Textron Inc. (TXT) Given Outperform Rating at Wells Fargo & Company
Textron Inc. (NYSE:TXT)‘s stock had its “outperform” rating reaffirmed by research analysts at Wells Fargo & Company in a research note issued on Saturday. They presently have a $54.00 price objective on the aerospace company’s stock, up from their prior price objective of $52.00. Wells Fargo & Company’s price target points to a potential upside of 11.36% from the company’s previous close.
Several other research firms have also issued reports on TXT. Zacks Investment Research upgraded Textron from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Tuesday. BidaskClub upgraded Textron from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Credit Suisse Group AG reiterated an “outperform” rating and set a $55.00 price objective (up from $50.00) on shares of Textron in a research note on Thursday. Bank of America Corporation lowered Textron from a “buy” rating to an “underperform” rating in a research note on Friday. Finally, Stephens assumed coverage on Textron in a research note on Thursday, April 13th. They set an “equal weight” rating and a $54.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. Textron currently has a consensus rating of “Hold” and a consensus target price of $53.60.
Textron (NYSE:TXT) traded down 0.29% during trading on Friday, hitting $48.49. 2,538,195 shares of the stock traded hands. The stock has a market cap of $12.98 billion, a PE ratio of 14.46 and a beta of 1.56. The company has a 50-day moving average price of $47.58 and a 200 day moving average price of $47.73. Textron has a one year low of $37.19 and a one year high of $50.93.
Textron (NYSE:TXT) last released its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.05. Textron had a return on equity of 11.97% and a net margin of 6.45%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the company posted $0.66 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts expect that Textron will post $2.51 earnings per share for the current year.
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Several hedge funds have recently made changes to their positions in the stock. Global X Management Co. LLC raised its stake in shares of Textron by 30.2% in the first quarter. Global X Management Co. LLC now owns 2,620 shares of the aerospace company’s stock worth $125,000 after buying an additional 607 shares during the period. Financial Architects Inc acquired a new stake in shares of Textron during the first quarter worth $126,000. Koch Industries Inc. acquired a new stake in shares of Textron during the first quarter worth $203,000. Two Sigma Securities LLC acquired a new stake in shares of Textron during the first quarter worth $210,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Textron during the first quarter worth $220,000. Institutional investors own 82.68% of the company’s stock.
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. The Textron Aviation segment is engaged in general aviation.
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