Textron (NYSE:TXT) Shares Gap Down After Earnings Miss

Shares of Textron Inc. (NYSE:TXT) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $94.01, but opened at $84.76. Textron shares last traded at $83.11, with a volume of 1,327,636 shares.

The aerospace company reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.08). The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.29 billion. Textron had a return on equity of 16.30% and a net margin of 6.75%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.05 earnings per share.

Textron Dividend Announcement

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

Analyst Ratings Changes

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

Institutional Trading of Textron

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Lindbrook Capital LLC lifted its holdings in shares of Textron by 18.6% during the fourth quarter. Lindbrook Capital LLC now owns 777 shares of the aerospace company’s stock valued at $62,000 after purchasing an additional 122 shares during the last quarter. Allworth Financial LP grew its position in shares of Textron by 12.0% during the 4th quarter. Allworth Financial LP now owns 1,283 shares of the aerospace company’s stock valued at $103,000 after acquiring an additional 137 shares during the period. Quent Capital LLC grew its position in shares of Textron by 29.2% during the 4th quarter. Quent Capital LLC now owns 633 shares of the aerospace company’s stock valued at $51,000 after acquiring an additional 143 shares during the period. Czech National Bank grew its position in shares of Textron by 0.5% during the 1st quarter. Czech National Bank now owns 34,487 shares of the aerospace company’s stock valued at $3,308,000 after acquiring an additional 157 shares during the period. Finally, Altman Advisors Inc. boosted its holdings in Textron by 0.8% in the 4th quarter. Altman Advisors Inc. now owns 21,357 shares of the aerospace company’s stock worth $1,718,000 after buying an additional 159 shares during the period. 86.03% of the stock is currently owned by hedge funds and other institutional investors.

Textron Price Performance

The company has a market cap of $16.64 billion, a P/E ratio of 18.49, a P/E/G ratio of 1.33 and a beta of 1.30. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.03 and a current ratio of 1.66. The firm’s fifty day moving average is $92.10 and its two-hundred day moving average is $83.86.

About Textron

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.