California Public Employees Retirement System Cuts Stock Holdings in Textron Inc. (NYSE:TXT)

California Public Employees Retirement System decreased its position in shares of Textron Inc. (NYSE:TXT) by 4.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 369,622 shares of the aerospace company’s stock after selling 18,924 shares during the quarter. California Public Employees Retirement System owned 0.19% of Textron worth $29,725,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. grew its holdings in shares of Textron by 3.4% during the third quarter. Victory Capital Management Inc. now owns 6,756,439 shares of the aerospace company’s stock valued at $527,948,000 after buying an additional 220,891 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Textron by 11.6% in the third quarter. JPMorgan Chase & Co. now owns 5,745,108 shares of the aerospace company’s stock worth $448,923,000 after purchasing an additional 596,214 shares during the last quarter. Primecap Management Co. CA boosted its holdings in Textron by 9.7% in the third quarter. Primecap Management Co. CA now owns 5,394,200 shares of the aerospace company’s stock worth $421,503,000 after purchasing an additional 477,720 shares during the last quarter. LSV Asset Management boosted its holdings in Textron by 7.6% in the third quarter. LSV Asset Management now owns 3,271,771 shares of the aerospace company’s stock worth $255,656,000 after purchasing an additional 230,560 shares during the last quarter. Finally, Northern Trust Corp raised its position in Textron by 4.0% in the third quarter. Northern Trust Corp now owns 1,757,258 shares of the aerospace company’s stock worth $137,312,000 after acquiring an additional 66,999 shares during the period. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TXT. Susquehanna decreased their price target on shares of Textron from $110.00 to $105.00 and set a “positive” rating on the stock in a research report on Friday. StockNews.com downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a research report on Friday. The Goldman Sachs Group raised their price objective on shares of Textron from $103.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Bank of America upgraded shares of Textron from a “neutral” rating to a “buy” rating and raised their price objective for the company from $85.00 to $105.00 in a research report on Friday, March 8th. Finally, Citigroup raised their price objective on shares of Textron from $104.00 to $111.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $95.63.

Textron Stock Performance

Shares of NYSE TXT opened at $86.51 on Friday. Textron Inc. has a 52-week low of $61.27 and a 52-week high of $97.33. The company has a market cap of $16.64 billion, a P/E ratio of 18.49, a P/E/G ratio of 1.36 and a beta of 1.30. The firm’s fifty day moving average is $92.10 and its two-hundred day moving average is $83.90. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.03 and a current ratio of 1.66.

Textron (NYSE:TXT) last released its quarterly earnings results on Thursday, April 25th. The aerospace company reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.08). Textron had a return on equity of 16.30% and a net margin of 6.75%. The firm had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $3.29 billion. During the same period in the prior year, the firm posted $1.05 earnings per share. Textron’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, analysts anticipate that Textron Inc. will post 6.29 EPS for the current fiscal year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.02 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.08 annualized dividend and a yield of 0.09%. Textron’s dividend payout ratio (DPR) is 1.71%.

Textron Company Profile

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts.