Jefferies Financial Group Raises Textron (TXT) Price Target to $82.00

Textron (NYSE:TXT) had its price objective upped by Jefferies Financial Group to $82.00 in a research report released on Wednesday, The Fly reports. Jefferies Financial Group currently has a buy rating on the aerospace company’s stock. Jefferies Financial Group also issued estimates for Textron’s Q3 2018 earnings at $0.70 EPS and Q4 2018 earnings at $0.96 EPS.

Several other research firms have also weighed in on TXT. ValuEngine lowered shares of Textron from a strong-buy rating to a buy rating in a research note on Saturday, June 2nd. Zacks Investment Research raised shares of Textron from a hold rating to a buy rating and set a $75.00 price objective on the stock in a research note on Tuesday, July 17th. 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 note on Monday, July 23rd. Morgan Stanley lifted their price target on shares of Textron from $64.00 to $65.00 and gave the company an equal weight rating in a research note on Thursday, July 12th. Finally, Citigroup lifted their price target on shares of Textron to $76.00 and gave the company a buy rating in a research note on Thursday, July 19th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Textron currently has a consensus rating of Buy and a consensus price target of $72.67.

Textron stock traded up $0.19 during midday trading on Wednesday, hitting $71.71. 4,890 shares of the stock were exchanged, compared to its average volume of 1,381,667. Textron has a 52 week low of $51.07 and a 52 week high of $72.87. The firm has a market capitalization of $17.96 billion, a price-to-earnings ratio of 29.27, a PEG ratio of 1.90 and a beta of 1.40. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.27 and a quick ratio of 1.11.

Textron (NYSE:TXT) last released its quarterly earnings data on Wednesday, July 18th. The aerospace company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.17. Textron had a net margin of 3.21% and a return on equity of 13.93%. The business had revenue of $3.73 billion for the quarter, compared to analyst estimates of $3.51 billion. During the same quarter last year, the firm earned $0.60 EPS. Textron’s quarterly revenue was up 3.4% compared to the same quarter last year. analysts predict that Textron will post 3.33 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 14th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.11%. The ex-dividend date is Thursday, September 13th. Textron’s payout ratio is currently 3.27%.

In other Textron news, Chairman Scott C. Donnelly sold 82,647 shares of Textron stock in a transaction that occurred on Friday, July 27th. The shares were sold at an average price of $67.17, for a total value of $5,551,398.99. Following the transaction, the chairman now owns 639,916 shares of the company’s stock, valued at $42,983,157.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Julie G. Duffy sold 6,562 shares of Textron stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $68.13, for a total transaction of $447,069.06. Following the completion of the transaction, the vice president now directly owns 22,535 shares in the company, valued at approximately $1,535,309.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 134,209 shares of company stock worth $9,035,968. Insiders own 1.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Centaurus Financial Inc. acquired a new stake in shares of Textron in the second quarter valued at approximately $105,000. BlueMountain Capital Management LLC acquired a new stake in shares of Textron in the second quarter valued at approximately $139,000. Piedmont Investment Advisors LLC acquired a new stake in shares of Textron in the second quarter valued at approximately $197,000. Colony Group LLC acquired a new stake in shares of Textron in the second quarter valued at approximately $202,000. Finally, Legacy Financial Advisors Inc. acquired a new stake in shares of Textron in the second quarter valued at approximately $203,000. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

About Textron

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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