Textron Inc. Plans Quarterly Dividend of $0.02 (NYSE:TXT)
Textron Inc. (NYSE:TXT) declared a quarterly dividend on Tuesday, July 25th, RTT News reports. Investors of record on Friday, September 15th will be paid a dividend of 0.02 per share by the aerospace company on Sunday, October 1st. This represents a $0.08 dividend on an annualized basis and a yield of 0.16%.
Textron has a payout ratio of 3.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Textron to earn $2.96 per share next year, which means the company should continue to be able to cover its $0.08 annual dividend with an expected future payout ratio of 2.7%.
Shares of Textron (TXT) traded up 1.02% during trading on Tuesday, reaching $49.29. 1,496,815 shares of the company were exchanged. Textron has a 52-week low of $37.19 and a 52-week high of $50.93. The stock’s 50-day moving average is $47.63 and its 200-day moving average is $47.69. The firm has a market cap of $13.27 billion, a price-to-earnings ratio of 15.07 and a beta of 1.56.
Textron (NYSE:TXT) last posted its quarterly earnings results 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 business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Textron had a net margin of 6.45% and a return on equity of 11.97%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the company posted $0.66 earnings per share. Equities research analysts predict that Textron will post $2.52 earnings per share for the current fiscal year.
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A number of equities research analysts have commented on TXT shares. Credit Suisse Group restated a “buy” rating and issued a $50.00 price target on shares of Textron in a report on Wednesday, May 24th. Jefferies Group LLC restated a “buy” rating and issued a $60.00 price target on shares of Textron in a report on Thursday, May 18th. Bank of America Corporation cut shares of Textron from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $53.00 to $45.00 in a report on Friday. Stephens started coverage on shares of Textron in a report on Thursday, April 13th. They issued an “equal weight” rating and a $54.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Textron from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $53.60.
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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