Textron (NYSE:TXT) Price Target Raised to $97.00

Textron (NYSE:TXT) had its price target raised by equities research analysts at Citigroup from $86.00 to $97.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the aerospace company’s stock. Citigroup‘s target price suggests a potential upside of 10.21% from the stock’s current price.

Several other research analysts have also recently issued reports on TXT. TD Cowen lowered their price objective on Textron from $105.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, October 9th. UBS Group upped their price target on shares of Textron from $86.00 to $94.00 and gave the company a “neutral” rating in a research report on Friday. Wall Street Zen lowered shares of Textron from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Morgan Stanley upped their target price on shares of Textron from $86.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Weiss Ratings downgraded shares of Textron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Textron presently has an average rating of “Hold” and a consensus price target of $101.22.

Textron Stock Up 2.7%

Shares of Textron stock traded up $2.31 during trading on Monday, hitting $88.01. 599,460 shares of the stock were exchanged, compared to its average volume of 1,645,531. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.80 and a quick ratio of 0.82. The firm’s 50-day moving average price is $78.57 and its 200 day moving average price is $88.32. The stock has a market cap of $14.91 billion, a price-to-earnings ratio of 15.86, a price-to-earnings-growth ratio of 1.23 and a beta of 0.88. Textron has a 12-month low of $71.87 and a 12-month high of $101.57.

Textron (NYSE:TXT) last posted its earnings results on Thursday, October 29th. The aerospace company reported $1.76 EPS for the quarter, beating the consensus estimate of $1.43 by $0.33. Textron had a return on equity of 14.34% and a net margin of 6.30%. The firm had revenue of $3.75 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the prior year, the company posted $1.55 earnings per share. Textron’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, analysts forecast that Textron will post 6.60 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Textron

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of Textron in the second quarter worth approximately $1,434,125,000. Primecap Management Co. CA bought a new stake in shares of Textron in the 2nd quarter valued at about $111,723,000. Bank of New York Mellon Corp acquired a new stake in shares of Textron in the 2nd quarter valued at about $105,946,000. Great Lakes Advisors LLC acquired a new stake in shares of Textron in the second quarter valued at approximately $81,224,000. Finally, Legal & General Group Plc acquired a new position in shares of Textron in the second quarter valued at about $78,431,000. 86.03% of the stock is owned by hedge funds and other institutional investors.

About Textron

Textron Inc (NYSE:TXT) is a diversified industrial company that develops and manufactures aircraft, helicopters, specialized vehicles, defense systems and other industrial products. Founded in 1923 by Royal Little, the company has grown through the development and acquisition of businesses serving commercial, government and consumer markets.

Textron Aviation produces business jets, turboprop aircraft and general aviation aircraft under the Cessna and Beechcraft brands. Bell designs and manufactures military and commercial helicopters, tiltrotor aircraft and related support services.