Textron Inc. (NYSE:TXT) Expected to Announce Quarterly Sales of $3.61 Billion
Brokerages expect that Textron Inc. (NYSE:TXT) will report sales of $3.61 billion for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Textron’s earnings, with the lowest sales estimate coming in at $3.57 billion and the highest estimate coming in at $3.68 billion. Textron posted sales of $3.25 billion during the same quarter last year, which would indicate a positive year over year growth rate of 11.1%. The company is expected to issue its next quarterly earnings results on Thursday, October 19th.
On average, analysts expect that Textron will report full-year sales of $3.61 billion for the current fiscal year, with estimates ranging from $14.13 billion to $14.64 billion. For the next year, analysts forecast that the firm will post sales of $14.89 billion per share, with estimates ranging from $14.72 billion to $15.02 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Textron.
Textron (NYSE:TXT) last issued its quarterly earnings data on Wednesday, July 19th. The aerospace company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.57 billion. Textron had a net margin of 6.45% and a return on equity of 11.97%. Textron’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.66 earnings per share.
A number of equities research analysts have issued reports on TXT shares. Zacks Investment Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Tuesday, July 18th. Credit Suisse Group restated a “buy” rating and issued a $50.00 price objective on shares of Textron in a report on Wednesday, May 24th. Jefferies Group LLC restated a “buy” rating and issued a $60.00 price objective on shares of Textron in a report on Thursday, May 18th. Stephens assumed coverage on shares of Textron in a report on Thursday, April 13th. They issued an “equal weight” rating and a $54.00 price objective on the stock. Finally, BidaskClub upgraded shares of Textron from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $53.60.
Several hedge funds and other institutional investors have recently bought and sold shares of TXT. Korea Investment CORP increased its position in Textron by 24.7% in the first quarter. Korea Investment CORP now owns 15,234 shares of the aerospace company’s stock worth $725,000 after buying an additional 3,016 shares during the period. Retirement Systems of Alabama increased its position in Textron by 2.2% in the first quarter. Retirement Systems of Alabama now owns 230,631 shares of the aerospace company’s stock worth $10,976,000 after buying an additional 5,027 shares during the period. State of Alaska Department of Revenue bought a new position in Textron during the first quarter worth approximately $220,000. Nisa Investment Advisors LLC increased its position in Textron by 21.1% in the first quarter. Nisa Investment Advisors LLC now owns 103,603 shares of the aerospace company’s stock worth $4,930,000 after buying an additional 18,023 shares during the period. Finally, Regentatlantic Capital LLC increased its position in Textron by 3.4% in the first quarter. Regentatlantic Capital LLC now owns 85,425 shares of the aerospace company’s stock worth $4,065,000 after buying an additional 2,805 shares during the period. 82.68% of the stock is currently owned by hedge funds and other institutional investors.
Textron (TXT) opened at 48.49 on Friday. Textron has a 52 week low of $37.19 and a 52 week high of $50.93. The company has a 50-day moving average of $47.58 and a 200-day moving average of $47.73. The company has a market cap of $13.06 billion, a P/E ratio of 14.82 and a beta of 1.56.
The business also recently announced a quarterly dividend, which was paid on Saturday, July 1st. Investors of record on Friday, June 9th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend was Wednesday, June 7th. Textron’s dividend payout ratio (DPR) is 2.45%.
Textron Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Textron Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Textron Inc. and related companies with MarketBeat.com's FREE daily email newsletter.