Zacks Investment Research lowered shares of Textron Inc. (NYSE:TXT) from a hold rating to a sell rating in a report published on Tuesday, June 27th.
According to Zacks, “Textron’s Bell continues to be a drag on the company’s overall top-line performance. Weakness in the global commercial helicopter market will affect segment revenues in 2017. Global political uncertainties and intensifying competition are added concerns. Moreover, the company’s performance is likely to be affected owing to the existence of a tepid economy. Textron’s share price underperformed the Zacks categorized Aerospace/Defense industry. However, its geographically diverse network of businesses negates any specific business risk. Its systematic inorganic growth strategy, along with its focus on strengthening international presence, will improve its growth trajectory.”
A number of other equities research analysts also recently commented on the company. Stephens assumed coverage on Textron in a research report on Thursday, April 13th. They issued an equal weight rating and a $54.00 target price on the stock. Jefferies Group LLC reiterated a buy rating and issued a $60.00 target price on shares of Textron in a research report on Tuesday, March 21st. Credit Suisse Group restated a buy rating and set a $50.00 price objective on shares of Textron in a research report on Tuesday, April 11th. Finally, Cowen and Company reiterated an outperform rating and issued a $60.00 price target on shares of Textron in a report on Saturday, April 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $52.75.
Shares of Textron (NYSE TXT) opened at 49.52 on Tuesday. Textron has a 12 month low of $37.19 and a 12 month high of $50.93. The company has a 50 day moving average of $47.16 and a 200-day moving average of $47.73. The firm has a market capitalization of $13.26 billion, a P/E ratio of 14.76 and a beta of 1.56.
Textron (NYSE:TXT) last released its quarterly earnings results on Wednesday, April 19th. The aerospace company reported $0.46 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.46. Textron had a return on equity of 12.53% and a net margin of 6.67%. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the company posted $0.55 earnings per share. Textron’s revenue for the quarter was down 3.4% on a year-over-year basis. Analysts predict that Textron will post $2.53 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, July 1st. Investors of record on Friday, June 9th were paid a $0.02 dividend. The ex-dividend date of this dividend was Wednesday, June 7th. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%. Textron’s dividend payout ratio (DPR) is 2.39%.
Several institutional investors have recently added to or reduced their stakes in the stock. Global X Management Co. LLC raised its position in Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock worth $125,000 after buying an additional 607 shares during the last quarter. Financial Architects Inc acquired a new stake in Textron during the first quarter worth approximately $126,000. Koch Industries Inc. acquired a new stake in Textron during the first quarter worth approximately $203,000. Sowell Financial Services LLC acquired a new stake in Textron during the fourth quarter worth approximately $209,000. Finally, Two Sigma Securities LLC acquired a new stake in Textron during the first quarter worth approximately $210,000. Institutional investors and hedge funds own 82.68% of the company’s stock.
Textron Company Profile
Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation.
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