Textron Inc. (TXT) PT Set at $50.00 by Jefferies Group
Textron Inc. (NYSE:TXT) received a $50.00 price target from equities research analysts at Jefferies Group in a research note issued on Thursday. The firm currently has a a “buy” rating on the stock. Jefferies Group’s price objective would suggest a potential upside of 25.28% from the stock’s previous close.
A number of other equities research analysts have also recently commented on the company. Morgan Stanley reiterated a “sell” rating on shares of Textron in a report on Monday, August 15th. Zacks Investment Research cut Textron from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. Bank of America Corp. set a $45.00 target price on Textron and gave the company a “buy” rating in a report on Monday, July 25th. Robert W. Baird initiated coverage on Textron in a report on Wednesday. They set an “outperform” rating and a $48.00 target price on the stock. Finally, Credit Suisse Group AG reiterated a “buy” rating and set a $45.00 target price on shares of Textron in a report on Tuesday, July 26th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $46.74.
Textron (NYSE:TXT) traded down 3.48% during midday trading on Thursday, reaching $38.52. The company’s stock had a trading volume of 2,470,292 shares. Textron has a 1-year low of $30.69 and a 1-year high of $43.93. The firm has a market cap of $10.38 billion, a price-to-earnings ratio of 14.54 and a beta of 1.65. The company has a 50 day moving average price of $40.11 and a 200 day moving average price of $38.61.
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Textron (NYSE:TXT) last announced its earnings results on Friday, July 22nd. The company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.02. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.36 billion. Textron had a return on equity of 14.72% and a net margin of 5.28%. Textron’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. On average, equities research analysts expect that Textron will post $2.73 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Friday, September 9th were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.20%. The ex-dividend date was Wednesday, September 7th. Textron’s dividend payout ratio (DPR) is currently 3.02%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its position in Textron by 131.4% in the second quarter. Capital Research Global Investors now owns 12,369,176 shares of the company’s stock valued at $452,217,000 after buying an additional 7,024,376 shares during the period. JPMorgan Chase & Co. raised its position in Textron by 478.3% in the first quarter. JPMorgan Chase & Co. now owns 1,091,992 shares of the company’s stock valued at $39,813,000 after buying an additional 903,170 shares during the period. RidgeWorth Capital Management LLC bought a new position in Textron during the second quarter valued at approximately $28,644,000. Primecap Management Co. CA bought a new position in Textron during the second quarter valued at approximately $24,130,000. Finally, LSV Asset Management raised its position in Textron by 43.6% in the second quarter. LSV Asset Management now owns 1,462,197 shares of the company’s stock valued at $53,457,000 after buying an additional 444,297 shares during the period. 80.63% of the stock is currently owned by institutional investors.
Textron Inc is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. Textron Aviation manufactures, sells and services Beechcraft and Cessna aircraft, and services the Hawker brand of business jets.
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