BlackRock Inc. Sells 639,015 Shares of Textron Inc. (NYSE:TXT)

BlackRock Inc. lowered its position in Textron Inc. (NYSE:TXT) by 3.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 16,605,922 shares of the aerospace company’s stock after selling 639,015 shares during the period. BlackRock Inc. owned about 0.08% of Textron worth $1,159,258,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TXT. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Textron by 11.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 41,845 shares of the aerospace company’s stock worth $2,878,000 after purchasing an additional 4,440 shares during the period. Gulf International Bank UK Ltd increased its holdings in shares of Textron by 3.6% in the second quarter. Gulf International Bank UK Ltd now owns 52,143 shares of the aerospace company’s stock worth $3,585,000 after purchasing an additional 1,800 shares during the period. Toronto Dominion Bank increased its holdings in shares of Textron by 216.5% in the second quarter. Toronto Dominion Bank now owns 323,494 shares of the aerospace company’s stock worth $22,247,000 after purchasing an additional 221,270 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Textron by 3.3% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 15,131 shares of the aerospace company’s stock worth $1,041,000 after purchasing an additional 478 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in shares of Textron by 1.9% in the second quarter. Principal Financial Group Inc. now owns 280,431 shares of the aerospace company’s stock worth $19,285,000 after purchasing an additional 5,178 shares during the period. 85.51% of the stock is currently owned by hedge funds and other institutional investors.

NYSE TXT opened at $76.66 on Friday. The company has a 50-day simple moving average of $75.35 and a two-hundred day simple moving average of $72.54. The company has a quick ratio of 1.46, a current ratio of 2.66 and a debt-to-equity ratio of 0.62. Textron Inc. has a 12-month low of $44.36 and a 12-month high of $79.45. The firm has a market cap of $16.90 billion, a price-to-earnings ratio of 22.55, a PEG ratio of 0.68 and a beta of 1.75.

Textron (NYSE:TXT) last posted its earnings results on Thursday, October 28th. The aerospace company reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.07. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.17 billion. Textron had a net margin of 6.09% and a return on equity of 13.05%. Textron’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 earnings per share. Equities analysts expect that Textron Inc. will post 3.33 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Saturday, January 1st. Stockholders of record on Friday, December 10th were issued a dividend of $0.02 per share. The ex-dividend date was Thursday, December 9th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. Textron’s dividend payout ratio is currently 2.35%.

Several research analysts have recently weighed in on the stock. Susquehanna upped their price target on shares of Textron from $80.00 to $86.00 and gave the stock a “positive” rating in a report on Friday, October 29th. Susquehanna Bancshares upped their target price on shares of Textron from $80.00 to $86.00 and gave the stock a “positive” rating in a research report on Friday, October 29th. Zacks Investment Research lowered shares of Textron from a “buy” rating to a “hold” rating and set a $81.00 target price for the company. in a research report on Friday, November 5th. Finally, Morgan Stanley upped their target price on shares of Textron from $88.00 to $89.00 and gave the stock an “overweight” rating in a research report on Friday, October 29th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $82.60.

About Textron

Textron, Inc is a multi-industry company, which leverages global network of aircraft, defense, industrial, and finance businesses to provide customers innovative solutions and services. The company operates its business through the following segments: Textron Aviation, Bell, Textron Systems, Industrial, and Finance.

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Institutional Ownership by Quarter for Textron (NYSE:TXT)

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