Textron Inc. (NYSE:TXT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Textron’s geographically diverse network of businesses negates any specific business risk. Its systematic inorganic growth strategy, along with its focus on strengthening international presence, will improve its growth trajectory. Also, Textron’s latest acquisition of Arctic Cat has boosted its position in the power-sports segment as well as utility vehicle market, courtesy of Arctic Cat’s established dealer network. In terms of product innovation, the company has started delivering its new ELiTE series lithium golf cars, of late. However, the company’s Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also Textron needs to invest substantially in order to sustain in a highly competitive market. Moreover, it underperformed its broader industry in last one year.”

Several other research analysts have also commented on the company. ValuEngine lowered Textron from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Jefferies Group LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Textron in a research report on Tuesday, September 26th. Drexel Hamilton upgraded Textron from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Monday, September 11th. Morgan Stanley lifted their target price on Textron from $45.00 to $47.00 and gave the company an “underweight” rating in a research note on Thursday, August 17th. Finally, BidaskClub downgraded Textron from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Textron presently has a consensus rating of “Hold” and an average target price of $54.50.

Shares of Textron (TXT) traded down 0.54% during midday trading on Thursday, reaching $53.26. The company had a trading volume of 3,174,145 shares. The company’s 50 day moving average price is $52.13 and its 200 day moving average price is $48.77. The stock has a market capitalization of $14.10 billion, a PE ratio of 16.28 and a beta of 1.59. Textron has a 52-week low of $37.19 and a 52-week high of $55.80.

Textron (NYSE:TXT) last released its quarterly earnings results on Wednesday, July 19th. The aerospace company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.55 by $0.05. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.57 billion. Textron had a return on equity of 11.97% and a net margin of 6.45%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 earnings per share. Equities research analysts expect that Textron will post $2.52 earnings per share for the current year.

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Institutional investors have recently bought and sold shares of the stock. MRJ Capital Inc. purchased a new stake in shares of Textron in the second quarter valued at approximately $3,589,000. Airain ltd purchased a new stake in shares of Textron in the second quarter valued at approximately $2,608,000. Bank of Nova Scotia boosted its stake in shares of Textron by 939.6% in the first quarter. Bank of Nova Scotia now owns 61,719 shares of the aerospace company’s stock valued at $2,937,000 after buying an additional 55,782 shares in the last quarter. Highbridge Capital Management LLC boosted its stake in shares of Textron by 153.1% in the first quarter. Highbridge Capital Management LLC now owns 5,308 shares of the aerospace company’s stock valued at $253,000 after buying an additional 15,308 shares in the last quarter. Finally, NBT Bank N A NY boosted its stake in shares of Textron by 0.8% in the second quarter. NBT Bank N A NY now owns 19,598 shares of the aerospace company’s stock valued at $923,000 after buying an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

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.

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