Textron (NYSE:TXT) Stock Gets Price Target Reduction from Freedom Broker

Textron (NYSE:TXT) had its price target reduced by research analysts at Freedom Broker from $108.00 to $101.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the aerospace company’s stock. Freedom Broker‘s price objective would suggest a potential upside of 14.09% from the company’s previous close.

A number of other brokerages have also issued reports on TXT. Weiss Ratings lowered shares of Textron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 27th. UBS Group lifted their price objective on shares of Textron from $86.00 to $94.00 and gave the company a “neutral” rating in a report on Friday. TD Cowen cut their target price on shares of Textron from $105.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, October 9th. Citigroup increased their target price on shares of Textron from $86.00 to $97.00 and gave the stock a “neutral” rating in a report on Monday. Finally, Morgan Stanley raised their price target on shares of Textron from $86.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $101.20.

Textron Trading Up 3.3%

Shares of TXT traded up $2.83 during midday trading on Monday, hitting $88.53. 1,798,094 shares of the stock were exchanged, compared to its average volume of 1,651,494. Textron has a 52-week low of $71.87 and a 52-week high of $101.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.82 and a current ratio of 1.80. The stock has a fifty day simple moving average of $78.57 and a 200 day simple moving average of $88.32. The firm has a market cap of $15.00 billion, a P/E ratio of 15.95, a P/E/G ratio of 1.23 and a beta of 0.88.

Textron (NYSE:TXT) last posted its quarterly earnings data on Thursday, October 29th. The aerospace company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.33. Textron had a return on equity of 14.34% and a net margin of 6.30%. The firm had revenue of $3.75 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the previous year, the business earned $1.55 EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, research analysts anticipate that Textron will post 6.60 EPS for the current fiscal year.

Hedge Funds Weigh In On Textron

Several large investors have recently bought and sold shares of TXT. Essex Financial Services Inc. increased its holdings in shares of Textron by 4.9% in the 1st quarter. Essex Financial Services Inc. now owns 2,712 shares of the aerospace company’s stock valued at $237,000 after acquiring an additional 127 shares during the last quarter. Wedmont Private Capital grew its position in shares of Textron by 4.0% in the 2nd quarter. Wedmont Private Capital now owns 4,896 shares of the aerospace company’s stock valued at $445,000 after buying an additional 187 shares during the last quarter. Twin Capital Management Inc. raised its stake in Textron by 1.5% during the 1st quarter. Twin Capital Management Inc. now owns 12,722 shares of the aerospace company’s stock worth $1,114,000 after acquiring an additional 189 shares in the last quarter. Resona Asset Management Co. Ltd. lifted its position in Textron by 0.4% in the first quarter. Resona Asset Management Co. Ltd. now owns 53,279 shares of the aerospace company’s stock valued at $4,650,000 after acquiring an additional 220 shares during the last quarter. Finally, Nissay Asset Management Corp Japan boosted its stake in Textron by 1.1% in the second quarter. Nissay Asset Management Corp Japan now owns 23,161 shares of the aerospace company’s stock valued at $2,125,000 after acquiring an additional 241 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Textron Company Profile

Textron Inc (NYSE:TXT) is a diversified industrial company that develops and manufactures aircraft, helicopters, specialized vehicles, defense systems and other industrial products. Founded in 1923 by Royal Little, the company has grown through the development and acquisition of businesses serving commercial, government and consumer markets.

Textron Aviation produces business jets, turboprop aircraft and general aviation aircraft under the Cessna and Beechcraft brands. Bell designs and manufactures military and commercial helicopters, tiltrotor aircraft and related support services.