Textron (NYSE:TXT) Price Target Cut to $107.00 by Analysts at Citigroup

Textron (NYSE:TXT) had its price objective reduced by stock analysts at Citigroup from $111.00 to $107.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the aerospace company’s stock. Citigroup’s target price suggests a potential upside of 68.33% from the company’s previous close.

TXT has been the subject of a number of other research reports. Robert W. Baird lowered their price objective on Textron from $100.00 to $92.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Textron from $90.00 to $88.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Barclays lowered their price objective on Textron from $104.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, December 23rd. Morgan Stanley dropped their price target on Textron from $86.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. Finally, Vertical Research upgraded Textron from a “hold” rating to a “buy” rating and set a $91.00 price objective for the company in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Textron presently has a consensus rating of “Moderate Buy” and an average price target of $93.09.

Textron Trading Down 4.8 %

NYSE:TXT traded down $3.22 during mid-day trading on Thursday, reaching $63.56. 329,501 shares of the company’s stock traded hands, compared to its average volume of 1,179,362. Textron has a 12-month low of $57.70 and a 12-month high of $96.14. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.76 and a quick ratio of 0.84. The company has a 50 day moving average price of $72.12 and a 200-day moving average price of $78.76. The firm has a market capitalization of $11.54 billion, a price-to-earnings ratio of 14.76, a PEG ratio of 1.18 and a beta of 1.06.

Textron (NYSE:TXT) last announced its quarterly earnings results on Wednesday, January 22nd. The aerospace company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.07. Textron had a return on equity of 14.92% and a net margin of 6.01%. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same quarter last year, the firm posted $1.60 earnings per share. The firm’s revenue was down 7.2% on a year-over-year basis. On average, sell-side analysts predict that Textron will post 6.12 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Mark S. Bamford sold 5,451 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $72.68, for a total value of $396,178.68. Following the completion of the transaction, the vice president now owns 18,223 shares of the company’s stock, valued at $1,324,447.64. This represents a 23.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Invesco Ltd. increased its holdings in shares of Textron by 17.8% in the fourth quarter. Invesco Ltd. now owns 7,733,335 shares of the aerospace company’s stock worth $591,523,000 after purchasing an additional 1,167,105 shares during the last quarter. Boston Partners lifted its stake in Textron by 4.7% in the fourth quarter. Boston Partners now owns 7,483,692 shares of the aerospace company’s stock worth $572,465,000 after purchasing an additional 333,127 shares during the last quarter. Geode Capital Management LLC increased its stake in Textron by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 4,595,861 shares of the aerospace company’s stock worth $350,619,000 after purchasing an additional 164,964 shares during the period. Brandes Investment Partners LP raised its stake in shares of Textron by 19.4% during the fourth quarter. Brandes Investment Partners LP now owns 1,859,703 shares of the aerospace company’s stock valued at $142,249,000 after acquiring an additional 302,712 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Textron by 9.4% during the 4th quarter. Northern Trust Corp now owns 1,803,778 shares of the aerospace company’s stock worth $137,971,000 after buying an additional 155,384 shares in the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

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.