter for Textron (NYSE:TXT)

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