Studio Investment Management LLC Sells 1,474 Shares of Textron Inc. $TXT

Studio Investment Management LLC lowered its stake in Textron Inc. (NYSE:TXT) by 34.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,835 shares of the aerospace company’s stock after selling 1,474 shares during the period. Studio Investment Management LLC’s holdings in Textron were worth $228,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new position in shares of Textron in the first quarter worth $25,000. Harvest Fund Management Co. Ltd increased its position in shares of Textron by 100.0% in the first quarter. Harvest Fund Management Co. Ltd now owns 524 shares of the aerospace company’s stock worth $39,000 after purchasing an additional 262 shares during the period. Zions Bancorporation National Association UT bought a new position in shares of Textron in the first quarter worth $41,000. Rosenberg Matthew Hamilton bought a new position in Textron in the second quarter valued at about $60,000. Finally, Federated Hermes Inc. grew its position in Textron by 48.8% in the first quarter. Federated Hermes Inc. now owns 802 shares of the aerospace company’s stock valued at $58,000 after acquiring an additional 263 shares during the last quarter. Institutional investors own 86.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Susquehanna lifted their target price on Textron from $90.00 to $95.00 and gave the company a “positive” rating in a research report on Friday, July 25th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $85.00 target price (down previously from $95.00) on shares of Textron in a research report on Tuesday, July 1st. Morgan Stanley lifted their target price on Textron from $71.00 to $86.00 and gave the company an “equal weight” rating in a research report on Thursday, July 17th. UBS Group upgraded Textron from a “sell” rating to a “neutral” rating and lifted their target price for the company from $73.00 to $88.00 in a research report on Monday, July 28th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Textron in a research report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $92.45.

Textron Stock Performance

Shares of TXT stock opened at $82.51 on Thursday. The business’s 50-day moving average price is $82.30 and its 200-day moving average price is $77.76. Textron Inc. has a 12 month low of $57.70 and a 12 month high of $89.28. The firm has a market capitalization of $14.70 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 1.35 and a beta of 1.13. The company has a current ratio of 1.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, July 24th. The aerospace company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.10. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.64 billion. Textron had a return on equity of 14.26% and a net margin of 5.80%.The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the firm posted $1.54 earnings per share. Equities research analysts forecast that Textron Inc. will post 6.12 EPS for the current year.

Textron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 1st. Investors of record on Friday, December 12th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend is Friday, December 12th. Textron’s payout ratio is currently 1.81%.

Insider Activity at Textron

In related news, EVP Julie G. Duffy sold 28,543 shares of Textron stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $79.37, for a total value of $2,265,457.91. Following the transaction, the executive vice president directly owned 37,624 shares of the company’s stock, valued at $2,986,216.88. The trade was a 43.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Textron 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.