Textron Inc. (NYSE:TXT) Position Cut by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund reduced its holdings in Textron Inc. (NYSE:TXT) by 9.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,547 shares of the aerospace company’s stock after selling 604 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Textron were worth $491,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TXT. Empowered Funds LLC raised its stake in shares of Textron by 32.2% during the third quarter. Empowered Funds LLC now owns 15,652 shares of the aerospace company’s stock valued at $1,386,000 after purchasing an additional 3,814 shares in the last quarter. Empirical Finance LLC increased its stake in Textron by 1.7% during the 3rd quarter. Empirical Finance LLC now owns 7,047 shares of the aerospace company’s stock valued at $624,000 after buying an additional 115 shares during the period. CIBC Asset Management Inc raised its position in shares of Textron by 6.7% during the 3rd quarter. CIBC Asset Management Inc now owns 27,528 shares of the aerospace company’s stock worth $2,438,000 after buying an additional 1,728 shares in the last quarter. KBC Group NV acquired a new stake in shares of Textron in the 3rd quarter worth approximately $1,797,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Textron by 0.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 471,039 shares of the aerospace company’s stock valued at $41,725,000 after acquiring an additional 4,327 shares in the last quarter. Institutional investors own 86.03% of the company’s stock.

Analysts Set New Price Targets

TXT has been the topic of several research analyst reports. Morgan Stanley cut Textron from an “overweight” rating to an “equal weight” rating and set a $95.00 price target on the stock. in a research report on Thursday, August 8th. UBS Group dropped their price target on shares of Textron from $87.00 to $79.00 and set a “sell” rating on the stock in a research report on Friday, October 25th. StockNews.com downgraded shares of Textron from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 12th. Citigroup lifted their price objective on shares of Textron from $111.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, JPMorgan Chase & Co. cut their target price 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. 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. Based on data from MarketBeat.com, Textron presently has a consensus rating of “Moderate Buy” and an average target price of $101.56.

Textron Stock Down 1.8 %

TXT stock opened at $83.34 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.83 and a quick ratio of 0.82. The firm has a market capitalization of $15.46 billion, a P/E ratio of 18.32, a P/E/G ratio of 1.53 and a beta of 1.24. Textron Inc. has a 52-week low of $74.13 and a 52-week high of $97.33. The company’s 50 day simple moving average is $86.32 and its 200-day simple moving average is $87.31.

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

Textron Dividend Announcement

The firm also recently disclosed 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 of this dividend is Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a yield of 0.10%. Textron’s payout ratio is presently 1.76%.

Textron Company 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.