TD Cowen Lowers Textron (NYSE:TXT) to Hold

TD Cowen downgraded shares of Textron (NYSE:TXT) from a buy rating to a hold rating in a research report released on Wednesday, Marketbeat.com reports. They currently have $95.00 target price on the aerospace company’s stock, down from their previous target price of $103.00.

A number of other research firms have also recently issued reports on TXT. Morgan Stanley cut Textron from an overweight rating to an equal weight rating and set a $95.00 target price on the stock. in a research note on Thursday, August 8th. Bank of America boosted their target price on shares of Textron from $105.00 to $110.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. StockNews.com lowered shares of Textron from a strong-buy rating to a buy rating in a research note on Thursday, September 12th. Citigroup lifted their price target on Textron from $111.00 to $115.00 and gave the company a buy rating in a report on Monday, July 22nd. Finally, UBS Group increased their price objective on Textron from $84.00 to $87.00 and gave the stock a sell rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Textron has an average rating of Hold and an average target price of $101.50.

Textron Trading Up 1.4 %

Textron stock opened at $87.75 on Wednesday. Textron has a 1 year low of $74.13 and a 1 year high of $97.33. The firm’s 50-day moving average is $88.26 and its 200-day moving average is $89.17. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.81 and a current ratio of 1.79. The company has a market cap of $16.44 billion, a P/E ratio of 18.75, a PEG ratio of 1.38 and a beta of 1.23.

Textron (NYSE:TXT) last issued its earnings results on Thursday, July 18th. The aerospace company reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.06. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.56 billion. Textron had a return on equity of 16.41% and a net margin of 6.67%. Textron’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 earnings per share. On average, equities analysts expect that Textron will post 6.26 earnings per share for the current year.

Textron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.09%. The ex-dividend date of this dividend is Friday, September 13th. Textron’s payout ratio is currently 1.71%.

Institutional Trading of Textron

Hedge funds and other institutional investors have recently modified their holdings of the company. Wedge Capital Management L L P NC acquired a new position in Textron during the second quarter worth about $64,319,000. Ferguson Wellman Capital Management Inc. bought a new stake in shares of Textron in the 1st quarter worth approximately $45,932,000. Canada Pension Plan Investment Board lifted its stake in Textron by 1,611.9% during the first quarter. Canada Pension Plan Investment Board now owns 433,100 shares of the aerospace company’s stock valued at $41,547,000 after purchasing an additional 407,800 shares during the last quarter. LSV Asset Management boosted its holdings in Textron by 6.9% during the first quarter. LSV Asset Management now owns 4,053,050 shares of the aerospace company’s stock worth $388,809,000 after buying an additional 260,003 shares in the last quarter. Finally, Brandes Investment Partners LP grew its position in Textron by 20.0% in the second quarter. Brandes Investment Partners LP now owns 1,549,551 shares of the aerospace company’s stock worth $133,096,000 after buying an additional 258,778 shares during the last quarter. Institutional investors own 86.03% of the company’s stock.

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.