Textron (TXT) Hits New 12-Month High at $72.87

Textron Inc. (NYSE:TXT) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $72.87 and last traded at $72.66, with a volume of 71359 shares trading hands. The stock had previously closed at $71.56.

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group raised their target price on Textron to $82.00 and gave the company a “buy” rating in a research report on Wednesday. Cowen reaffirmed a “$66.44” rating and set a $73.00 target price on shares of Textron in a research report on Wednesday, July 18th. Zacks Investment Research raised Textron from a “hold” rating to a “buy” rating and set a $77.00 target price for the company in a research report on Wednesday, September 5th. ValuEngine lowered Textron from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 2nd. Finally, Citigroup raised their target price on Textron to $76.00 and gave the company a “buy” rating in a research report on Thursday, July 19th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $72.67.

The stock has a market cap of $17.73 billion, a PE ratio of 29.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.40. The company has a quick ratio of 1.11, a current ratio of 2.27 and a debt-to-equity ratio of 0.72.

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

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 14th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.11%. The ex-dividend date of this dividend is Thursday, September 13th. Textron’s dividend payout ratio (DPR) is currently 3.27%.

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

A number of institutional investors and hedge funds have recently made changes to their positions in TXT. Toronto Dominion Bank increased its holdings in Textron by 24.4% in the 1st quarter. Toronto Dominion Bank now owns 141,222 shares of the aerospace company’s stock worth $8,326,000 after acquiring an additional 27,676 shares during the last quarter. Natixis Advisors L.P. increased its holdings in Textron by 3.2% in the 1st quarter. Natixis Advisors L.P. now owns 62,358 shares of the aerospace company’s stock worth $3,677,000 after acquiring an additional 1,930 shares during the last quarter. Flinton Capital Management LLC increased its holdings in Textron by 21.9% in the 1st quarter. Flinton Capital Management LLC now owns 30,260 shares of the aerospace company’s stock worth $1,785,000 after acquiring an additional 5,440 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in Textron by 21.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 229,836 shares of the aerospace company’s stock worth $13,571,000 after acquiring an additional 40,926 shares during the last quarter. Finally, IBM Retirement Fund increased its holdings in Textron by 45.1% in the 1st quarter. IBM Retirement Fund now owns 5,838 shares of the aerospace company’s stock worth $344,000 after acquiring an additional 1,815 shares during the last quarter. 82.91% of the stock is owned by institutional investors.

Textron Company Profile (NYSE:TXT)

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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