Kentucky Retirement Systems Sells 1,317 Shares of Textron Inc. (NYSE:TXT)

Kentucky Retirement Systems lowered its stake in shares of Textron Inc. (NYSE:TXT) by 9.2% during the third quarter, Holdings Channel.com reports. The firm owned 13,053 shares of the aerospace company’s stock after selling 1,317 shares during the quarter. Kentucky Retirement Systems’ holdings in Textron were worth $1,156,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TXT. Cetera Investment Advisers lifted its position in shares of Textron by 579.5% during the first quarter. Cetera Investment Advisers now owns 50,684 shares of the aerospace company’s stock valued at $4,862,000 after buying an additional 43,225 shares during the last quarter. Virtu Financial LLC boosted its stake in Textron by 259.2% in the first quarter. Virtu Financial LLC now owns 17,367 shares of the aerospace company’s stock valued at $1,666,000 after acquiring an additional 12,532 shares in the last quarter. Easterly Investment Partners LLC increased its position in shares of Textron by 87.7% during the third quarter. Easterly Investment Partners LLC now owns 41,305 shares of the aerospace company’s stock worth $3,659,000 after purchasing an additional 19,304 shares in the last quarter. Atria Investments Inc purchased a new stake in shares of Textron during the 1st quarter valued at $1,204,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Textron by 13.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 495,411 shares of the aerospace company’s stock worth $43,884,000 after purchasing an additional 57,967 shares in the last quarter. Hedge funds and other institutional investors own 86.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Citigroup increased their price target on Textron from $111.00 to $115.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. TD Cowen cut shares of Textron from a “buy” rating to a “hold” rating and lowered their target price for the stock from $103.00 to $95.00 in a research note on Wednesday, September 25th. UBS Group cut their price target on shares of Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a research note on Friday, October 25th. JPMorgan Chase & Co. lowered their price objective on shares of Textron from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, October 14th. Finally, Morgan Stanley downgraded Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 target price on the stock. in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.56.

Textron Stock Performance

NYSE TXT opened at $83.34 on Tuesday. Textron Inc. has a fifty-two week low of $74.13 and a fifty-two week high of $97.33. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.82 and a current ratio of 1.83. The firm has a market capitalization of $15.46 billion, a P/E ratio of 18.32, a PEG ratio of 1.53 and a beta of 1.24. The stock has a 50-day simple moving average of $86.32 and a two-hundred day simple moving average of $87.31.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.09). Textron had a net margin of 6.30% and a return on equity of 16.02%. The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.50 billion. During the same period in the previous year, the firm posted $1.49 earnings per share. The company’s revenue was up 2.5% compared to the same quarter last year. On average, equities analysts forecast that Textron Inc. will post 5.52 earnings per share for the current year.

Textron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a dividend of $0.02 per share. The ex-dividend date is Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.10%. Textron’s dividend payout ratio is currently 1.76%.

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.