Textron Inc. (TXT) Upgraded to Hold by Zacks Investment Research
Textron Inc. (NYSE:TXT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Textron posted mixed results in the third quarter of 2017. While the company’s earnings surpassed the Zacks Consensus Estimate, its sales numbers failed to meet the consensus mark. However, year-over-year results remained impressive on both top and bottom-line fronts. Nevertheless, Textron’s Aviation segment has been exhibiting weak performance due to lack of orders for a few of its products. Also, the company needs to increase investments to stay afloat in a highly competitive market. Moreover, it underperformed its broader industry over a year. Further, the company generates a significant portion of its revenues from fixed-price contracts, exposing the bottom line to cost over-runs. The company is known globally for its most recognizable and valuable brand names, such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, E-Z-GO and Greenlee.”
A number of other research analysts also recently issued reports on the stock. Jefferies Group LLC restated a “buy” rating and issued a $60.00 price target on shares of Textron in a research report on Tuesday, September 26th. Cowen and Company restated a “buy” rating and issued a $60.00 price target on shares of Textron in a research report on Thursday, October 19th. ValuEngine downgraded shares of Textron from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Wells Fargo & Company raised their price target on shares of Textron from $54.00 to $59.00 and gave the stock an “outperform” rating in a research report on Friday, October 20th. Finally, Citigroup Inc. raised their price target on shares of Textron from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Textron currently has an average rating of “Hold” and a consensus target price of $56.92.
Shares of Textron (TXT) traded up 0.97% during midday trading on Wednesday, reaching $53.25. 429,694 shares of the company traded hands. The company has a 50 day moving average of $53.52 and a 200 day moving average of $49.30. The firm has a market capitalization of $14.10 billion, a P/E ratio of 16.28 and a beta of 1.59. Textron has a 12 month low of $38.79 and a 12 month high of $55.80.
Textron (NYSE:TXT) last posted its quarterly earnings data on Thursday, October 19th. The aerospace company reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.03. Textron had a net margin of 4.48% and a return on equity of 12.02%. The firm had revenue of $3.48 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the firm posted $0.61 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts predict that Textron will post $2.48 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of TXT. Neuberger Berman Group LLC boosted its position in shares of Textron by 28.4% during the 2nd quarter. Neuberger Berman Group LLC now owns 4,323,775 shares of the aerospace company’s stock valued at $203,650,000 after purchasing an additional 957,464 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Textron by 27.3% during the 2nd quarter. Victory Capital Management Inc. now owns 3,727,749 shares of the aerospace company’s stock valued at $175,577,000 after purchasing an additional 799,779 shares in the last quarter. BlackRock Inc. boosted its position in shares of Textron by 3.8% during the 2nd quarter. BlackRock Inc. now owns 17,799,799 shares of the aerospace company’s stock valued at $838,370,000 after purchasing an additional 655,034 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Textron by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 24,931,208 shares of the aerospace company’s stock valued at $1,174,260,000 after purchasing an additional 393,214 shares in the last quarter. Finally, Capital Research Global Investors boosted its position in shares of Textron by 2.1% during the 2nd quarter. Capital Research Global Investors now owns 18,615,303 shares of the aerospace company’s stock valued at $876,781,000 after purchasing an additional 378,902 shares in the last quarter. Institutional investors own 81.32% 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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